Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Stockholders' Equity

v3.23.2
Note 12 - Stockholders' Equity
 6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Equity [Text Block]

12. Stockholders’ equity

 

Shares issued

 

During the six months ended June 30, 2023, the Company issued 789,616 shares of common stock upon vesting of Restricted Stock Units ("RSUs") granted by the Company to management and employees. We withheld 510,632 shares to satisfy approximately $577,000 of employees’ tax obligations during the six months ended June 30, 2023. We treat shares of common stock withheld for tax purposes on behalf of our employees in connection with the vesting of RSUs in a similar manner as common stock repurchases and reported as treasury stock.

 

During the six months ended June 30, 2023, the Company issued 91,147 shares of common stock upon vesting of RSUs granted to Board members.

 

During the six months ended June 30, 2023, the Company issued 2,409,707 shares of common stock pursuant to the At The Market Issuance Sales Agreement for net proceeds of $2.8 million.

 

During the six months ended June 30, 2023, the Company issued 15,781 shares of common stock to a former Board member to fulfill obligations related to consulting services.

 

During the six months ended June 30, 2023, the Company issued 57,375 shares of common stock to a Board member related to director fees.

 

During the six months ended June 30, 2023, the Company issued 469,366 shares of common stock upon the settlement of the securities class action lawsuit.

 

During the six months ended June 30, 2023, the Company issued 192,707 shares of common stock pursuant to the employee stock purchase plan.

 

Stock-based compensation

 

The stock-based compensation expense was allocated as follows:

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  
   

2023

    

2022

    

2023

    

2022

  

Plant operations

   $ 18     $ 23     $ 47     $ 48  

Research and development cost

     22       18       40       36  

General and administrative expense

     559       493       1,199       1,055  

Total

   $ 599     $ 534     $ 1,286     $ 1,139  

 

There were no options issued during the three and six months ended June 30, 2023 or the three and six months ended June 30, 2022.

 

Restricted stock units

 

During the first quarter of 2023, the Company granted 64,149 RSUs, all of which were subject to vesting, with a grant date fair value of $70,000 to employees. The shares vest in three equal installments over a three-year period.

 

During the second quarter of 2023, the Company granted 204,547 RSUs, all of which were subject to vesting, with a grant date fair value of $225,000 to Board Members. The shares vest in four equal installments over a twelve-month period.