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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of the Components of Share-Based Compensation Expense | The following table sets forth the share-based compensation for the periods presented:
| December 31,
| 2022 |  | 2021
Cost of goods sold | $ | 149 |  |  | $ | — |
Research and development | 28,325 |  |  | 9,721 |
Selling, general, and administrative | 13,411 |  |  | 13,184 |
Total | $ | 41,885 |  |  | $ | 22,905 |
Schedule of Profit Interest Activity | The following table sets forth the changes in the Company’s outstanding aforementioned non-option awards for the years ended December 31, 2022 and 2021:
| Number of Shares |  | Weighted average grant date fair value |  | Shares Retained to Cover Statutory Minimum Withholding Taxes
Nonvested shares as of December 31, 2020 | 3,841,822 |  |  | $ | 2.61 |  |  |
Granted | 6,237,471 |  |  | $ | 9.00 |  |  |
Vested | (3,070,760) |  |  | $ | 4.17 |  |  | 153,636 |
Forfeited | (337,026) |  |  | $ | 4.04 |  |  |
Nonvested shares as of December 31, 2021 | 6,671,507 |  |  | $ | 7.79 |  |  |
Granted | 6,610,213 |  |  | $ | 7.81 |  |  |
Vested | (3,594,696) |  |  | $ | 7.51 |  |  | — |
Forfeited | (436,667) |  |  | $ | 10.46 |  |  |
Nonvested shares as of December 31, 2022 | 9,250,357 |  |  | $ | 8.52 |  |  |
Schedule of Changes in Outstanding Options | The following table sets forth the changes in the Company’s outstanding options in the 2021 plan for the year ended December 31, 2022:
| Options |  | Weighted-average exercise price |  | Weighted-average remaining contractual term (years) |  | Aggregate intrinsic value
Outstanding at December 31, 2021 | — |  |  | $ | — |  |  |  |  | $ | — |
Granted | 384,108 |  |  | $ | 10.77 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited or expired | (15,233) |  |  | $ | 11.69 |  |  |  |  |
Outstanding at December 31, 2022 | 368,875 |  |  | $ | 10.74 |  |  | 9.07 |  | $ | — |
Exercisable at December 31, 2022 | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Vested or expected to vest | — |  |  | $ | — |  |  | — |  |  | $ | — |
The following table sets forth the changes in the Company’s outstanding options for the year ended December 31, 2022:
| Options |  | Weighted-average exercise price |  | Weighted-average remaining contractual term (years) |  | Aggregate intrinsic value
Outstanding at December 31, 2021 | 1,450,081 |  |  | $ | 0.20 |  |  | 5.93 |  | $ | 17,095 |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | (235,144) |  |  | $ | 0.44 |  |  |  |  |
Forfeited or expired | (893) |  |  | $ | 0.05 |  |  |  |  |
Outstanding at December 31, 2022 | 1,214,044 |  |  | $ | 0.16 |  |  | 4.88 |  | $ | 6,889 |
Exercisable at December 31, 2022 | 1,214,044 |  |  | $ | 0.16 |  |  | 4.88 |  | $ | 6,889 |
Vested or expected to vest | 1,214,044 |  |  | $ | 0.16 |  |  |  |  | $ | 6,889 |
Schedule of Weighted Average Assumptions | The following assumptions were used in the Black-Scholes model to calculate the fair value of stock options granted for the year ended December 31, 2022 for the 2021 Plan.
|  |  | December 31, 2022
Expected life of options (in years) (1) |  |  | 6
Dividend yield (2) |  |  | — | %
Risk-free interest rate (3) |  |  | 1.35% - 3.39%
Volatility (4) |  |  | 53.95% - 77.74%
(1)The Company opted for simplified method permitted by ASC 718 for companies that offers plain vanilla options and do not have sufficient historical data to provide a reasonable basis to estimate the expected term. Under the simplified term, expected term = ((vesting term + original contractual term) / 2). (2)The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future. (3)Risk free rate was obtained from US treasury notes for the expected terms noted as of the valuation date. (4)Volatility, or the standard deviation of annualized returns, was calculated based on the Company’s internal volatility.

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + 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 (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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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