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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
 
2020 EQUITY INCENTIVE PLAN

During the three months ended March 31, 2023 and 2022, the Company recognized $47,700 in both periods for the vesting of stock awards issued in 2020. The remaining compensation of $143,100 will be recognized through the end of December 31, 2023.

The Company grants performance-based share awards as provided by its equity incentive plan. The vesting of 50% of the employee performance share awards is contingent on the achievement of performance goals over the next two years and vesting of the remaining 50% is contingent on the achievement of our common stock market price goals over the next four years, defined on a per share value basis. Vesting is dependent on the employee remaining with the Company from the grant date through the vesting date. The performance shares that vest based on the achievement of performance goals were valued using the Company's common stock price on the grant date, and the estimated stock-based compensation expense is determined based on the probability of achieving each goal.

The fair value of the performance share awards was initially calculated based on the Company share price using a path-dependent model with the following inputs:

For the three months endedFor the three months ended
March 31, 2023March 31, 2022
Total shares granted30,00040,000
Performance condition valuation inputs:
Performance condition shares15,00020,000
Stock price at grant date$0.28$1.68
Market condition valuation inputs:
Market condition shares15,00020,000
Stock price$0.28$1.68
Volatility97%95%
Risk-free rate4.13%2.51%
Number of iterations150,000100,000
Fair value per share$0.02$0.91
Term (in years)2.52.2

During the three months ended March 31, 2023 and 2022, we granted 30,000 and 40,000 performance shares, respectively. During the three months ended March 31, 2022, 30,000 shares, which were issued in 2021 under the 2020 Plan, were forfeited. No shares were forfeited for the three months ended March 31, 2023.

Stock-based compensation for all employee performance share grants totaling $78,468 and $60,899, respectively, was recorded in the condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022, respectively. No shares have vested at March 31, 2023. At March 31, 2023, unamortized stock-based compensation for the 2020 equity plan was $204,272 and will be amortized over the remaining vesting terms.

Remaining vesting terms for the employee performance share grants are as follows:
Remainder of 2023$192,632 
202411,890 
Total remaining$204,522