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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 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:

 

                                 
    Three months ended
June 30,		     Six months ended
June 30,		  
    2023     2022     2023     2022  
Cost of sales   $ 37,171     $ 6,471     $ 52,248     $ 20,006  
Selling, general and administrative     143,045       131,027       466,891       143,374  
Total stock-based compensation expense   $ 180,216     $ 137,498     $ 519,139     $ 163,380  

 

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 six months ended June 30, 2022, resulting in a reduction to stock-based compensation expense for the six months ended June 30, 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 six months ended June 30, 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       212,902     $ 3.82       170,042     $ 3.44  
Vested       (82,769)     $ 2.83       (69,845 )   $ 3.42  
Forfeited       —     $ —       (33,749 )   $ 3.42  
Non-vested – June 30, 2023       369,317     $ 3.25       66,448     $ 3.47  

 

As of June 30, 2023, unamortized stock-based compensation costs related to restricted share arrangements was $514,880.