Share-based Compensation (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Option Activity |
The following table summarizes the stock option activity:
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Weighted Average
Exercise Price |
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Weighted Average
Remaining
Contractual Term |
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Aggregate
Intrinsic
Value |
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Balance at January 1, 2023 |
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|
931,934 |
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|
$ |
5.88 |
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|
8.91 |
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|
$ |
203,295 |
|
Granted |
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|
319,750 |
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|
3.44 |
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Forfeited/Cancelled |
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(189,866 |
) |
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6.50 |
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Exercised |
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(27,674 |
) |
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|
0.008 |
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Balance at June 30, 2023 |
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1,034,144 |
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5.16 |
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8.84 |
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$ |
55,143 |
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Exercisable at June 30, 2023 |
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508,668 |
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$ |
5.75 |
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|
8.61 |
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$ |
41,736 |
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The following table summarizes the stock option activity:
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Weighted
Average
Exercise Price |
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Weighted
Average
Remaining
Contractual
Term |
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Aggregate
Intrinsic
Value |
|
Balance at January 1, 2022 |
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|
368,247 |
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|
$ |
7.68 |
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|
8.98 |
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$ |
3,616,248 |
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Granted |
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592,644 |
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4.44 |
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Forfeited/Cancelled |
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(6,549 |
) |
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0.008 |
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Exercised |
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(22,408 |
) |
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|
0.008 |
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Balance at December 31, 2022 |
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931,934 |
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|
5.88 |
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|
8.91 |
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$ |
203,295 |
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Exercisable at December 31, 2022 |
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424,271 |
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$ |
6.16 |
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|
8.74 |
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$ |
130,188 |
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| Summary of Non-vested Stock Options Activity |
The following table summarizes the Company’s non-vested stock options:
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Non-vested Options
Outstanding |
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Weighted-Average
Grant Date Fair Value |
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At January 1, 2023 |
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507,664 |
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$ |
2.64 |
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Options granted |
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319,750 |
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|
1.41 |
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Options forfeited/cancelled |
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(138,785 |
) |
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|
4.00 |
|
Options exercised |
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(2,119 |
) |
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|
5.14 |
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Options vested |
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(161,034 |
) |
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2.07 |
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At June 30, 2023 |
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525,476 |
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$ |
1.89 |
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The following table summarizes the Company’s non-vested stock options activity:
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Non-vested
Options Outstanding |
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Weighted-
Average
Grant
Date Fair
Value |
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At January 1, 2022 |
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264,559 |
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$ |
3.80 |
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Options granted |
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|
592,644 |
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|
1.84 |
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Options forfeited/cancelled |
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(6,549 |
) |
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|
7.88 |
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Options exercised |
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(22,408 |
) |
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|
5.12 |
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Options vested |
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(320,583 |
) |
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3.88 |
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At December 31, 2022 |
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507,663 |
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$ |
2.64 |
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| Summary of Restricted Stock Awards Activity |
The following table summarizes the restricted stock awards activity:
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Weighted-Average
Grant Date Fair Value |
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Outstanding at January 1, 2023 |
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55,735 |
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$ |
5.92 |
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Granted |
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— |
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— |
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Forfeited/cancelled |
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— |
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— |
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Vested |
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(46,054 |
) |
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|
5.81 |
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Outstanding at June 30, 2023 |
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9,681 |
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$ |
6.37 |
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The following table summarizes the restricted stock awards activity:
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Weighted-
Average
Grant Date Fair
Value
Per Share |
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Outstanding at January 1, 2022 |
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177,154 |
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$ |
5.68 |
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Granted |
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— |
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— |
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Forfeited/cancelled |
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— |
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— |
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Vested |
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(121,419 |
) |
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5.76 |
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Outstanding at December 31, 2022 |
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55,735 |
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$ |
5.92 |
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| Schedule of Fair Value of Options and Share Awards Granted Under the Stock Option Plan |
The fair value of options and share awards granted under the stock option plan during the six months ended June 30, 2023 was estimated at the date of grant using the Black-Scholes option pricing model and the following assumptions for grants:
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Risk-free interest rates |
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3.43 |
% |
Expected life |
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5 years |
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Expected volatility |
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41.00 |
% |
Expected dividend yield |
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0.00 |
% |
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The fair value of options and share awards granted under the stock option plan during the year ended December 31, 2022 and 2021 was estimated at the date of grant using the Black-Scholes option pricing model and the following assumptions for grants:
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Risk-free interest rates |
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3.61 |
% |
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0.91 |
% |
Expected life |
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5 years |
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5 years |
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Expected volatility |
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41.00 |
% |
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|
40.81 |
% |
Expected dividend yield |
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|
0.00 |
% |
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|
0.00 |
% |
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| Summary of Restricted Stock Units Activity |
The following table summarizes the restricted stock units activity:
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Outstanding at January 1, 2023 |
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72,957 |
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$ |
4.44 |
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Granted |
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152,137 |
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|
3.32 |
|
Forfeited/cancelled |
|
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— |
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— |
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Vested |
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(99,052 |
) |
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|
4.22 |
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Outstanding at June 30, 2023 |
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126,042 |
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$ |
3.23 |
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The following table summarizes the restricted stock units activity:
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Outstanding at January 1, 2022 |
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— |
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$ |
— |
|
Granted |
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356,851 |
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|
4.44 |
|
Forfeited/cancelled |
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(35,153 |
) |
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|
4.44 |
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Vested |
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(248,741 |
) |
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|
4.44 |
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Outstanding at December 31, 2022 |
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72,957 |
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$ |
4.44 |
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