Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.23.2
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of stock option activity

The following table summarizes the stock option activity:

 

 

 

 

 

 

 

Weighted Average

 

 

Aggregate

 

 

 

Number of

 

 

Weighted Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Options

 

 

Exercise Price

 

 

Contractual Term

 

 

Value

 

Balance at January 1, 2022

 

 

1,472,988

 

 

$

1.92

 

 

 

8.98

 

 

$

3,616,248

 

Granted

 

 

2,370,576

 

 

 

1.11

 

 

 

 

 

Forfeited/Cancelled

 

 

(26,196

)

 

 

0.002

 

 

 

 

 

Exercised

 

 

(89,631

)

 

 

0.002

 

 

 

 

 

Balance at December 31, 2022

 

 

3,727,737

 

 

 

1.47

 

 

 

8.91

 

 

$

203,295

 

Exercisable at December 31, 2022

 

 

1,697,083

 

 

$

1.54

 

 

 

8.74

 

 

$

130,188

 

Summary of non-vested stock options activity

The following table summarizes the Company’s non-vested stock options activity:

 

 

 

Weighted-Average

 

 

Non-vested Options

 

 

Grant Date Fair

 

 

Outstanding

 

 

Value

 

At January 1, 2022

 

 

1,058,235

 

 

$

0.95

 

Options granted

 

 

2,370,576

 

 

 

0.46

 

Options forfeited/cancelled

 

 

(26,196

)

 

 

1.97

 

Options exercised

 

 

(89,631

)

 

 

1.28

 

Options vested

 

 

(1,282,330

)

 

 

0.97

 

At December 31, 2022

 

 

2,030,654

 

 

$

0.66

 

Summary of restricted stock awards activity

The following table summarizes the restricted stock awards activity:

 

 

 

 

Weighted-Average

 

 

Restricted Stock

 

 

Grant Date Fair Value

 

 

 

Awards

 

 

Per Share

 

Outstanding at January 1, 2022

 

 

708,615

 

 

$

1.42

 

Granted

 

 

 

 

 

 

Forfeited/cancelled

 

 

 

 

 

 

Vested

 

 

(485,677

)

 

 

1.44

 

Outstanding at December 31, 2022

 

 

222,938

 

 

$

1.48

 

 

 

 

 

 

 

 

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 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:

 

 

2022

 

 

2021

 

Risk-free interest rates

 

 

3.61

%

 

 

0.91

%

Expected life

 

5 years

 

 

5 years

 

Expected volatility

 

 

41.00

%

 

 

40.81

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

Summary of Restricted Stock Units Activity

The following table summarizes the restricted stock units activity:

 

 

 

 

 

 

 

 

Restricted Stock

 

 

 

 

 

 

Units

 

 

Value

 

Outstanding at January 1, 2022

 

 

 

 

$

 

Granted

 

 

1,427,404

 

 

 

1.11

 

Forfeited/cancelled

 

 

(140,614

)

 

 

1.11

 

Vested

 

 

(994,963

)

 

 

1.11

 

Outstanding at December 31, 2022

 

 

291,827

 

 

$

1.11