Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Stockholders' Equity

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Note 12 - Stockholders' Equity
 6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

12. Stockholders’ Equity

 

Shares issued

 

During the six months ended June 30, 2021, the Company issued 825,540 shares of common stock upon vesting of Restricted Stock Units ("RSUs") granted by the Company to management and employees. 

 

During the six months ended June 30, 2021, the Company issued, when the five-day average of closing prices for the Company’s common stock was $3.95 per share, 5,371 shares of the Company’s common stock pursuant to a cashless exercise of a warrant for 10,350 shares of the Company’s common stock with an exercise price of $1.90 per share.

 

During the six months ended June 30, 2021, the Company issued, when the five-day average of closing prices for the Company’s common stock was $6.20 per share, 60,219 shares of the Company’s common stock pursuant to a cashless exercise of a warrant for 86,778 shares of the Company’s common stock with an exercise price of $1.90 per share.

 

During the six months ended June 30, 2021, the Company issued 58,871 shares of common stock upon vesting of RSUs granted to Board members.

 

During the six months ended June 30, 2021, the Company issued 375,000 shares of common stock pursuant to the Series A Preferred Stock Purchase Agreement, with LiNiCo, dated February 15, 2021.

 

During the six months ended June 30, 2021, the Company issued 347,901 shares of common stock upon stock option exercises.

 

During the six months ended June 30, 2021, the Company issued 2,473,359 shares of common stock pursuant to the At The Market Issuance Sales Agreement for net proceeds of $9.3 million.

 

Stock-based compensation

 

The stock-based compensation expense was allocated as follows:

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  
   

2021

    

2020

    

2021

    

2020

  

Cost of product sales

   $ 16     $ 22     $ 47     $ 44  

Research and development cost

     11       15       53       120  

General and administrative expense

     592       517       1,198       1,346  

Total

   $ 619     $ 554     $ 1,298     $ 1,510  

 

There were no options issued during the three and six months ended June 30, 2021 or the three and six months ended June 30, 2020.

 

Restricted stock units

 

In February 2021, the Company granted 25,000 RSUs, all of which were subject to vesting, with a grant fair value of $151,500 to a contractor. The shares vest in three tranches 1) upon the signing of a licensing agreement 2) delivery of a final engineering package, and 3) full handover of project to site owner. No shares vested during the six months ended June 30, 2021.

 

In  May 2021, the Company granted 81,883 RSUs, all of which were subject to vesting, with a grant fair value of $235,000 to Board members. The shares vest in twelve equal installments over a one-year period. 13,648 shares vested during the six months ended June 30, 2021.