Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS??? EQUITY AND STOCK-BASED COMPENSATION (Tables)

v3.23.1
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Schedule of option activity
A summary of the Company's stock option activity during the three months ended March 31, 2023 is below:

Shares Weighted average exercise price
Outstanding at January 1, 2023 36,504,673 $ 0.82 
Granted 1,100,000 $ 0.43 
Forfeited (457,500) $ 1.97 
Outstanding at March 31, 2023 37,147,173 $ 0.80 
Schedule of fair value assumptions of options
The grant date fair values of stock options granted in the three months ended March 31, 2023 were estimated using the Black-Scholes valuation model with the following assumptions:

Estimated life (in years)
3.00 to 3.26
Weighted average volatility 99.22  %
Weighted average risk-free interest rate 3.59  %
Dividend yield — 
Schedule of activity related to RSUs
The activity related to the Company's RSUs for the three months ended March 31, 2023 was as follows:
RSUs Weighted average grant date fair value
Unvested at January 1, 2023 1,599,999 $ 0.53 
Granted 1,108,000 $ 0.46 
Outstanding at March 31, 2023 2,707,999 $ 0.50