|6 Months Ended|
Jun. 30, 2022
|Share-based Payment Arrangement [Abstract]|
|STOCK-BASED COMPENSATION||STOCK-BASED COMPENSATION
In 2015, the Company’s Board of Directors approved the HeartBeam, Inc. 2015 Equity Incentive Plan ("2015 Plan"), to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, directors, and consultants, and to promote the success of the Company’s business. The 2015 Plan provides for the grant of stock options and RSU’s to purchase common stock of which 1,636,362 were authorized by the board of which 1,325,867 are outstanding. The 2015 Plan was terminated upon shareholder approval of the 2022 Equity Incentive Plan (“2022 Plan”) whereby no awards can be issued under the 2015 Plan.
The Company’s shareholders approved the 2022 Plan at the annual meeting of stockholders held on June 15, 2022, pursuant to which 1,900,000 shares of common stock was authorized for issuance. As of June 30, 2022, there were 1,165,000 shares available for issuance under the 2022 Equity Plan.
As of June 30, 2022 and 2021, the Company received proceeds of a de minimis amount from the exercise of stock options.
The following is a summary of stock option activity during the six months ended June 30, 2022:
(*) $ - Indicates exercise price less than $0.01 per share
During the three months ended June 30, 2022 the Company modified options to purchase 63,636 shares of common stock with an exercise price of $2.80 to an exercise price of $1.60. The total incremental cost of the modification was de minimis.
The Company estimates the fair values of stock options using the Black-Scholes option-pricing model on the date of grant. For the six months ended June 30, 2022 and 2021, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:
RESTRICTED STOCK UNITS
The following is a summary of RSU’s awards activity during the six months ended June 30, 2022:
STOCK BASED COMPENSATION
The following is a summary of stock-based compensation expense:
As of June 30, 2022, total compensation cost not yet recognized related to unvested stock options was approximately $2.4 million, which is expected to be recognized over a weighted-average period of 3.22 years.
As of June 30, 2022, total compensation cost not yet recognized related to unvested RSU’s is approximately $61,000, which is expected to be recognized over a weighted-average period of 1.3 years.
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
No definition available.