BioSig Technologies Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
STEX$0.34+4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-14.
0001493152-24-032374
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-14.
0001493152-24-045687
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 113 previous paragraphs and 117 current paragraphs.
73 unchanged; 35 reworded; 9 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
On October 21, 2024, the Company was notified that its common stock will commence trading on The Nasdaq Stock Market on Wednesday, October 23, 2024 effective at the opening of trading.
Current report
On October 24, 2024, the Company received a letter from the Nasdaq Listing Qualifications (“Nasdaq”) notifying the Company that based upon the closing bid price of the Company’s common stock from the period of June 11, 2024 through the reinstatement date, October 23, 2024, the Company did not meet the minimum bid price of $1.00 per share required by the Listing Rules (“Rules”) and as a result, the Company no longer meets this requirement. However, the Rules also provides the Company a compliance period of 180 calendar days in which to regain compliance.
Current report
On November 13, 2024, the Company issued a press release announcing its Nasdaq bid price compliance.
Current report
If at any time during this 180 day period the closing bid price of the Company’s security is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide written confirmation of compliance and this matter will be closed. In the event the Company does not regain compliance, the Company may be eligible for additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
Current report
Rent for the three months ended September 30, 2024 and 2023 was $38 and $96.
Current report
Nine months ended September 30, 2024 Compared to nine months ended September, 2023 (000’s)
Current report
Nine months ended:
Current report
Rent for the nine months ended September 30, 2024 and 2023 was $203 and $281.
Current report
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023 (000’s)
Removed paragraphs (5)
Previous report
Rent for the three months ended June 30, 2024 and 2023 was $74 and $93.
Previous report
Six Months Ended June 30, 2024 Compared to six Months Ended June, 2023 (000’s)
Previous report
Six months ended:
Previous report
Rent for the six months ended June 30, 2024 and 2023 was $166 and $185.
Previous report
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023 (000’s)
Reworded paragraphs (35)
Previous wording
On July 23, 2024, the Company commenced trading of its common stock on the OTCQB, operated by OTC Markets Group, Inc
Current wording
On July 23, 2024, the Company commenced trading of its common stock on the OTCQB, operated by OTC Markets Group, Inc On October 18, 2024, the Company received a decision from the Nasdaq Listing and Hearing Review Council granting the Company a grace period until March 7, 2025 to regain compliance with the Nasdaq Listing Rule 5550(b)(2), the MVLS Rule, which requires a market value of listed securities of at least $35 million.
Previous wording
Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023 (000’s)
Current wording
Three Months Ended September 30, 2024 Compared to Three Months September 30, 2023 (000’s)
Previous wording
Revenues and Cost of Goods Sold. Revenue for the three months ended June 30, 2024 was $13, comprised of recognized service revenue, as compared to $0, comprised of recognized service revenue for the three months ended June 30, 2023.
Current wording
Revenues and Cost of Goods Sold. Revenue for the three months ended September 30, 2024 was $0, comprised of recognized service revenue, as compared to $1, comprised of recognized service revenue for the three months ended September 30, 2023.
Previous wording
Research and Development Expenses. Research and development expenses for the three months ended June 30, 2024 were $342, a decrease of $1,367, or 79.99%, from $1,709 for the three months ended June 30, 2023. The decrease is primarily due to decreases in payroll, consulting, Data/AI development and research and clinical studies and design work to $323 for the three months ended June 30, 2024 as compared to $1,628 for the three months ended June 30, 2023.
Current wording
Research and Development Expenses. Research and development expenses for the three months ended September 30, 2024 were $156, a decrease of $989, or 86.38%, from $1,145 for the three months ended September 30, 2023. The decrease is primarily due to decreases in payroll, consulting, Data/AI development and research and clinical studies and design work to $139 for the three months ended September 30, 2024 as compared to $1,066 for the three months ended September 30, 2023.
Previous wording
Stock based compensation for research and development personnel was $133 and $761 for the three months ended June 30, 2024 and 2023, respectively.
Current wording
Stock based compensation for research and development personnel was $7 and $147 for the three months ended September 30, 2024 and 2023, respectively.
Previous wording
General and Administrative Expenses. General and administrative expenses for the three months ended June 30, 2024 were $4,914, a decrease of $4,193 or 46.04%, from $9,107 incurred in the three months ended June 30, 2023. This decrease is primarily due to a decrease in employee and service provider (stock-based) performance pay in the current period as compared to the same period in the prior year and additional service provider fees paid.
Current wording
General and Administrative Expenses. General and administrative expenses for the three months ended September 30, 2024 were $2,763, a decrease of $52 or 1.85%, from $2,815 incurred in the three months ended September 30, 2023. This decrease is primarily due to a decrease in employee and service provider (stock-based) performance pay in the current period as compared to the same period in the prior year and additional service provider fees paid.
Previous wording
Payroll related expenses, including stock-based compensation expenses, decreased to $5,737 in the current period from $10,064 for the six months ended June 30, 2023, a decrease of $4,327, or 42.99%. The decrease was primarily due to reduced staff in commercialization, sales and general and administration in the BioSig Technologies segment. We incurred $4,998 in stock-based compensation in connection with the vesting of stock and stock options issued to board members, officers, employees and consultants for the six months ended June 30, 2024 as compared to $6,024 in stock-based compensation for the same period in 2023.
Current wording
Payroll related expenses, including stock-based compensation expenses, increase to $1,744 in the current period from $1,302 for the three months ended September 30, 2023, an increase of $442, or 33.95%. The increase was primarily due to increase stock-based compensation in the current period compared to the prior period. We incurred $1,510 in stock-based compensation in connection with the vesting of stock and stock options issued to board members, officers, employees and consultants for the three months ended September 30, 2024 as compared to $(506) in stock-based compensation for the same period in 2023.
Previous wording
Professional services for the three months ended June 30, 2024 totaled $328, an increase of $138, or 72.63%, over the $190 recognized for the three months ended June 30, 2023. Of professional services, the increase is mainly attributed to an increase in legal expenses and accounting fees in the current period as compared to the prior period.
Current wording
Professional services for the three months ended September 30, 2024 totaled $227, a decrease of $14, or 5.81%, over the $241 recognized for the three months ended September 30, 2023. Of professional services, the decrease is mainly attributed to a decrease in legal expenses and accounting fees in the current period as compared to the prior period.
Previous wording
Consulting, public and investor relations fees for the three months ended June 30, 2024 were $180 as compared to $901 incurred for the three months ended June 30, 2023, a decrease of $721, or 80.02%. The decrease primarily related to a reduction in investor relations, marketing and consulting during the three months ended June 30, 2024 as compared to the same period, last year.
Current wording
Consulting, public and investor relations fees for the three months ended September 30, 2024 were $527 as compared to $734 incurred for the three months ended September 30, 2023, a decrease of $207, or 28.20%. The decrease primarily related to a reduction in investor relations, marketing and consulting during the three months ended September 30, 2024 as compared to the same period, last year.
Previous wording
Travel, meals and entertainment costs for the three months ended June 30, 2024 were $181, a decrease of $48, or 20.96%, from $229 incurred in the three months ended June 30, 2023. Travel, meals and entertainment costs include travel related to business development and financing. The decrease in 2024 was due to staff reductions in 2024 as compared to 2022.
Current wording
Travel, meals and entertainment costs for the three months ended September 30, 2024 were $99, a decrease of $66, or 40%, from $165 incurred in the three months ended September 30, 2023. Travel, meals and entertainment costs include travel related to business development and financing. The decrease in 2024 was due to staff reductions in 2024 as compared to 2022.
Previous wording
Impairment of Long Term Assets. During the three months ended June 30, 2024, the Company re-assessed it’s carrying amounts of certain property and equipment due to reduced manufacturing of its commercial products and determined that these carrying amounts exceeded the estimated undiscounted future cash flows. Accordingly, the Company recorded no impairment charge.
Current wording
Impairment of Long Term Assets. During the three months ended September 30, 2024, the Company re-assessed it’s carrying amounts of certain property and equipment due to reduced manufacturing of its commercial products and determined that these carrying amounts did not exceed the estimated undiscounted future cash flows. Accordingly, the Company recorded no impairment charge.
Previous wording
Depreciation and Amortization Expense. Depreciation and amortization expense for the three months ended June 30, 2024 totaled $49, a decrease of $43, or 46.74%, over the expense of $92 incurred in the three months ended June 30, 2023, as a result aging of equipment.
Current wording
Depreciation and Amortization Expense. Depreciation and amortization expense for the three months ended September 30, 2024 totaled $31, a decrease of $61, or 66.30%, over the expense of $92 incurred in the three months ended September 30, 2023, as a result aging of equipment.
Previous wording
Other Income (Expense). Other income (expense) for the three months ended June 30, 2024 totaled $1,381, an increase in other income of $1,603, over the expense of $(222) incurred in the three months ended June 30, 2023, as a direct result of our gain on settlement and forgiveness of accounts payable negotiated by management during the current period.
Current wording
Other Income (Expense). Other income (expense) for the three months ended September 30, 2024 totaled $1,036, an increase in other income of $1,035, over the income of $1 incurred in the three months ended September 30, 2023, as a direct result of our gain on settlement and forgiveness of accounts payable negotiated by management during the current period.
Previous wording
Preferred Stock Dividend. Preferred stock dividend for the three months ended June 30, 2024 and 2023 both totaled $3. Preferred stock dividends are related to the dividends accrued on our Series C Preferred Stock issued during the period from 2013 through 2015.
Current wording
Preferred Stock Dividend. Preferred stock dividend for the three months ended September 30, 2024 and 2023 totaled $26 and $2, respectively. Preferred stock dividends are related to the dividends accrued on our Series C Preferred Stock issued during the period from 2013 through 2015.
Previous wording
Net Loss Attributable to BioSig Technologies, Inc. Common Shareholders. As a result of the foregoing, net loss attributable to common shareholders for the three months ended June 30, 2024 was $3,918 compared to a net loss of $11,096 for the three months ended June 30, 2023.
Current wording
Net Loss Attributable to BioSig Technologies, Inc. Common Shareholders. As a result of the foregoing, net loss attributable to common shareholders for the three months ended September 30, 2024 was $1,940 compared to a net loss of $4,569 for the three months ended September 30, 2023.
Previous wording
Revenues and Cost of Goods Sold. Revenue for the six months ended June 30, 2024 was $27, comprised of recognized service revenue, as compared to $5, comprised of recognized service revenue for the six months ended June 30, 2023.
Current wording
Revenues and Cost of Goods Sold. Revenue for the nine months ended September 30, 2024 was $27, comprised of recognized service revenue, as compared to $6, comprised of recognized service revenue for the nine months ended September 30, 2023.
Previous wording
Research and Development Expenses. Research and development expenses for the six months ended June 30, 2024 were $580, a decrease of $2,191, or 79.07%, from $2,771 for the six months ended June 30, 2023. The decrease is primarily due to decreases in payroll, consulting, Data/AI development and research and clinical studies and design work to $535 for the six months ended June 30, 2024 as compared to $2,629 for the six months ended June 30, 2023 primarily in the BioSig Technologies segment, a decrease of $2,094 or 79.65%.
Current wording
Research and Development Expenses. Research and development expenses for the nine months ended September 30, 2024 were $736, a decrease of $3,180, or 81.21%, from $3,916 for the nine months ended September 30, 2023. The decrease is primarily due to decreases in payroll, consulting, Data/AI development and research and clinical studies and design work to $674 for the nine months ended September 30, 2024 as compared to $6,695 for the nine months ended September 30, 2023 primarily in the BioSig Technologies segment, a decrease of $3,021 or 81.76%.
Previous wording
Stock based compensation for research and development personnel was $75 and $851 for the six months ended June 30, 2024 and 2023, respectively.
Current wording
Stock based compensation for research and development personnel was $83 and $998 for the nine months ended September 30, 2024 and 2023, respectively.
Previous wording
General and Administrative Expenses. General and administrative expenses for the six months ended June 30, 2024 were $7,796, a decrease of $7,556 or 49.22%, from $15,352 incurred in the six months ended June 30, 2023. This decrease is primarily due to a decrease in employee and service provider (stock-based) performance pay in the current period as compared to the same period in the prior year and additional service provider fees paid.
Current wording
General and Administrative Expenses. General and administrative expenses for the nine months ended September 30, 2024 were $10,559, a decrease of $7,608 or 41.88%, from $18,167 incurred in the nine months ended September 30, 2023. This decrease is primarily due to a decrease in employee and service provider (stock-based) performance pay in the current period as compared to the same period in the prior year and additional service provider fees paid.
Previous wording
Payroll related expenses, including stock-based compensation expenses, decreased to $3,971 in the current period from $5,936 for the three months ended June 30, 2023, a decrease of $1,965, or 33.11%. The decrease was primarily due to reduced staff in commercialization, sales and general and administration in the BioSig Technologies segment. We incurred $3,878 in stock-based compensation in connection with the vesting of stock and stock options issued to board members, officers, employees and consultants for the three months ended June 30, 2024 as compared to $3,980 in stock-based compensation for the same period in 2023.
Current wording
Payroll related expenses, including stock-based compensation expenses, decreased to $7,481 in the current period from $11,366 for the nine months ended September 30, 2023, a decrease of $3,885, or 34.18%. The decrease was primarily due to reduced staff in commercialization, sales and general and administration in the BioSig Technologies segment. We incurred $6,508 in stock-based compensation in connection with the vesting of stock and stock options issued to board members, officers, employees and consultants for the nine months ended September 30, 2024 as compared to $5,534 in stock-based compensation for the same period in 2023.
Previous wording
Professional services for the six months ended June 30, 2024 totaled $581, a decrease of $1,412 or 70.86%, over the $1,993 recognized for the six months ended June 30, 2023. Of professional services, legal fees totaled $426 for the six months ended June 30, 2024; an increase of $24, or 5.85%, from $402 incurred for the six months ended June 30, 2023. The increase in legal fees are primarily due to costs incurred in 2024 for contract work and patent filings for the BioSig Technologies segment as compared to the six months ended June 30, 2023. Accounting fees incurred in the six months ended June 30, 2024 amounted to $108, a decrease of $22, or 16.92%, from $130 incurred in same period last year. In 2023, we incurred added accounting fees relating to financing in our BioSig Technologies segment.
Current wording
Professional services for the nine months ended September 30, 2024 totaled $884, a decrease of $26 or 2.88%, over the $910 recognized for the nine months ended September 30, 2023. Of professional services, legal fees totaled $556 for the nine months ended September 30, 2024; a decrease of $24, or 4.14%, from $580 incurred for the nine months ended September 30, 2023. The decrease in legal fees are primarily due to costs reduced costs incurred in 2024 for contract work and patent filings for the BioSig Technologies segment as compared to the nine months ended September 30, 2023. Accounting fees incurred in the nine months ended September 30, 2024 amounted to $139, a decrease of $17, or 10.90%, from $156 incurred in same period last year. In 2023, we incurred added accounting fees relating to financing in our BioSig Technologies segment.
Previous wording
Consulting, public and investor relations fees for the six months ended June 30, 2024 were $581 as compared to $1,994 incurred for the six months ended June 30, 2023, a decrease of $1,413, or 70.86%. The decrease primarily related to a reduction in investor relations, marketing and consulting during the six months ended June 30, 2024 as compared to the same period, last year.
Current wording
Consulting, public and investor relations fees for the nine months ended September 30, 2024 were $986 as compared to $2,733 incurred for the nine months ended September 30, 2023, a decrease of $1,747, or 63.92%. The decrease primarily related to a reduction in investor relations, marketing and consulting during the nine months ended September 30, 2024 as compared to the same period, last year.
Previous wording
Travel, meals and entertainment costs for the six months ended June 30, 2024 were $210, a decrease of $218, or 50.93%, from $428 incurred in the six months ended June 30, 2023. Travel, meals and entertainment costs include travel related to business development and financing. The decrease in 2024 was due to staff reductions in 2024 as compared to 2022.
Current wording
Travel, meals and entertainment costs for the nine months ended September 30, 2024 were $308, a decrease of $285, or 48.06%, from $593 incurred in the nine months ended September 30, 2023. Travel, meals and entertainment costs include travel related to business development and financing. The decrease in 2024 was due to staff reductions in 2024 as compared to 2022.
Previous wording
Impairment of Long Term Assets. During the six months ended June 30, 2024, the Company re-assessed it’s carrying amounts of certain property and equipment due to reduced manufacturing of its commercial products and determined that these carrying amounts exceeded the estimated undiscounted future cash flows. Accordingly, the Company recorded a $253 impairment charge to current operations.
Current wording
Impairment of Long Term Assets. During the nine months ended September 30, 2024, the Company re-assessed it’s carrying amounts of certain property and equipment due to reduced manufacturing of its commercial products and determined that these carrying amounts exceeded the estimated undiscounted future cash flows. Accordingly, the Company recorded a $253 impairment charge to current operations.
Previous wording
Depreciation and Amortization Expense. Depreciation and amortization expense for the six months ended June 30, 2024 totaled $127, a decrease of $49, or 27.84%, over the expense of $176 incurred in the six months ended June 30, 2023, as a result aging of equipment.
Current wording
Depreciation and Amortization Expense. Depreciation and amortization expense for the nine months ended September 30, 2024 totaled $158, a decrease of $110, or 41.04%, over the expense of $268 incurred in the nine months ended September 30, 2023, as a result aging of equipment.
Previous wording
Other Income (Expense). Other income (expense) for the six months ended June 30, 2024 totaled $1,403, an increase in other income of $1,621, over the expense of $(218) incurred in the six months ended June 30, 2023, as a direct result of our gain on settlement and forgiveness of accounts payable negotiated by management during the current period.
Current wording
Other Income (Expense). Other income (expense) for the nine months ended September 30, 2024 totaled $2,439, an increase in other income of $2,656, over the expense of $(217) incurred in the nine months ended September 30, 2023, as a direct result of our gain on settlement and forgiveness of accounts payable negotiated by management during the current period.
Previous wording
Preferred Stock Dividend. Preferred stock dividend for the six months ended June 30, 2024 totaled $135, an increase of $133 over the expense of $5 incurred in the six months ended June 30, 2023. Preferred stock dividends are related to the dividends accrued on our Series C Preferred Stock issued during the period from 2013 through 2015. In addition, the Series C Preferred stock conversion rate reset from $2.50 to $0.5302 in during the six months ended June 30, 2024, therefore we recorded a noncash deemed preferred stock dividend of $133 in the current period.
Current wording
Preferred Stock Dividend. Preferred stock dividend for the nine months ended September 30, 2024 totaled $164, an increase of $157 over the expense of $7 incurred in the nine months ended September 30, 2023. Preferred stock dividends are related to the dividends accrued on our Series C Preferred Stock issued during the period from 2013 through 2015. In addition, the Series C Preferred stock conversion rate reset from $2.50 to $0.41 during the nine months ended September 30, 2024, therefore we recorded a non-cash deemed preferred stock dividend of $157 in the current period.
Previous wording
Net Loss Attributable to BioSig Technologies, Inc. Common Shareholders. As a result of the foregoing, net loss attributable to common shareholders for the six months ended June 30, 2024 was $7,455 compared to a net loss of $18,430 for the six months ended June 30, 2023.
Current wording
Net Loss Attributable to BioSig Technologies, Inc. Common Shareholders. As a result of the foregoing, net loss attributable to common shareholders for the nine months ended September 30, 2024 was $9,395 compared to a net loss of $22,999 for the nine months ended September 30, 2023.
Previous wording
Summary Statement of Operations for the three and six months ended June 30, 2024 as compared to the three and six months ended June 30, 2023 are detailed in Note 13 of the accompanying unaudited condensed consolidated financial statements.
Current wording
Summary Statement of Operations for the three and nine months ended September 30, 2024 as compared to the three and nine months ended September 30, 2023 are detailed in Note 13 of the accompanying unaudited condensed consolidated financial statements.
Previous wording
As of June 30, 2024, we had a working capital deficit of $590, comprised of cash of $2,104, accounts receivable of $54, current portion of net investments in leases of $65 and prepaid expenses and other current assets of $163, which was offset by $2,604 of accounts payable and accrued expenses, accrued dividends on preferred stock issuances of $105 and of current portion of lease liability of $267. For the six months ended June 30, 2024, we used $2,795 of cash in operating activities and nil of cash in investing activities.
Current wording
As of September 30, 2024, we had a working capital deficit of $853, comprised of cash of $615, accounts receivable of $81, current portion of net investments in leases of $39 and prepaid expenses and other current assets of $113, which was offset by $1,448 of accounts payable and accrued expenses, accrued dividends on preferred stock issuances of $108 and of current portion of lease liability of $145. For the nine months ended September 30, 2024, we used $4,284 of cash in operating activities and nil of cash in investing activities.
Previous wording
In the comparable period in 2023, our aggregate cash provided by financing activities totaled $11,560 comprised of proceeds from the sale of our common stock and warrants. At June 30, 2024, we had cash of $2,104 compared to $1,252 at June 30, 2023. Our cash is held in bank deposit accounts. At June 30, 2024 and June 30, 2023, we had no convertible debentures outstanding.
Current wording
In the comparable period in 2023, our aggregate cash provided by financing activities totaled $14,585 comprised of proceeds from the sale of our common stock and warrants. At September 30, 2024, we had cash of $615 compared to $389 at September 30, 2023. Our cash is held in bank deposit accounts. At September 30, 2024 and 2023, we had no convertible debentures outstanding.
Previous wording
Cash used in operations for the six months ended June 30, 2024 and 2023 was $2,795 and $10,543, respectively, which represent cash outlays for research and development and general and administrative expenses in such periods. The decreases in cash outlays principally resulted in reduced operating costs, general and administrative expenses in 2024 and with net decreases in our operating assets of $17 and a net increase in our operating liabilities of $2,902.
Current wording
Cash used in operations for the nine months ended September 30, 2024 and 2023 was $4,284 and $14,371, respectively, which represent cash outlays for research and development and general and administrative expenses in such periods. The decreases in cash outlays principally resulted in reduced operating costs, general and administrative expenses in 2024 and with net decreases in our operating assets of $114 and a net increase in our operating liabilities of $5,242.
Previous wording
We used nil cash for investing activities for the six months ended June 30, 2024, compared to $122 for the six months ended June 30, 2023. For the comparable period, we purchased computers and other equipment.
Current wording
We used nil cash for investing activities for the nine months ended September 30, 2024, compared to $182 for the nine months ended September 30, 2023. For the comparable period, we purchased computers and other equipment.
Previous wording
We had an accumulated deficit as of June 30, 2024 of $252.33 million, as well as a net loss attributable to BioSig of $7.5 million and negative operating cash flows. We expect to continue incurring losses and negative cash flows from operations until our products (primarily PURE EP Platform) reach full commercial profitability.
Current wording
We had an accumulated deficit as of September 30, 2024 of $254.24 million, as well as a net loss attributable to BioSig of $9.2 million and negative operating cash flows. We expect to continue incurring losses and negative cash flows from operations until our products (primarily PURE EP Platform) reach full commercial profitability.
Previous wording
All stock-based payments to employees and to nonemployee directors for their services as directors consisted of grants of restricted stock and stock options, which are measured at fair value on the grant date and recognized in the statements of operations as compensation expense over the relevant vesting period. Restricted stock payments and stock-based payments to nonemployees are recognized as an expense over the period of performance.
Current wording
All stock-based payments to employees and to nonemployee directors for their services as directors consisted of grants of restricted stock and stock options, which are measured at fair value on the grant date and recognized in the statements of operations as compensation expense over the relevant vesting period. Restricted stock payments and stock-based payments to non-employees are recognized as an expense over the period of performance.