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STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of stock options and stock awards | Stock option activity is summarized as follows:
| Number of options |  | Weighted average exercise price
Outstanding at December 31, 2022 | 6,520,444 |  |  | $ | 7.12 |
Granted | 1,408,865 |  |  | 2.50 |
Exercised | — |  |  | — |
Canceled and forfeited | (146,164) |  |  | 8.08 |
Outstanding at March 31, 2023 | 7,783,145 |  |  | $ | 6.27 |
Schedule of option fair value assumptions | The Company calculated the grant date fair value of options granted in 2023 (“2023 Grants”) utilizing a Black Scholes model.
| 2023 Grants |  |  |  |
Strike price | $2.50 |  |  |  |  |  |  |  |  |  |
Risk-free rate | 3.6% |  |  |  |  |  |  |  |
Expected dividend yield | — |  |  |  |
Expected volatility | 85.8% |  |  |  |  |  |  |  |  |  |
Expected term (in years) | 6 |  |  |  |  |  |  |  |

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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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