|3 Months Ended|
Mar. 31, 2022
(8) Shareholders Equity
Authorized shares include one for 3.763243 reverse stock split approved by the Company’s board of directors and its shareholders. million common shares and million preferred shares. Immediately prior to the Company’s IPO in September 2021, all shares of common stock then outstanding converted into an aggregate of shares of common stock following a
On August 1, 2020, the Company’s board of directors approved the EzFill Holdings, Inc. 2020 Equity Incentive Plan (Plan), which plan has also been approved by the Company’s shareholders. The Company has reserved of its outstanding shares of common stock for issuance under the Plan.
During the three months ended March 31, 2021, the Company issued shares of common stock to executives and other employees as a signing bonus. The Company recorded stock-based compensation expense of $ .
During the three months ended March 31, 2021, the Company issued and shares of common stock for sponsorship and consulting services, respectively. The Company recorded stock-based compensation expense of $ .
During the three months ended March 31, 2021, the Company issued shares related to an acquisition that had previously been accrued in 2020.
During the three months ended March 31, 2022, the Company issued shares to a consultant for services rendered over the preceding three months.
During the three months ended March 31, 2022, the Company issuedshares to the sellers of the assets of Full Service Fueling. See note 11.
A total of shares of restricted stock were granted to employees during the three months ended March 31, 2022. The restricted shares vest over periods from two to three years and are being recognized as expense on a straight-line basis over the vesting period of the awards. A total expense of $368,162 was recorded for the three months ended March 31, 2022 related to restricted shares. A summary of the restricted stock activity is presented as follows:
The Company recognizes forfeitures of restricted shares as they occur rather than estimating a forfeiture rate. The reduction of stock compensation expense related to the forfeitures was $ for the three months ended March 31, 2022.
Unrecognized stock compensation expense related to restricted stock was approximately $ as of March 31, 2021, which will be recognized over a weighted-average period of years.
Stock Options and Warrants
Schedule of Stock Option Activity
During the three months ended March 31, 2022, the Company granted a total of stock options to executives with an exercise price of $ and a term of . The options vest 1/3 per year after each of the first three years. The fair value of the stock options of $ was determined using the Black-Scholes option pricing model with the following assumptions:
Unrecognized stock compensation expense related to stock options was approximately $. yearsas of March 31, 2021, which will be recognized over a weighted-average period of
The underwriter’s representatives for the Company’s IPO received warrants to purchase up to 359,375 shares. The warrants are exercisable from March 14, 2022 until September 14, 2026 at an exercise price of $5.00 per share.
In April 2021, the Company issued 106,291 warrants to a lender in connection with a loan that has been repaid. The warrants are exercisable until September 14, 2024, at $5.00 per share.
The intrinsic value of options and warrants outstanding at March 31, 2022 and December 31, 2021 was $ and $ , respectively.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef