Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.22.2.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

Note 5 - Stockholders’ Equity

 

Authorized Capital

 

The Company has authorized the issuance and sale of up to 185.0 million shares of stock, consisting of 180.0 million shares of common stock having a par value of $0.001 and 5.0 million shares of Preferred Stock having a par value of $0.001 per share. As of June 30, 2022 and December 31, 2021, there were no shares of Preferred Stock outstanding and there were no declared but unpaid dividends or undeclared dividend arrearages on any shares of the Company’s capital stock.

 

At the Company’s annual meeting of stockholders in June 2022, the stockholders approved an amendment to the Company’s certificate of incorporation to effect a reverse stock split by a ratio not to exceed 1:30, with the exact ratio to be set by the Company’s board of directors in its sole discretion, and approved an amendment to the Company’s certificate of incorporation to effectively increase the number of authorized shares of common stock of the Company.

 

Stock Options

 

The Company has an incentive stock plan, the Amended and Restated 2011 Equity Incentive Plan (the “2011 Plan”), and has granted stock options to employees, non-employee directors and consultants from the 2011 Plan. Options granted under the 2011 Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant. As of June 30, 2022, there were 4.4 million shares remaining available for issuance under the 2011 Plan.

 

During the six months ended June 30, 2022, stock options to purchase 0.4 million shares of common stock were granted at an exercise price of $0.43 per share. The stock options have a term of ten years and are subject to vesting based on continuous service of the awardee over a period of four years. The stock options have an aggregate grant date fair value of $0.1 million.

 

During the six months ended June 30, 2022, stock options to purchase 1.6 million shares of common stock expired, were cancelled and returned to the option pool for future issuance.

 

The Company recorded stock-based compensation as follows:

 

    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2022     2021     2022     2021  
Research and development   $ 17,601     $ 119,627     $ 46,409     $ 176,730  
General and administrative     417,355       837,931       844,970       1,101,272  
Total   $ 434,956     $ 957,558     $ 891,379     $ 1,278,002  

 

The following table represents stock option activity for the six months ended June 30, 2022:

 

                Weighted Average        
    Stock Options     Exercise Price     Fair Value     Contractual     Aggregate  
    Outstanding     Exercisable     Outstanding     Exercisable     Vested     Life (Years)     Intrinsic Value  
Balance – December 31, 2021     10,992,335       6,126,901     $ 1.71     $ 1.58     $ 1.58       6.27     $
                      -
  
Granted     375,000      
-
      
-
      
-
      
-
       -      
-
  
Exercised    
-
      
-
      
-
      
-
      
-
       -      
-
  
Cancelled     (1,591,083 )    
-
      
-
      
-
      
-
       -      
-
  
Balance – June 30, 2022     9,776,252       5,579,545     $ 1.64     $ 1.46     $ 1.46       6.26     $
-
  

 

The following table summarizes information on stock options outstanding and exercisable as of June 30, 2022:

 

Grant Price     Weighted Average     Total     Number     Weighted
Average
Remaining
From     To     Exercise Price     Outstanding     Exercisable     Contractual Term
$ 0.26     $ 2.02     $ 1.17       7,923,085       3,830,440     7.65 years
$ 2.10     $ 4.60     $ 2.74       1,410,167       1,306,105     5.71 years
$ 5.30     $ 8.86     $ 6.44       443,000       443,000     5.85 years
                  Totals       9,776,252       5,579,545      

 

Warrants

 

During the six months ended June 30, 2022, warrants to purchase 0.2 million shares of common stock expired and were cancelled.

 

The following table summarizes information on warrants outstanding as of June 30, 2022:

 

                Weighted Average        
    Warrants     Exercise Price     Fair      Contractual     Aggregate  
    Outstanding     Exercisable     Outstanding     Exercisable     Value
Vested		     Life
(Years)		     Intrinsic
Value		  
Balance – December 31, 2021     35,634,075       35,629,908     $ 1.04     $ 1.04     $ 0.53       4.38     $
         -
  
Granted    
-
      
-
      
-
      
-
      
-
       -      
-
  
Exercised    
-
      
-
      
-
      
-
      
-
       -      
-
  
Cancelled     (159,000 )    
-
      
-
      
-
      
-
       -      
-
  
Balance – June 30, 2022     35,475,075       35,475,075     $ 1.03     $ 1.03     $ 0.61       3.90     $
-