Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Stockholders' Equity

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,






Plant operations

  $ 86     $ 29  

Research and development cost

    20       18  

General and administrative expense

    668       640  


  $ 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




Available for


Number of






Balances, December 31, 2023

    1,420,454       8,654,491  


    (111,522 )     111,522  

Exercised/ Released

          (1,095,855 )


    138,674       (138,674 )

Returned to Plan


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.