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STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of black - scholes option-pricing model valuation assumption The calculation of the fair value of the awards using the Black-Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following:

 

 

 

Year ended December 31,

 

 

2021

 

2020

Expected volatility

 

69.2% - 81.1%

 

69.2-81.1%

Expected term

 

4.5 - 5.0 Years

 

4.8-5.0 Years

Risk-free interest rate

 

0.3% - 1.4%

 

0.2% - 1.4%

Forfeiture Rate

 

0.0%

 

0.0%

Schedule of outstanding stock options

A summary of the status of the Company’s outstanding stock options as of December 31, 2021 and 2020 and changes during the periods ending on that date is as follows:

 

 

 

 

 

 

Weighted Average

 

 

Aggregate

 

 

Weighted

 

 

 

Shares

 

 

Exercise

 

 

Grant Date
Fair

 

 

Intrinsic
Value

 

 

Average
Remaining

 

 

 

(000’s)

 

 

Price

 

 

Value

 

 

(000’s)

 

 

Term (Yrs)

 

Options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

6,528

 

 

$

3.54

 

 

 

 

 

$

8,978

 

 

 

6.58

 

Granted

 

 

575

 

 

 

7.14

 

 

$

4.66

 

 

 

 

 

 

 

Exercised

 

 

(1,806

)

 

 

2.83

 

 

$

20.27

 

 

 

31,480

 

 

 

 

Forfeiture and cancelled

 

 

(99

)

 

 

3.93

 

 

 

 

 

 

 

 

 

 

At December 31, 2020

 

 

5,198

 

 

$

4.23

 

 

 

 

 

$

240,866

 

 

 

6.89

 

Granted

 

 

305

 

 

$

42.37

 

 

$

30.32

 

 

 

 

 

 

 

Exercised

 

 

(1,460

)

 

 

3.85

 

 

$

80.58

 

 

 

84,371

 

 

 

 

Forfeiture and cancelled

 

 

(443

)

 

 

5.01

 

 

 

 

 

 

 

 

 

 

At December 31, 2021

 

 

3,600

 

 

$

7.47

 

 

 

 

 

$

241,515

 

 

 

6.37

 

Exercisable at December 31, 2021

 

 

2,314

 

 

$

4.06

 

 

 

 

 

$

163,151

 

 

 

5.49

 

Schedule of employee stock options outstanding

The following table summarizes information about employee stock options outstanding at December 31, 2021:

 

 

 

Outstanding Options

 

 

Vested Options

 

 

 

Number

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

 

 

 

Outstanding

 

 

Weighted

 

 

Weighted

 

 

Exercisable

 

 

Weighted

 

 

Weighted

 

 

 

at

 

 

Averaged

 

 

Averaged

 

 

at

 

 

Averaged

 

 

Averaged

 

 

 

December 31,

 

 

Remaining

 

 

Exercise

 

 

December 31,

 

 

Exercise

 

 

Remaining

 

Range of Exercise Price

 

2021 (000’s)

 

 

Life

 

 

Price

 

 

2021 (000’s)

 

 

Price

 

 

Life

 

$0.20 - $0.53

 

 

20

 

 

 

2.08

 

 

$

0.34

 

 

 

20

 

 

$

0.34

 

 

 

2.08

 

$0.65 - $1.80

 

 

100

 

 

 

3.15

 

 

$

1.05

 

 

 

100

 

 

$

1.05

 

 

 

3.15

 

$1.83 - $2.84

 

 

107

 

 

 

4.02

 

 

$

1.97

 

 

 

107

 

 

$

1.97

 

 

 

4.02

 

$3.20 - $6.20

 

 

2,993

 

 

 

6.27

 

 

$

4.16

 

 

 

2,062

 

 

$

4.21

 

 

 

5.68

 

$7.20-$60.00

 

 

380

 

 

 

8.93

 

 

$

37.15

 

 

 

25

 

 

$

15.93

 

 

 

8.63

 

Outstanding options

 

 

3,600

 

 

 

6.37

 

 

$

7.47

 

 

 

2,314

 

 

$

4.06

 

 

 

5.49

 

Schedule of restricted stock activity A summary of the Company’s restricted stock activity for the years ended December 31, 2021 and 2020 is presented in the following table:

 

 

 

For the twelve months ended

 

 

 

December 31, 2021

December 31, 2020

 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

 

Shares

 

 

Fair Value

 

Unvested at beginning of period

 

 

66,229

 

 

$

28.11

 

 

 

90,000

 

 

$

3.23

 

Transfers to restricted stock units

 

 

(45,871

)

 

 

34.02

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

175,737

 

 

 

17.46

 

Vested

 

 

(18,913

)

 

 

14.79

 

 

 

(170,145

)

 

 

8.08

 

Forfeited and cancelled

 

 

1,187

 

 

 

14.72

 

 

 

(29,363

)

 

 

4.15

 

Unvested at end of period

 

 

258

 

 

$

14.72

 

 

 

66,229

 

 

$

28.11

 

 

The total fair value of shares vested during the year ended December 31, 2021 and 2020 was approximately $1.3 million and $2.9 million, respectively. Unrecognized compensation expense related to outstanding restricted stock awards to employees and directors as of December 31, 2021 was approximately $1,096 and is expected to be expensed over the next 0.6 years. Unrecognized compensation expense related to outstanding restricted stock awards to employees and directors as of December 31, 2020 was $0.2 million.

 

Restricted Stock Units

 

Restricted stock units are awards that give the holder the right to receive one share of common stock for each restricted stock unit upon meeting service-based vesting conditions (typically annual vesting in three equal annual installments, with a requirement that the holder remains in the continuous employment of the Company). The holders of unvested units do not have the same rights as stockholders including but not limited to any dividends which may be declared by the Company, and do not have the right to vote. The value of restricted stock units that vest over time is established by the market price on the date of its grant. A summary of the Company’s restricted stock unit activity for the year ended December 31, 2021 and 2020 is presented in the following table:

 

 

 

For the twelve months ended

 

 

 

December 31, 2021

December 31, 2020

 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

 

Shares

 

 

Fair Value

 

Unvested at beginning of period

 

 

 

 

$

 

 

 

 

 

$

 

Transfers to restricted stock awards

 

 

45,871

 

 

 

34.02

 

 

 

 

 

 

 

Granted

 

 

573,428

 

 

 

54.40

 

 

 

 

 

 

 

Vested

 

 

(18,758

)

 

 

64.58

 

 

 

 

 

 

 

Forfeited and cancelled

 

 

(35,000

)

 

 

50.46

 

 

 

 

 

 

 

Unvested at end of period

 

 

565,541

 

 

$

52.66

 

 

$

 

 

$

 

Schedule of Stock-based Awards Issued to Non-employee Consultants A summary of the Company’s PSU activity for the years ended December 31, 2021 and 2020 is presented in the following table:

 

 

 

For the twelve months ended

 

 

 

December 31, 2021

December 31, 2020

 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

 

Shares

 

 

Fair Value

 

Unvested at beginning of period

 

 

 

 

$

 

 

 

 

 

$

 

Granted

 

 

15,468

 

 

 

64.65

 

 

 

 

 

 

 

Vested

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited and cancelled

 

 

 

 

 

 

 

 

 

 

 

 

Unvested at end of period

 

 

15,468

 

 

$

64.65

 

 

$

 

 

$