COMMON STOCK |
3 Months Ended |
|---|---|
Mar. 31, 2022 | |
| Equity [Abstract] | |
| COMMON STOCK |
9. COMMON STOCK
The Company’s common stock activity for the three months ended March 31, 2022 is as follows:
Common Stock
Issuances of Common Stock
During the three months ended March 31, 2022, the Company issued shares of common stock as part of the common stock purchase agreement in exchange for cash of $7,435, net of offering costs of $155. In addition, the Company issued shares of common stock as a commitment fee to consummate the common stock purchase agreement.
During the three months ended March 31, 2022, the Company issued shares of common stock to certain employees and vendors for services rendered and to be rendered with an aggregate fair value of $510. These shares of common stock were valued based on the market value of the Company’s common stock price at the issuance date or the date the Company entered into the agreement related to the issuance.
During the three months ended March 31, 2022, the Company issued shares of common stock to the former Chief Financial Officer as part of a separation agreement, with an aggregate fair value of $277. These shares of common stock were valued based on the market value of the Company’s common stock price at the issuance date.
During the three months ended March 31, 2022, the Company issued shares of common stock to officers and board members associated with the vesting of a Restricted Stock Unit.
Exercise of Options
During the three months ended March 31, 2022, a total of options were exercised into shares of common stock at a weighted average exercise price of $. The Company received cash of $377 upon exercise of the options.
Issuances of Restricted Stock Units
During the three months ended March 31, 2022, the Company granted an additional shares of its restricted stock to employees and members of Board of Directors. The Restricted Stock Units vest in various dates, starting on January 20, 2023 up to March 30, 2026. These Restricted Stock Units were valued based on market value of the Company’s stock price at the respective date of grant and had aggregate fair value of $, which is being amortized as stock compensation expense over its vesting term.
Issuances of Stock Options
During the three months ended March 31, 2022, the Company granted stock options to employees and consultants to purchase a total of stock options for services to be rendered. The options have an average exercise price of $ per share, expire in , and vest between one and four years from grant date. The total fair value of these options at the grant date was $ using the Black-Scholes option pricing model.
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