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STOCK-BASED COMPENSATION
 12 Months Ended
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.