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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

 

5. STOCK-BASED COMPENSATION
   

Stock-based compensation expense for restricted stock in the consolidated statements of operations is summarized as follows:

 

   2023   2022 
Cost of sales  $15,077   $13,534 
Selling, general and administrative   323,846    12,348 
Total stock-based compensation expense  $338,923   $25,882 

 

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. 85,748 shares were forfeited during the three months ended March 31, 2022, resulting in a reduction to stock-based compensation expense for the three months ended March 31, 2022 in selling, general and administrative expense of $263,148.

 

The following table summarizes activity related to outstanding RSUs and Restricted Stock Awards for the three months ended March 31, 2023:

                  
    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, 2023    239,184   $2.32    —   $— 
Granted    —   $—    162,188   $3.42 
Vested    —   $—    (40,549)  $3.42 
Forfeited    —   $—    (33,749)  $3.42 
Non-vested – March 31, 2023    239,184   $2.32    87,890   $3.42 

 

As of March 31, 2023, unamortized stock-based compensation costs related to restricted share arrangements was $313,582.