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STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION | 3 Months Ended
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Apr. 01, 2023
Equity [Abstract] |
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION | 7. STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION Registered sale of equity securities On January 27, 2023, the Company sold 17,000,000 shares of common stock and pre-funded warrants to purchase up to 6,000,000 shares of common stock at a public offering price of $0.99 per pre-funded warrant, for gross proceeds of $22.9 million before deducting underwriting discounts and offering expenses paid by the Company of $1.5 million. The offering price of the pre-funded warrant equals the public offering price per share of the common stock less the $0.01 per share exercise price of each pre-funded warrant. 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 three month period ended April 1, 2023 was as follows: SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY
|  | Shares |  |  | Weighted Average Grant Fair Value |
Balance, December 31, 2022 |  |  | 1,965,901 |  |  | $ | 2.22 |
Granted |  |  | 200,294 |  |  |  | 1.31 |
Forfeited |  |  | (617,750 | ) |  |  | 3.20 |
Vested |  |  | (17,500 | ) |  |  | 1.26 |
Balance, April 1, 2023 |  |  | 1,530,945 |  |  | $ | 1.72 |
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 months ended April 1, 2023 and March 26, 2022 (no tax benefits were recognized): SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE
|  | Three Months Ended |  |  | Three Months Ended |
|  | April 1, 2023 |  |  | March 26, 2022 |
Cost of product revenues |  | $ | 26,218 |  |  | $ | 66,668 |
Research and development |  |  | 16,874 |  |  |  | 147,379 |
Selling, general and administrative |  |  | 151,098 |  |  |  | 442,026 |
Total |  | $ | 194,190 |  |  | $ | 656,073 |
Unrecognized compensation expense for non-vested restricted common stock as of April 1, 2023 totaled $2.6 million and is expected to be recognized over a weighted average period of approximately three 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 -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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