Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Stockholders' Equity

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Note 12 - Stockholders' Equity
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Equity [Text Block]

12. Stockholders’ equity

 

Shares issued

 

During the three months ended March 31, 2023, the Company issued 1,287,170 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 three months ended March 31, 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 three months ended March 31, 2023, the Company issued 45,573 shares of common stock upon vesting of RSUs granted to Board members.

 

During the three months ended March 31, 2023, the Company issued 1,662,953 shares of common stock pursuant to the At The Market Issuance Sales Agreement for net proceeds of $2.0 million.

 

During the three months ended March 31, 2023, the Company issued 15,781 shares of common stock to a former Board member to fulfill obligations related to consulting services.

 

During the three months ended March 31, 2023, the Company issued 25,500 shares of common stock to a Board member related to director fees.

 

During the three months ended March 31, 2023, the Company issued 469,366 shares of common stock upon the settlement of the securities class action lawsuit.

 

During the three months ended March 31, 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 March 31,

  
   

2023

    

2022

  

Plant operations and clean up

   $ 29     $ 25  

Research and development cost

     18       18  

General and administrative expense

     640       562  

Total

   $ 687     $ 605  

 

There were no options issued during the three months ended March 31, 2023 or the three months ended March 31, 2022.

 

Restricted stock units

 

In January 2023, the Company granted 21,726 RSUs, all of which were subject to vesting, with a grant fair value of $25,000 to employees. The shares vest in three equal installments over a three-year period.

 

In February 2023, the Company granted 17,423 RSUs, all of which were subject to vesting, with a grant fair value of $20,000 to employees. The shares vest in three equal installments over a three-year period.

 

In March 2023, the Company granted 25,000 RSUs, all of which were subject to vesting, with a grant fair value of $25,000 to employees. The shares vest in three equal installments over a three-year period.