2020 Equity Incentive Plan

The Company’s 2020 Plan was established for granting stock incentive awards to directors, officers, employees and consultants to the Company.

Stock Options

During the three months ended March 31, 2023, the Company granted 300,000 options with a weighted average strike price of $0.74 to purchase common stock to certain employees that will vest annually in 3 equal parts over 3 years. The Company granted

150,000 performance-based options with a weighted average strike price of $0.74 to purchase common stock to certain employees. These options are subject to performance vesting and will vest and become exercisable once the performance conditions have been met. There is no assurance that the performance conditions will be met and therefore some or all of these options may never vest or become exercisable. The total aggregate grant date fair value of all options granted was $243,155.

During the three months ended March 31, 2022, the Company granted 209,887 options with a weighted average strike price of $1.08 to purchase common stock to certain employees that will vest annually in 3 equal parts over 3 years. The Company granted 375,000 performance-based options with a weighted average strike price of $1.08 to purchase common stock to certain employees. These options are subject to performance vesting and will vest and become exercisable once the performance conditions have been met. There is no assurance that the performance conditions will be met and therefore some or all of these options may never vest or become exercisable. The total aggregate grant date fair value of all options granted was $402,935.

During the three months ended March 31, 2023 no performance conditions were met.

Stock-Based Compensation Expense