|9 Months Ended
Sep. 30, 2022
|Share-Based Payment Arrangement [Abstract]
Stock Incentive Plans
The Company’s board of directors adopted, and shareholders approved, the Co-Diagnostics, Inc. Amended and Restated 2015 Long Term Incentive Plan (the “Incentive Plan”) providing for the issuance of stock-based incentive awards to employees, officers, consultants, directors and independent contractors. On August 31, 2022 the shareholders approved an increase in the number of awards available for issuance under the Incentive Plan to an aggregate of shares of common stock. The number of awards available for issuance under the Incentive Plan was at September 30, 2022.
The total intrinsic value of options exercised during the nine months ended September 30, 2022 was approximately $ million. The aggregate intrinsic value of outstanding options at September 30, 2022 was approximately $ million.
Stock-based compensation cost is measured at the grant date based on the fair value of the award granted and recognized as expense over the vesting period using the straight-line method. The Company uses the Black-Scholes model to value options granted.
As of September 30, 2022, there were no unvested options and no unrecognized stock-based compensation expense related to options.
Restricted Stock Units
As of September 30, 2022, there was approximately $ million of unrecognized stock-based compensation expense related to outstanding RSUs which is expected to be recognized over a weighted-average period of years.
The Company has issued warrants related to financings, acquisitions and as compensation to third parties for services provided. The Company estimates the fair value of issued warrants on the date of issuance as determined using a Black-Scholes pricing model. The Company amortizes the fair value of issued warrants using a vesting schedule based on the terms and conditions of each warrant if granted for services.
The following table summarizes warrant activity during the nine months ended September 30, 2022:
The intrinsic value of warrants exercised during the nine months ended September 30, 2022 and 2021 was approximately $ million and $ , respectively. The aggregate intrinsic value of outstanding warrants at September 30, 2022 was approximately $ million.
The total number of warrants exercisable at September 30, 2022 are 20,000. The ability to exercise the approximately 465,000 warrants issued in connection with acquisitions in the prior year is contingent upon the achievement of certain development and revenue milestones on or before January 1, 2027. There was no unrecognized stock-based compensation expense related to warrants.
Stock Issued for Services
The Company has issued restricted stock to third parties for services provided. The grant date fair value of the restricted stock granted is determined using the closing market price of the Company’s common stock on the grant date with the associated compensation expense amortized over the vesting period of the stock awards. The Company issued and shares of restricted stock for services during the nine months ended September 30, 2022 and 2021, respectively. There was no unrecognized stock-based compensation expense related to restricted stock issued.
Stock-Based Compensation Expense