Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.21.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2021
Schedule of Reserved Shares

At March 31, 2021, shares were reserved in connection with the following:

 

Exercise of outstanding stock options and future grants of stock options     4,033,856  
Exercise of outstanding stock warrants     9,609,316  
Conversion of outstanding Series Alpha preferred stock     243,418  
Total     13,886,590  

Summary of Stock Option Activity

The following represents a summary of the options granted (under the 2020 Plan and otherwise) to employees and non-employee service providers that are outstanding at March 31, 2021, and changes during the three-month period then ended:

 

    Shares     Weighted– Average
Exercise
Price
   

Range of Exercise

Price

    Weighted– Average Remaining
Life (Years)
 
Total outstanding – December 31, 2020     4,011,356     $ 7.05     $ 3.52—1,465.75       9.29  
Granted     27,000       3.29       3.29       9.91  
Expired                        
Forfeited     (4,500 )     3.68       3.52—4.97       9.78  
Total outstanding – March 31, 2021     4,033,856     $ 7.03     $ 3.29—1,465.75       9.04  
Exercisable (vested)     108,856     $ 81.38     $ 4.97—1,465.75       2.26  
Non-Exercisable (non-vested)     3,925,000     $ 4.96     $ 3.29—5.13       9.23  

Schedule of Assumptions Used in Black-Scholes Option-Pricing Method

The material factors incorporated in the Black-Scholes model in estimating the fair value of the options granted for the periods presented were as follows:

 

   

For the three months

ended

March 31, 2021

 
Expected dividend yield     0.00 %
Expected stock-price volatility     102 %
Risk-free interest rate     0.84% — 1.04 %
Average expected remaining years of life of options     6.0  
Stock price   $ 3.29  

Schedule of Share-based Compensation Expense

The Company recorded share-based compensation expense and classified it in the condensed consolidated statements of operations as follows:

 

    For the three months ended March 31,  
    2021     2020  
General and administrative   $ 1,092,228     $  
Research and development     169,895        
Total   $ 1,262,123     $  

Compensatory Warrant Activity [Member]  
Summary of Warrant Activity

The following table summarizes the equity classified compensatory warrant activity for the three months ended March 31, 2021:

 

    Common Stock  
    Shares    

Weighted–

Average

Exercise
Price

   

Range of Exercise

Price

    Weighted–
Average
Remaining
Life (Years)
 
Total outstanding – December 31, 2020     1,294,217     $ 1.66                  
Granted                            
Exercised     (38,390 )     2.09                  
Expired                            
Forfeited     (65,179 )     2.07                  
Total outstanding – March 31, 2021     1,190,648     $ 1.61                  
Exercisable     1,187,052     $ 1.60     $ 1.11 —2.54       4.00  
Non-Exercisable     3,596     $ 2.54     $ 2.54       5.48  

 

The following table summarizes the compensatory warrant activity for the three months ended March 31, 2020:

 

    Series C Preferred Stock Warrants  
    Shares    

Weighted–

Average

Exercise
Price

   

Range of Exercise

Price

   

Weighted– Average Remaining

Life (Years)

 
Total outstanding – December 31, 2019     754,262     $ 1.99                  
Forfeited                            
Expired                            
Granted                            
Total outstanding – March 31, 2020     754,262     $ 1.99                  
Exercisable     746,142     $ 1.99     $ 1.83 – $2.25       4.59  
Non-Exercisable     8,120     $ 2.25     $ 2.25       6.48  

Non-Compensatory Warrant Activity [Member]  
Summary of Warrant Activity

The following table summarizes the noncompensatory equity classified warrant activity for the three months ended March 31, 2021:

 

    Common Stock  
    Shares    

Weighted–

Average

Exercise
Price

   

Range of Exercise

Price

    Weighted–
Average
Remaining
Life (Years)
 
Total outstanding – December 31, 2020     6,549,777     $ 4.36                  
Exercised     (1,000,000 )     0.01                  
Granted                            
Expired                            
Forfeited                            
Total outstanding – March 31, 2021     5,549,777     $ 5.15                  
Exercisable     4,707,081     $ 5.34     $ 1.11 – 2,325.00       1.47  
Non-Exercisable     842,696     $ 4.07       4.07       2.72