STOCK-BASED COMPENSATION |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION |
The Company has two equity incentive plans: the 2015 Stock Option Plan, as amended (the “2015 Plan”) and the 2021 Omnibus Equity Incentive Plan (the “2021 Plan”). As of September 30, 2021, there were options to purchase shares of the Company’s common stock outstanding to certain executives, key employees and consultants under the 2015 Plan, of which were issued during the nine months ended September 30, 2021. Additional options may be issued under the 2015 Plan as outstanding options are forfeited, subject to a maximum available for issuance under the 2015 Plan. The 2021 Plan provides for the grant of up to incentive stock options, nonqualified stock options, stock awards, restricted stock awards, restricted stock units and/or stock appreciation rights to employees, consultants and directors. As of September 30, 2021, there had been issued shares of common stock as directors fees under the 2021 Plan.
Prior to January 1, 2021, each non-employee director of the Company was eligible to receive $50,000 annually (effective January 1, 2019), plus $10,000 for chairing a Board committee (effective February 20, 2019), all to be paid quarterly half in cash and half in common stock. The Chairman of the Board was eligible to receive an additional $50,000 annually (effective October 1, 2019), all to be paid in common stock.
Effective January 1, 2021, each non-employee director of the Company (other than the Chairman of the Board) and Board advisor were eligible to receive of $75,000 annually, . The Chairman of the Board is eligible to receive $100,000 annually, . Effective May 18, 2021, each non-employee director of the Company (other than the Chairman of the Board) and Board advisor are eligible to receive of $110,000 annually, . The Chairman of the Board is eligible to receive $140,000 annually, . All payments were and are pro-rated for partial service.
On May 20, 2020, the Company entered into a Settlement Agreement with EMED Technologies Corporation (“EMED”) to settle all claims in connection with all pending litigation matters between them. Pursuant to the Settlement Agreement, .
On April 12, 2021, pursuant to an employment agreement entered into on March 15, 2021, with Linda Tharby, the Company’s President and Chief Executive Officer, the Company issued three restricted stock awards for an aggregate 3,310,000 and each vesting subject to employment on the respective vesting date. These awards were issued as an inducement employment. shares of common stock for an aggregate stock price of $
2015 STOCK OPTION PLAN, as amended
Time Based Stock Options
Total stock-based compensation expense was $ and $ for the nine months ended September 30, 2021, and 2020, respectively. Cash received from option exercises for the nine months ended September 30, 2021, and 2020 was $ and $ , respectively.
The weighted-average grant-date fair value of options granted during the nine months ended September 30, 2021, and 2020 was $ and $ , respectively. There were options exercised during the nine months ended September 30, 2021, and during the nine months ended September 30, 2020.
As of September 30, 2021, there was $ of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of months. The total fair value of shares vested as of September 30, 2021, and September 30, 2020, was $ and $ , respectively.
Performance Based Stock Options
There were no stock options granted during the nine months ended September 30, 2021, and 2020.
Total performance stock-based compensation expense totaled ($408,747) and $ for the nine months ended September 30, 2021, and 2020, respectively. All performance-based stock options were forfeited as of September 30, 2021, and there was unrecognized compensation cost remaining.
RESTRICTED STOCK AWARDS
On April 12, 2021, pursuant to an employment agreement entered into on March 15, 2021, with Linda Tharby, the Company’s President and Chief Executive Officer and as an inducement to her employment, the Company issued three restricted stock awards for an aggregate 1,000,000 shares of common stock for an aggregate stock price of $3,310,000 and each vesting subject to employment on the respective vesting date. The following table summarizes the activities for our unvested restricted stock awards for the nine months ended September 30, 2021, and 2020.
As of September 30, 2021, there was $30,554 and zero for the nine months ended September 30, 2021 and 2020, respectively. of unrecognized compensation cost related to unvested employee restricted shares. This amount is expected to be recognized over a weighted-average period of months. We have recognized tax benefits associated with restricted stock award compensation of $ |