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STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 24, 2022
Equity [Abstract] |
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION | 7. STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION Registered sale of equity securities During the three and nine months ended September 24, 2022, the Company sold 675,000 and 2.3 million shares of common stock for gross proceeds of approximately $858,000 (average of $1.27 per share) and $2,948,000 (average of $1.26 per share), respectively, before deducting broker expenses paid by us of less than $0.1 million, pursuant to the Company’s At-The-Market Equity Offering Sales Agreement, dated as of March 5, 2021 (the “ATM Agreement”) with Stifel, Nicolaus & Company, Incorporated (“Stifel”), as agent, under which the Company may sell up to $50 million of our common stock. The Company has approximately $41.4 million worth of common stock remaining available for sale under the ATM Agreement. During the three and nine months ended September 25, 2021, the Company sold 600,000 and 3.1 million shares of common stock for gross proceeds of $4.8 million (average of $8.00 per share) and $21.7 million (average of $7.00 per share), respectively, before deducting broker expenses paid by us of $0.1 million and $0.7 million, respectively, pursuant to the Company’s ATM Agreement with Stifel, as agent, under which the Company can sell up to $50 million of its common stock and an At-The-Market Equity Offering Sales Agreement dated as of February 8, 2019 (the “Previous ATM Agreement”) also with Stifel as agent. The Previous ATM Agreement has since terminated pursuant to its terms as a result of the sale of all the shares subject to such agreement. Non-Vested Restricted Common Stock The fair value of non-vested restricted common stock awards is generally the market value of the Company’s common stock on the date of grant. The non-vested restricted common stock awards require the employee to fulfill certain obligations, including remaining employed by the Company for one, two or four years (the vesting period) and in certain cases also require meeting either performance criteria or the Company’s stock achieving a certain price. For non-vested restricted common stock awards that solely require the recipient to remain employed with the Company, the stock compensation expense is amortized over the anticipated service period. For non-vested restricted common stock awards that require the achievement of performance criteria, the Company reviews the probability of achieving the performance goals on a periodic basis. If the Company determines that it is probable that the performance criteria will be achieved, the amount of compensation cost derived for the performance goal is amortized over the anticipated service period. If the performance criteria are not met, no compensation cost is recognized and any previously recognized compensation cost is reversed. Restricted stock activity for the nine months ended September 24, 2022 was as follows: SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY
|  |  |  |  | Weighted Average |
|  | Shares |  |  | Grant Fair Value |
Balance, December 25, 2021 |  |  | 2,077,592 |  |  | $ | 2.90 |
Granted |  |  | 996,500 |  |  |  | 1.32 |
Forfeited |  |  | (239,950 | ) |  |  | 2.56 |
Vested |  |  | (353,843 | ) |  |  | 2.19 |
Balance, September 24, 2022 |  |  | 2,480,299 |  |  | $ | 2.40 |
Stock-Based Compensation The following table summarizes stock-based compensation expense within each of the categories below as it relates to non-vested restricted common stock awards for the three and nine months ended September 24, 2022 and September 25, 2021 (no tax benefits were recognized): SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | Three Months Ended |  |  | Three Months Ended |  |  | Nine months Ended |  |  | Nine months Ended |
|  | September 24, 2022 |  |  | September 25, 2021 |  |  | September 24, 2022 |  |  | September 25, 2021 |
Cost of product revenues |  | $ | 41,373 |  |  | $ | 37,674 |  |  | $ | 119,754 |  |  | $ | 206,247 |
Research and development |  |  | 111,928 |  |  |  | 180,152 |  |  |  | 367,654 |  |  |  | 395,217 |
Selling, general and administrative |  |  | 144,247 |  |  |  | 424,358 |  |  |  | 883,246 |  |  |  | 3,165,395 |
Total |  | $ | 297,548 |  |  | $ | 642,184 |  |  | $ | 1,370,654 |  |  | $ | 3,766,859 |
Unrecognized compensation expense for non-vested restricted common stock as of September 24, 2022 totaled $3.0 million and is expected to be recognized over a weighted average period of approximately 3.0 years.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 + Details
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