Quarterly report pursuant to Section 13 or 15(d)

Share-based Compensation (Tables)

v3.24.3
Share-based Compensation (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Information about Incentive Plan

The following table contains information about the 2019 Plan as of September 30, 2024:

  

    Awards     Awards           Awards  
    Reserved for     Issued &     Awards     Available for  
    Issuance     Outstanding     Exercised     Grant  
2019 Plan(1)     871,429       779,452       47,927       44,050  
Awards issued in excess of 2019 Plan(2)     -       70,623       48,401       -  

 

(1) Includes incentive stock options and restricted stock units discussed below.
(2) Includes shares of restricted common stock granted outside of the 2019 Plan to our Chief Executive Officer, Adam Levy.
Schedule of Incentive Stock Option Activity

The following table summarizes the Company’s incentive stock option activity and related information for the period ended September 30, 2024:

  

                Weighted  
          Weighted     Average  
          Average     Contractual  
    Number of     Exercise     Term in  
    Options     Price     Years  
Outstanding at January 1, 2024     560,650     $ 2.350742       7.95  
Granted     172,000       2.683140       10.00  
Exercised     (6,823 )     1.40        
Forfeited                  
Cancelled     (7,463 )     1.40        
Expired     (14,286 )     5.25        
Outstanding at September 30, 2024     704,708     $ 2.392407       7.45  
Exercisable at September 30, 2024     444,078     $ 1.821620       6.84  
Schedule of Restricted Stock Units Granted

  

          Weighted  
          Average  
    Number of     Grant Date  
    Units     Fair Value  
Outstanding at January 1, 2024     64,562     $ 1.82  
Granted     57,972       2.46  
Exercised and converted to common shares     (23,188 )     2.03  
Forfeited     (1,750 )     1.82  
Outstanding at September 30, 2024     97,596     $ 2.13  
Exercisable at September 30, 2024     33,890     $ 2.17  
Schedule of Common Stock Warrants

The following table shows a summary of common stock warrants through September 30, 2024:

  

          Weighted     Weighted  
          Average     Average  
    Number of     Exercise     Contractual  
    Warrants     Price     Term in Years  
Outstanding at January 1, 2024 (originally reported)     3,442,904     $ 5.414793       2.87  
Warrants – 2021 IPO(1)    

387,750

     

5.50

     

2.99

 
Outstanding at January 1, 2024 (corrected)    

3,830,654

     

5.423418

     

2.88

 
Granted     525,973       4.12       5.00  
Exercised                  
Forfeited                  
Cancelled                  
Expired                  
Outstanding at September 30, 2024     4,356,629     $ 5.266223       2.43  
Exercisable at September 30, 2024     4,356,629     $ 5.266223       2.43  

 

  (1) The warrants outstanding have been corrected to reflect 387,750 additional warrants related to the December 27, 2021 unit offering not previously included in the prior year warrant schedule.