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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 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 | (35,000) |  |  | 2.46 |
Canceled and forfeited | (194,225) |  |  | 8.11 |
Outstanding at June 30, 2023 | 7,700,084 |  |  | $ | 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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