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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Fair Value Measurements Inputs | The fair value of the SARs was determined using a Black-Scholes model using the following assumptions:
| As of |  |  |
| September 30, 2021 |  |  |
Volatility | 50.0 | % |  |  |
Stock price | $ | 8.30 |  |  |  |
Strike price | $ | 8.30 |  |  |  |
Expected life of the options to convert (years) | 6.25 |  |  |
Risk-free rate | 1.20 | % |  |  |
Dividend yield | 0.0 | % |  |  |
Summary of Activities of RSUs | The activities of the RSUs and SARs are summarized as follows, including granted, exercised and forfeited from September 27, 2021, the date of the initial establishment of the new incentive plan and grants to September 30, 2021.
| Fully Vested Shares |  | RSUs |  | SARs |  |
Outstanding at January 1, 2021 | — |  |  | — |  |  | — |  |  |
Granted | 309,500 |  |  | 2,334,490 |  |  | 1,935,131 |  |  |
Exercised or vested | (309,500) |  |  | — |  |  | — |  |  |
Forfeited | — |  |  | — |  |  | — |  |  |
Expired | — |  |  | — |  |  | — |  |  |
Outstanding at September 30, 2021 | — |  |  | 2,334,490 |  |  | 1,935,131 |  |  |
The stock compensation expense related to the new RSU and SAR grants was $74 for the three and nine months ending September 30, 2021. The weighted average grant-date fair value of the respective share classes are as follows:
| As of
| September 30, 2021
Fully vested shares | $ | 8.30 |
RSUs | $ | 8.30 |
SARs | $ | 4.05 |
Summary of Activities of SARs | The activities of the RSUs and SARs are summarized as follows, including granted, exercised and forfeited from September 27, 2021, the date of the initial establishment of the new incentive plan and grants to September 30, 2021.
| Fully Vested Shares |  | RSUs |  | SARs |  |
Outstanding at January 1, 2021 | — |  |  | — |  |  | — |  |  |
Granted | 309,500 |  |  | 2,334,490 |  |  | 1,935,131 |  |  |
Exercised or vested | (309,500) |  |  | — |  |  | — |  |  |
Forfeited | — |  |  | — |  |  | — |  |  |
Expired | — |  |  | — |  |  | — |  |  |
Outstanding at September 30, 2021 | — |  |  | 2,334,490 |  |  | 1,935,131 |  |  |
The stock compensation expense related to the new RSU and SAR grants was $74 for the three and nine months ending September 30, 2021. The weighted average grant-date fair value of the respective share classes are as follows:
| As of
| September 30, 2021
Fully vested shares | $ | 8.30 |
RSUs | $ | 8.30 |
SARs | $ | 4.05 |
Summary of Stock-Based Compensation Expense | The amount of stock-based compensation expense related to the Class B Units included in each of the line items in the accompanying consolidated statement of operations is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |  |
Cost of revenue | $ | 45,618 |  |  | $ | 13,717 |  |  | $ | 170,536 |  |  | 31,943 |  |  |  |  |  |
Sales and marketing | 31,507 |  |  | 943 |  |  | 46,417 |  |  | 3,168 |  |  |  |  |  |
General and administrative | 332,797 |  |  | 58,791 |  |  | 841,489 |  |  | 137,464 |  |  |  |  |  |
Total stock based-compensation expense | $ | 409,922 |  |  | $ | 73,451 |  |  | $ | 1,058,442 |  |  | $ | 172,575 |  |  |  |  |  |
Schedule of Unvested Share Activity | The following is a rollforward of Class B Units activity for the nine months ended September 30, 2021:
Unvested at January 1, 2021 | 75,044 |
Granted | 17,690 |
Vested | (92,734) |
Unvested at September 30, 2021 | — |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + 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 (h)(1) -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 S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + 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 (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited 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 (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired 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 (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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