NOTE 9 – SHARE-BASED COMPENSATION

Stock Options

The Company has a Global Stock Incentive Plan (the “Plan”) under which the Company may grant stock options for up to 1,503,421 common shares. Both incentive stock options and non-qualified stock options expire ten years from the date of the grant.

NOTE 9 – SHARE-BASED COMPENSATION (CONTINUED)

The following table summarizes the stock option activity:

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The following table summarizes the Company’s non-vested stock options:

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NOTE 9 – SHARE-BASED COMPENSATION (CONTINUED)

For the three and nine months ended September 30, 2021, the Company recognized $111,552 and $270,247 of stock compensation expense relating to stock options, respectively. For the three and nine months ended September 30, 2020, the Company recognized $35,908 and $113,576 of stock compensation expense relating to stock options, respectively. As of September 30, 2021, there was $1,135,350 of unrecognized stock compensation expense 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 four years.

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Restricted Stock Awards

In July 2019, the Board of Directors authorized grants of restricted stock awards (“RSAs”) through a restricted stock award purchase agreement to certain founders, consultants, and advisors of the Company. Certain grants to the Company’s founders were fully vested at the date of incorporation, other grants vest over a four-year period on each anniversary of the grant date, based on continued employment, and other grants vested based on various milestones. The shares of common stock underlying the RSAs are issued upon grant.

The following table summarizes the restricted stock awards activity:

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For the three and nine months ended September 30, 2021, the Company recognized $144,585 and $691,896 of stock compensation expense relating to RSAs, respectively. For the three and nine months ended September 30, 2020, the Company recognized $158,739 and $722,580 of stock compensation expense relating to RSAs, respectively. As of September 30, 2021, there was $1,090,842 of unrecognized compensation expense related to unvested restricted share awards that is expected to be recognized over a weighted-average period of 2 years.