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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2022
STOCK-BASED COMPENSATION [Abstract] |
Information Regarding Equity Incentive Plan | The information regarding the 2020 Plan below is presented as though the combination occurred as of the beginning of the periods presented.
|  | Number of Restricted Shares and Units |  |  | Weighted Average Grant Date Fair Value Per Share |
Unvested at January 1, 2021 |  |  | 1,699,676 |  |  | $ | 1.28 |
Issued |  |  | 454,000 |  |  |  | 11.71 |
Vested |  |  | (907,545 | ) |  |  | 0.03 |
Canceled |  |  | (100,000 | ) |  |  | 12.18 |
Unvested at December 31, 2021 |  |  | 1,146,131 |  |  |  | 3.28 |
Issued |  |  | — |  |  |  | — |
Vested |  |  | (349,478 | ) |  |  | 2.05 |
Canceled |  |  | (115,105 | ) |  |  | 0.21 |
Unvested at September 30, 2022 |  |  | 681,548 |  |  | $ | 4.45 |
Fair Value of Stock Option Assumptions | The assumptions at September 30, 2022 and December 31, 2021 are as follows:
|  | September 30, 2022 |  |  | December 31, 2021 |
Exercise Price |  | $ | 2.00 to $51.80 |  |  | $ | 2.00 to $51.80 |
Fair value of Company common stock |  | $ | 2.98 - $15.61 |  |  | $ | 7.85 to $22.90 |
Dividend yield |  |  | 0% |  |  |  | 0% |
Expected volatility |  |  | 117% to 188% |  |  |  | 117% to 188% |
Risk Free interest rate |  | 0.27% to 2.96% |  |  |  | 0.27% to 1.59% |
Expected life (years) remaining |  | 0.09 to 9.87 |  |  |  | 0.84 to 10.00 |
Stock Option Activity | Stock option activity for the period ended September 30, 2022 is as follows:
|  | Shares Underlying Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |
Outstanding at January 1, 2021 |  |  | — |  |  | $ | — |  |  |  | — |
Options assumed in Helix Merger |  |  | 455,089 |  |  | $ | 15.13 |  |  |  | 3.24 |
Granted |  |  | 3,893,714 |  |  | $ | 12.73 |  |  |  | 9.31 |
Exercised |  |  | (29,937 | ) |  | $ | 6.03 |  |  |  | 1.02 |
Forfeited and expired |  |  | (271,893 | ) |  | $ | 7.31 |  |  |  | 6.65 |
Outstanding at December 31, 2021 |  |  | 4,046,973 |  |  | $ | 14.25 |  |  |  | 8.75 |
Granted |  |  | 1,203,250 |  |  | $ | 4.02 |  |  |  | 9.58 |
Exercised |  |  | (33,334 | ) |  | $ | 2.47 |  |  |  | 2.80 |
Forfeited and expired |  |  | (1,027,181 | ) |  | $ | 14.69 |  |  |  | 8.28 |
Outstanding at September 30, 2022 |  |  | 4,189,708 |  |  | $ | 10.49 |  |  |  | 8.54 |
Vested options at September 30, 2022 |  |  | 1,475,670 |  |  | $ | 11.36 |  |  |  | 7.58 |
Stock Compensation Expense | Stock compensation expense for the three and nine months ended September 30, 2022 and 2021 is as follows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Services |  | $ | 42,768 |  |  | $ | 14,823 |  |  | $ | 107,928 |  |  | $ | 19,479 |
Research and development |  |  | 118,822 |  |  |  | (131,774 | ) |  |  | 348,788 |  |  |  | 6,215 |
Sales and marketing |  |  | 196,724 |  |  |  | 108,477 |  |  |  | 439,343 |  |  |  | 315,140 |
General and administrative |  |  | 1,604,930 |  |  |  | 2,635,980 |  |  |  | 5,320,920 |  |  |  | 5,904,845 |
Separation expenses |  |  | — |  |  |  | — |  |  |  | 5,417,043 |  |  |  | — |
Total |  | $ | 1,963,244 |  |  | $ | 2,627,506 |  |  | $ | 11,634,022 |  |  | $ | 6,245,679 |

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