NOTE 9: SHARE-BASED PAYMENTS

Common Stock Warrants

As of March 31, 2022 and December 31, 2021, the Company had 3,580,116 common stock warrants outstanding with a weighted average exercise price of $4.12 per share. As of March 31, 2022, all of these warrants were exercisable.

Stock Options

As of March 31, 2022 and December 31, 2021, the Company had 3,895,103 stock options outstanding with a weighted average exercise price of $3.59 per share.  As of March 31, 2022, there were 3,249,398 options exercisable.

Stock-based compensation expense of $139,093 and $36,976 was recognized for the three months ended March 31, 2022 and 2021, respectively. In 2022, $1254,694 was included in general and administrative expense and $14,399 was in included in sales and marketing expense. Total unrecognized compensation cost related to non-vested stock option awards as of March 31, 2022 amounted to $917,943 and will be recognized over a weighted average period of 2.04 years.