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STOCK-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION |
| 12. | STOCK-BASED COMPENSATION
Stock-based compensation expense for restricted stock in the consolidated statements of operations is summarized as follows:
|  | 2022 |  |  | 2021 |
Cost of sales |  | $ | 36,794 |  |  | $ | 51,447 |
Selling, general and administrative |  |  | 319,084 |  |  |  | 776,839 |
Total stock-based compensation expense |  | $ | 355,878 |  |  | $ | 828,286 |
The Company grants restricted stock units (“RSUs”) to its board of directors as partial compensation. These RSUs vest quarterly on a straight-line basis over a one-year period. The Company grants shares of common stock (“Restricted Stock Awards”) to select employees. In the event that the employee’s employment is voluntarily terminated prior to certain vesting dates, portions of the shares may be forfeited. In addition, if certain Company performance criteria are not achieved, portions of these shares may be forfeited. The following table summarizes activity related to outstanding RSUs and Restricted Stock Awards for the year ended December 31, 2022:
|  |  | Restricted Stock Awards |  |  | Weighted Average Grant Date Fair Value of Restricted Stock Awards |  |  | RSUs |  |  | Weighted Average Grant Date Fair Value of RSUs |
| Non-vested – January 1, 2022 |  |  |  | 285,968 |  |  | $ | 4.57 |  |  |  | — |  |  | $ | — |
| Granted |  |  |  | 202,719 |  |  | $ | 1.78 |  |  |  | 190,114 |  |  | $ | 2.21 |
| Vested |  |  |  | (37,268 | ) |  | $ | 3.95 |  |  |  | (190,114 | ) |  | $ | 2.21 |
| Forfeited |  |  |  | (212,235 | ) |  | $ | 4.55 |  |  |  | — |  |  | $ | — |
| Non-vested – December 31, 2022 |  |  |  | 239,184 |  |  | $ | 2.32 |  |  |  | — |  |  | $ | — |
As of December 31, 2022, unamortized stock-based compensation costs related to restricted share arrangements was $213,244.

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