Stock-Based Compensation |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Stock-Based Compensation |
9.
Stock-Based Compensation
2020 Equity Incentive Plan The Company’s 2020 Plan was established for granting stock incentive awards to directors, officers, employees and consultants to the Company.
Stock Options During the three months ended March 31, 2024, the Company granted 18,039 options with a weighted average strike price of $2.55 to purchase common stock to certain employees that will vest annually in 3 equal parts over 3 years. The total aggregate grant date fair value of all options granted was $34,494. During the three months ended March 31, 2023, the Company granted 50,000 options with a weighted average strike price of $4.44 to purchase common stock to certain employees that will vest annually in 3 equal parts over 3 years. The Company granted 25,000 performance-based options with a weighted average strike price of $4.44 to purchase common stock to certain employees. These options are subject to performance vesting and will vest and become exercisable once the performance conditions have been met. There is no assurance that the performance conditions will be met and therefore some or all of these options may never vest or become exercisable. The total aggregate grant date fair value of all options granted was $243,155. During the three months ended March 31, 2024 and 2023 no performance conditions were met. Stock-Based Compensation Expense The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees:
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