Annual report pursuant to Section 13 and 15(d)

Equity Incentive Plan (Tables)

v3.24.1
Equity Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2023
Equity Incentive Plan  
Schedule of stock option activity
The following is a summary of stock option activity for the years ended December 31, 2023 and 2022:
Number of
Options		 Weighted Average
Exercise Price		 Weighted Average
Contractual Life
(In Years)
Outstanding at December 31, 2021 12,954 $ 426.25  5.56
Granted 78,641 8.49 
Expired (14) 842.57   
Forfeited (6,830) 446.34   
Outstanding at December 31, 2022 84,751 $ 36.92  9.59
Exercisable at December 31, 2022 4,939 $ 442.52  7.27
Vested and Expected to Vest at December 31, 2022 84,751 $ 36.92  9.59
Granted 764,400 1.11 
Expired (927) 373.32 
Forfeited (35,279) 5.08 
Outstanding at December 31, 2023 812,945 $ 4.26  9.56
Exercisable at December 31, 2023 173,394 $ 13.79  9.46
Vested and Expected to Vest at December 31, 2023 812,945 $ 4.26  9.56
Schedule of weighted average assumptions For the years ended December 31, 2023 and 2022, the fair value of each option grant has been estimated on the date of grant using the Black-Scholes Option Pricing Model with the following weighted-average assumptions:
2023 2022
Risk-Free Interest Rate
3.95% - 4.61%
 2.42%
Expected Life
5.0 - 5.6 years
 5.0 years
Expected Average Volatility
141.0% - 145.2%
 140%
Expected Dividend Yield 0% 0%
Schedule of restricted stock activity
The following is a summary of restricted stock activity for the years ended December 31, 2023 and 2022:
Number of
Shares		 Weighted-Average
Grant Date Fair Value		 Weighted-Average
Remaining
Recognition Period
Non-vested Outstanding at December 31, 2021 375 $ 261.47  1.09
Awarded 30,000 6.78 
Released (248) 261.45 
Forfeited (127) 261.51 
Non-vested Outstanding at December 31, 2022 30,000 $ 6.78  2.79
Awarded 270,050 1.06 
Released (67,377) 1.49 
Forfeited (3,300) 3.83 
Non-vested Outstanding at December 31, 2023 229,373 $ 1.64  2.57
Schedule of stock-based compensation expense
The total stock-based compensation expense for employees and non-employees is included in the accompanying Consolidated Statements of Operations and as follows:
Year Ended December 31,
2023 2022
General and Administrative $ 345,488  $ 343,475 
Research and Development 409,456  118,975 
Total Stock-Based Compensation Expense $ 754,944  $ 462,450