Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Stockholders' Equity

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Note 11 - Stockholders' Equity
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Equity [Text Block]

11. Stockholders’ equity

 

Shares issued

 

During the three months ended March 31, 2024, the Company issued 1,056,082 shares of common stock upon vesting of Restricted Stock Units ("RSUs") granted by the Company to management and employees, including 428,566 of reissued treasury stock. We withheld 456,646 shares to satisfy approximately $360,000 of employees’ tax obligations during the three months ended March 31, 2024. 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 three months ended March 31, 2024, the Company issued 39,773 shares of common stock upon vesting of RSUs granted to Board members.

 

During the three months ended March 31, 2024, the Company issued 4,155,611 shares of common stock pursuant to the at the market issuance sales agreement for net proceeds of $2.1 million.

 

 

 

Stock-based compensation

 

The stock-based compensation expense was allocated as follows:

 

   

Three Months Ended March 31,

  
   

2024

    

2023

  

Plant operations

   $ 86     $ 29  

Research and development cost

     20       18  

General and administrative expense

     668       640  

Total

   $ 774     $ 687  

 

 

2014 Stock Incentive Plan

 

We have adopted the Aqua Metals, Inc. 2014 Stock Incentive Plan providing for the grant of non-qualified stock options and incentive stock options to purchase shares of our common stock and for the grant of restricted and unrestricted share grants. All of our officers, directors, employees and consultants are eligible to participate under the plan. The purpose of the plan is to provide eligible participants with an opportunity to acquire an ownership interest in our company. As of  March 31, 2024, there were 635,215 remaining shares available for future grants.

 

2019 Stock Incentive Plan

 

In 2019, our board of directors adopted the Aqua Metals, Inc. 2019 Stock Incentive Plan (the “2019 Plan”). A total of 18,500,000 shares of common stock was authorized for issuance pursuant to the 2019 Plan. The 2019 Plan provides for the following types of stock-based awards: incentive stock options; non-statutory stock options; restricted stock; and performance stock. The 2019 Plan, under which equity incentives may be granted to employees and directors under incentive and non-statutory agreements, requires that the option price may not be less than the fair value of the stock at the date the option is granted. Option awards are exercisable until their expiration, which may not exceed 10 years from the grant date. As of  March 31, 2024, there were 1,269,037 remaining shares available for future grants.

 

           

RSUs Outstanding

  
                 
   

Number of

          
   

Shares

          
   

Available for

    

Number of

  
   

Grant

    

RSUs

  

Balances, December 31, 2023

     1,420,454       8,654,491  

Granted

     (111,522 )     111,522  

Exercised/ Released

     —       (1,095,855 )

Forfeited

     138,674       (138,674 )

Returned to Plan

     456,646       —  

Balances, March 31, 2024

     1,904,252       7,531,484  

 

Restricted stock units

 

During the first quarter of 2024, the Company granted 111,522 RSUs, all of which were subject to vesting, with a grant date fair value of $60,000 to employees. The shares vest in three equal installments over a three-year period.