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STOCKHOLDERS’ EQUITY (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
SCHEDULE OF FAIR VALUE OF SHARE BASED PAYMENT

The fair value of the Company’s stock options granted in 2021 that are being classified as equity awards were estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values:

 

   Year Ended
December 31, 2021		 
Valuation assumptions:     
Grant price   $7.78 – $11.50 
Exercise price   $7.78 – $11.50 
Expected dividend yield   0%
Expected volatility   84.24% – 90.94%
Expected life (in years)   5 
Risk-free interest rate   0.80% – 0.89%
SCHEDULE OF STOCK OPTION ACTIVITY

Stock option activity during the periods indicated below was as follows:

 

  

 

Number of

Shares

Subject to

Issuance

   Weighted- average Exercise Price   Weighted- average Remaining Contractual Term   Aggregate Intrinsic Value 
                 
Outstanding at December 31, 2019   1,421,623   $1.78    1.96 years   $8,113,777 
                     
Granted   -    -           
Forfeited   -   -           
Exercised   (783,741)   1.20           
Outstanding at December 31, 2020   637,882   $2.50    2.55 years   $5,686,421 
                     
Granted   221,843    10.38           
Forfeited   (3,000)   2.79           
Exercised   (360,301)   2.34           
Outstanding at December 31, 2021   496,424   $6.13    3.03 years   $527,937 
                     
Exercisable at December 31, 2021   129,859   $2.72    1.98 years   $247,176 
SUMMARY OF STOCK OPTIONS

The following is a summary of stock options as of December 31, 2021:

 

   Options Outstanding   Options Exercisable 
Range of Exercise Prices  Number of
Options		   Weighted-
average
Remaining Life		  Weighted-
average
Exercise
Price		   Number of
Options		   Weighted-
average
Exercise
Price		 
$1.75 to $2.87   249,581   1.09 years  $2.68    104,859   $2.68 
$7.78 to $11.50   246,843   1.94 years  $9.62    25,000   $2.87 
    496,424   3.03 years  $6.13    129,859   $2.72 
SCHEDULE OF RESTRICTED STOCK UNITS OUTSTANDING

Restricted stock unit activity during the periods indicated below is as follows:

 

   Number of
Shares		   Weighted
Average
Grant Date
Fair Value		 
         
Outstanding at December 31, 2019   2,670   $7.49 
           
Granted   38,855    5.78 
Forfeited   -   - 
Vested and Settled in shares   (39,771)   5.65 
Outstanding at December 31, 2020   1,754   $11.40 
           
Granted   443,442    10.30 
Forfeited   (4,650)   11.50 
Vested and Settled in shares   (32,170)   8.47 
Outstanding December 31, 2021   408,376   $10.43 
SCHEDULE OF PERFORMANCE STOCK UNITS OUTSTANDING

 

  

Number of

Shares

   Weighted
Average
Grant Date
Fair Value		 
         
Outstanding at December 31, 2019   -   $- 
Granted   265,942    7.91 
Forfeited   -   - 
Outstanding at December 31, 2020   265,942   $7.91 
Forfeited   (37,444)   7.91 
           
Outstanding at December 31, 2021   228,498   $7.91 
SCHEDULE OF EQUITY COMPENSATION EXPENSE

Equity compensation expense for the years ended December 31, 2021 and 2020 is as follows:

 

             
   Years Ended December 31, 
   2021   2020 
Stock options  $4,143   $3,240 
Restricted stock units   1,956    140 
Performance stock units   301    71 
Equity Compensation, Total  $6,400   $3,451 
SCHEDULE OF EQUITY COMPENSATION

Equity compensation is included in operating expenses as follows:

 

   Years Ended December 31, 
   2021   2020 
Selling, general and administrative  $5,782   $3,408 
Research and development   618    43 
   $6,400   $3,451 
Liability Awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
SCHEDULE OF FAIR VALUE OF SHARE BASED PAYMENT

The fair value of the Company’s stock options granted in the years ended December 31, 2016, December 31, 2018 and December 31, 2019, that no longer qualify as equity awards and instead are being classified as liability awards were marked-to-market using the Black-Scholes option pricing model with the following assumptions and weighted average fair values:

 

  

Year Ended

December 31, 2021

 
Valuation assumptions:     
Exercise price range  $2.68 – $2.87 
Expected dividend yield   0%
Expected volatility range for grants after mark-to-market adjustment   81.66%
Expected life (in years) for grants after mark-to-market adjustment   0.54 – 1.08 
Risk-free interest rate range for grants after mark-to-market adjustment   0.19% - 0.39%