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Stock-Based Compensation (Tables)

9 Months Ended

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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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.

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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.

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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.

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