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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
The fair value of the stock options granted was measured using the Black-Scholes valuation model with the following assumptions: | The fair value of the stock options granted was measured using the Black-Scholes valuation model with the following assumptions:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Expected volatility |  |  | 31.1 | % |  |  | 31.1 | %
Expected life in years |  |  | 5.5 |  |  |  | 5.5 |
Risk-free interest rate |  |  | 2.1 | % |  |  | 0.5 | %
A summary of stock option activity for the years ended December 31, 2021 and 2020, and changes during the years then ended is presented below: | A summary of stock option activity for the years ended December 31, 2021 and 2020, and changes during the years then ended is presented below:
|  | Stock Options |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual term |  |  | Aggregate intrinsic value |
Outstanding as of January 1, 2020 |  |  | 379,800 |  |  | $ | 7.54 |  |  |  | 6.10 |  |  | $ | — |
Granted |  |  | 70,000 |  |  |  | 1.68 |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Forfeited |  |  | (9,400 | ) |  |  | 8.55 |  |  |  | — |  |  |  |  |
Outstanding as of January 1, 2021 |  |  | 440,400 |  |  | $ | 6.58 |  |  |  | 5.80 |  |  | $ | 155 |
Granted |  |  | 236,667 |  |  |  | 3.31 |  |  |  |  |  |  |  |  |
Exercised |  |  | (26,000 | ) |  |  | 1.10 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (3,400 | ) |  |  | 12.00 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2021 |  |  | 647,667 |  |  | $ | 5.53 |  |  |  | 6.40 |  |  | $ | 1,442 |
Exercisable as of December 31, 2021 |  |  | 411,000 |  |  | $ | 6.81 |  |  |  | 4.80 |  |  | $ | 451 |
A summary of the weighted-average grant-date fair value of options, total intrinsic value of options exercised, and cash receipts from options exercised is shown below: | Intrinsic value is the difference between the market value of the stock at December 31, 2021 and the exercise price which is aggregated for all options outstanding and exercisable. A summary of the weighted-average grant-date fair value of options, total intrinsic value of options exercised, and cash receipts from options exercised is shown below:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Weighted-average fair value of options granted (per share) |  | $ | 0.97 |  |  | $ | 0.49 |
Intrinsic value gain of options exercised |  |  | 137 |  |  |  | — |
Cash receipts from exercise of options |  |  | 58 |  |  |  | — |

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- Definition Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year. + 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)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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 http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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