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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Note 9. Commitments and Contingencies General or Threatened Litigation From time to time, the Company is notified of threatened litigation or that a claim is being made against it. The Company evaluates contingencies on an on-going basis and has established loss provisions for matters in which losses are probable and the amount of loss can be reasonably estimated. There is no threatened litigation at this time. Restricted Stock Unit Grants The Company granted 224,133 and 168,090 performance-based restricted stock units (“RSUs”) in August 2021 to one of its Co-Chief Executive Officers and Chief Operating Officer, respectively. The Company granted 288,889 performance-based RSUs in April 2022 to its other Co-Chief Executive Officer. It is the Company’s policy to estimate the fair value of the RSU’s on the date of the grant and evaluate the probability of achieving the net profit (net income under GAAP) tranches quarterly. If the target is deemed probable, the expense is amortized on a straight-line basis over the remaining time period. The Company determined based on the vesting terms of the RSU grants that achieving net profit (net income under GAAP) for the twelve months ending June 30, 2022, of $2,500,000 is probable, and recorded expense for the three months and six months ending June 30, 2022, of $26,250 and $70,497, respectively. Profit Sharing VirTra provides a discretionary profit-sharing program that pays out a percentage of Company profits each year as a cash bonus to eligible employees. The cash payment is typically split into two equal payments and distributed pro-rata in April and October of the following year to only active employees. For the six months ended June 30, 2022 and 2021, $150,000 and $150,000 was expensed to operations for profit sharing. For the three months ended March 31, 2022, $75,000 was expensed to operations for profit sharing. For the three months ended March 31, 2021, no amount was expenses to operations due to uncertainty related to on-going COVID restrictions.

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