XML 20 R11.htm IDEA: XBRL DOCUMENT v3.22.2.2
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

 

5.STOCK-BASED COMPENSATION

 

The Company accounts for stock-based compensation based on the fair value of the stock or stock-based instrument on the date of grant. The Company recognized a net total of $25,882 and $343,727 of stock-based compensation expense for the three months ended March 31, 2022 and 2021, respectively.

 

During the three months ended March 31, 2022, the Company granted 190,114 restricted stock units (“RSUs”) to its board of directors as partial compensation for the 2022 year. During the three months ended March 31, 2021, the Company granted 135,512 restricted stock units (“RSUs”) to its board of directors as partial compensation for the 2021 year. RSUs vest quarterly on a straight-line basis over a one-year period. For the three months ended March 31, 2022 and 2021, approximately $219,000 and $284,000, respectively, of non-cash compensation expense related to the RSU grants to the board of directors are included in selling, general and administrative expenses.

 

During the three months ended March 31, 2022, the Company granted 18,588 shares of common stock (“Restricted Stock”) to an employee. During the three months ended March 31, 2021, the Company did not grant any shares of common stock to employees. For the three months ended March 31, 2022 and 2021, approximately ($206,000) and $48,000, respectively, of compensation (credit) expense is included in selling, general and administrative expenses, which included forfeitures during the three months ended March 31, 2022 of 85,748 shares totaling approximately ($263,000) of credit. For the three months ended March 31, 2022 and 2021, approximately $13,000 and $11,000, respectively, of compensation expense is included in cost of sales for shares of common stock granted to employees between 2017 and 2020.