Equity |
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Equity |
Note 4 – Equity
The Company has authorized shares of common stock having a par value of $ per share. In addition, the Company authorized shares of preferred stock to be issued having a par value of $ . The specific rights of the preferred stock shall be determined by the board of directors.
Stock Options
In 2017, the Board of Directors of the Company approved the CNS Pharmaceuticals, Inc. 2017 Stock Plan (the “2017 Plan”). The 2017 Plan allows for the Board of Directors to grant various forms of incentive awards for up to shares of common stock. No key employee may receive more than 16,667 shares of common stock (or options to purchase more than 16,667 shares of common stock) in a single year.
In 2020, the Board of Directors of the Company approved the CNS Pharmaceuticals, Inc. 2020 Stock Plan (the “2020 Plan”). The 2020 Plan allows for the Board of Directors to grant various forms of incentive awards for up to shares of common stock. No key employee may receive more than 25,000 shares of common stock (or options to purchase more than 25,000 shares of common stock) in a single year.
On December 30, 2022, the Board of Directors of the Company appointed Faith Charles as an independent member of the Company’s Board of Directors and as Chairperson of the Board of Directors. Ms. Charles will receive an annual retainer for her service as Chairperson of $30,000 and, on the date of her appointment, was granted a ten-year option to purchase shares of Company common stock at an exercise price of $ vesting in 36 equal monthly installments succeeding the issuance date. The total fair value of these option grants at issuance was $ .
On March 29, 2023, the Board of Directors approved, based upon the recommendation of the Compensation Committee, cash bonuses totaling $550,750 to the officers of the Company. In addition, the officers and an employee were awarded a total of options at an exercise price of $ . Of the options issued, % vest over years and % vest upon the Company’s common stock price exceeding various closing prices ranging from $ - $ per share. The total fair value of these option grants at issuance was $ .
During the three months ended March 31, 2023 and 2022, the Company recognized $ and $ of stock-based compensation, respectively, related to outstanding stock options. At March 31, 2023, the Company had $ of unrecognized expenses related to outstanding options.
The following table summarizes the stock option activity for the three months ended March 31, 2023:
As of March 31, 2023, the outstanding stock options have a weighted average remaining term of years and aggregate intrinsic value of options vested and outstanding. As of March 31, 2023, there were no awards remaining to be issued under the 2017 Plan and awards remaining to be issued under the 2020 Plan.
Stock Warrants
During the three months ended March 31, 2023, the Company received $609 in cash proceeds from the exercise of warrants previously issued at an exercise price of $0.001.
The following table summarizes the stock warrant activity for the three months ended March 31, 2023:
As of March 31, 2023, the outstanding and exercisable warrants have a weighted average remaining term of years and have aggregate intrinsic value of $ .
Restricted Stock Units
During the three months ended March 31, 2023, the Company recognized $ of stock-based compensation, related to outstanding stock RSUs. At March 31, 2023, the Company had $ of unrecognized expenses related to outstanding RSUs.
The following table summarizes the RSUs activity for the three months ended March 31, 2023:
Performance Units
During the three months ended March 31, 2023, the Company recognized $ related to outstanding stock PUs. At March 31, 2023, the Company had $ of unrecognized expenses related to PUs.
The following table summarizes the PUs activity for the three months ended March 31, 2023:
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