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SHARE-BASED PAYMENT (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity Plan | The grant date fair value of the stock options was determined using the Black Scholes model with the following assumptions:
| Year Ended December 31, 2022
Exercise price | $2.42-$5.69
Expected terms (years) | 6.00
Volatility | 56.16%-57.84%
Risk-free interest rate | 2.79%-3.02%
Expected dividend yields | 0.00 | %
Weighted average fair value of options granted | $1.33-$3.19
During the year ended December 31, 2021, the modification date fair value of the stock options was determined using the Binomial-Lattice Model with the following assumptions:
| After modification
Exercise price | $4.37-$6.28
Expected terms (years) | 4.5-9.4
Volatility | 47.6%-53.1%
Risk-free interest rate | 1.26%-1.87%
Expected dividend yield | 0.00%
Weighted average fair value of options modified | $4.70-$5.36
At the CRSU Modification date, the Company used the Monte Carlo valuation model in determining the fair value of the CRSUs with assumptions as follows:
|  | Modification Date
Expected term (years) |  | 0.07 | ~ | 2.07
Volatility |  | 50.93 | % | ~ | 73.89%
Risk-free interest rate |  | 1.15 | % | ~ | 3.05%
Expected dividend yields |  | 0.00%
The following assumptions were used for the respective periods below to calculate the fair value of common shares to be issued under TSR awards on the date of grant using the Monte Carlo pricing model:
| Year Ended December 31, 2021 | Year Ended December 31, 2022
Expected term (years) | 2.18-2.35 | 2.68
Volatility | 63.06%-64.31% | 59.50 | %
Risk-free interest rate | 0.31%-0.55% | 2.72 | %
Expected dividend yields | 0.00 | % | 0.00 | %
Schedule of Effective Time Fair Value of the Stock Options was Determined Using the BLM | Share options activity for the years ended December 31, 2022 was as follows:
Share options life |  | Number of Shares |  | Weighted Average Exercise Price (US$) |  | Weighted Average Grant Date Fair Value (US$) |  | Weighted Average Remaining Contractual
Outstanding as of January 1, 2022 |  | 33,503,657 |  |  | 6.19 |  |  | 4.95 |  |  | 7.9
Granted |  | 2,900,000 |  |  | 4.81 |  |  | 2.69 |  |  |
Forfeited |  | (312,586) |  |  | 6.28 |  |  | 4.87 |  |  |
Outstanding as of December 31, 2022 |  | 36,091,071 |  |  | 6.08 |  |  | 4.80 |  |  | 6.8
Expected to vest and exercisable as of December 31, 2022 |  | 36,091,071 |  |  | 6.08 |  |  | 4.80 |  |  | 6.8
Exercisable as of December 31, 2022 |  | 11,875,830 |  |  | 6.20 |  |  | 5.00 |  |  | 7.0
Schedule Non-vested Shares Activity | CRSUs' activity for the years ended December 31, 2022 was as follows:
| Number on Non-Vested Shares |  | Weighted Average Grant Date Fair Value per Share (US$)
Outstanding as of January 1, 2022 | 23,027,399 |  |  | 8.74 | 1
Vested | (9,582,930) |  |  | 4.37 |
Outstanding as of December 31, 2022 | 13,444,469 |  |  | 2.38
The restricted stock units activity for the years ended December 31, 2022 was as follows:
| Number of Non-Vested Shares |  | Weighted Average Grant Date Fair Value Per Share (US$)
Outstanding as of January 1, 2022 | 671,441 |  |  | 9.08 |
Grant | 1,239,854 |  |  | 4.93 |
Vested | (110,940) |  |  | 6.26 |
Forfeited | (577,518) |  |  | 5.30 |
Outstanding as of December 31, 2022 | 1,222,837 |  |  | 6.92 |
Schedule of Classification of Stock-based Compensation | The following summarizes the classification of share-based compensation:
| Year Ended December 31,
| 2020 |  | 2021 |  | 2022
Cost of revenues | $ | — |  |  | $ | 4,309 |  |  | $ | 7,712 |
General and administrative expenses | — |  |  | 59,492 |  |  | 67,261 |
Research and development expenses | — |  |  | 13,064 |  |  | 13,987 |
Selling and marketing expenses | — |  |  | 6,029 |  |  | 6,745 |
Construction in progress | — |  |  | 237 |  |  | 525 |
Total | $ | — |  |  | $ | 83,131 |  |  | $ | 96,230 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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