XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.23.2

Equity-Based Compensation | 6 Months Ended
--- | ---
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Equity-Based Compensation | Note 3: Equity-Based Compensation The fair value of each option and equity warrant award is estimated on the date of grant using a Black-Scholes-Merton option pricing valuation model. Expected volatility is based on the historical volatility of the price of the Company’s stock. The risk-free interest rate is based on U.S. Treasury issues with a term equal to the expected life of the option and equity warrant. The Company uses historical data to estimate expected dividend yield, expected life and forfeiture rates. During the six months ended June 30, 2023, there were no options granted and 300,000 options granted during the six months ended June 30, 2022. Employee stock option activity during the three months ended June 30, 2023, was as follows: Stock option activity for employees: Schedule of Vest Stock Option Activity
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding March 31, 2023 |  |  | 2,020,214 |  |  | $ | 3.01 |  |  |  | 8.55 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (663 | ) |  |  | — |  |  |  | — |  |  |  | — |
Outstanding June 30, 2023 |  |  | 2,019,551 |  |  | $ | 3.01 |  |  |  | 8.36 |  |  | $ | — |
Vested and expected to vest June 30, 2023 |  |  | 2,019,551 |  |  | $ | 3.01 |  |  |  | 8.36 |  |  | $ | — |
Exercisable June 30, 2023 |  |  | 1,852,887 |  |  | $ | 2.13 |  |  |  | 6.50 |  |  | $ | — |
Unvested stock option activity for employees: Schedule of Unvested Stock Option Activity
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Unvested March 31, 2023 |  |  | 267,326 |  |  | $ | 5.23 |  |  |  | 8.55 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (663 | ) |  |  | .30 |  |  |  | — |  |  |  | — |
Vested |  |  | (99,999 | ) |  |  | .44 |  |  |  | 9.83 |  |  |  | — |
Unvested June 30, 2023 |  |  | 166,664 |  |  | $ | 9.17 |  |  |  | 6.41 |  |  | $ | — |
Stock option activity for non-employees: Schedule of Vest Stock Option Activity
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding March 31, 2023 |  |  | 579,155 |  |  | $ | 3.09 |  |  |  | 8.36 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (123 | ) |  |  | — |  |  |  | — |  |  |  | — |
Outstanding June 30, 2023 |  |  | 579,032 |  |  | $ | 3.09 |  |  |  | 8.36 |  |  | $ | — |
Vested and expected to vest June 30, 2023 |  |  | 579,032 |  |  | $ | 3.09 |  |  |  | 8.36 |  |  | $ | — |
Exercisable June 30, 2023 |  |  | 512,366 |  |  | $ | 2.99 |  |  |  | 4.67 |  |  | $ | — |
Unvested stock option activity for non-employees: Schedule of Unvested Stock Option Activity
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Unvested March 31, 2023 |  |  | 104,289 |  |  | $ | 11.39 |  |  |  | 5.75 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (123 | ) |  |  | .38 |  |  |  | 7.86 |  |  |  | — |
Vested |  |  | (37,500 | ) |  |  | .46 |  |  |  | 9.14 |  |  |  | — |
Unvested June 30, 2023 |  |  | 66,666 |  |  | $ | 9.45 |  |  |  | 4.59 |  |  | $ | — |
Stock-based compensation expense was approximately $50,000 and $275,000 for the three months ended June 30, 2023 and 2022, respectively. Employee stock option activity during the six months ended June 30, 2023, was as follows: Stock option activity for employees:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding January 1, 2023 |  |  | 2,020,214 |  |  | $ | 3.01 |  |  |  | 8.86 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (663 | ) |  |  | — |  |  |  | — |  |  |  | — |
Outstanding June 30, 2023 |  |  | 2,019,551 |  |  | $ | 3.01 |  |  |  | 8.36 |  |  | $ | — |
Vested and expected to vest June 30, 2023 |  |  | 2,019,551 |  |  | $ | 3.01 |  |  |  | 8.36 |  |  | $ | — |
Exercisable June 30, 2023 |  |  | 1,852,887 |  |  | $ | 2.13 |  |  |  | 6.50 |  |  | $ | — |
Unvested stock option activity for employees:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Unvested January 1, 2023 |  |  | 392,326 |  |  | $ | 4.15 |  |  |  | 5.85 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (663 | ) |  |  | .30 |  |  |  | — |  |  |  | — |
Vested |  |  | (224,999 | ) |  |  | .44 |  |  |  | 9.83 |  |  |  | — |
Unvested June 30, 2023 |  |  | 166,664 |  |  | $ | 9.17 |  |  |  | 6.41 |  |  | $ | — |
Stock option activity for non-employees:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding January 1, 2023 |  |  | 579,155 |  |  | $ | 3.09 |  |  |  | 7.93 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (123 | ) |  |  | — |  |  |  | — |  |  |  | — |
Outstanding June 30, 2023 |  |  | 579,032 |  |  | $ | 3.09 |  |  |  | 8.36 |  |  | $ | — |
Vested and expected to vest June 30, 2023 |  |  | 579,032 |  |  | $ | 3.09 |  |  |  | 8.36 |  |  | $ | — |
Exercisable June 30, 2023 |  |  | 512,366 |  |  | $ | 2.99 |  |  |  | 4.67 |  |  | $ | — |
Unvested stock option activity for non-employees:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Unvested January 1, 2023 |  |  | 166,789 |  |  | $ | 4.05 |  |  |  | 9.49 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (123 | ) |  |  | .38 |  |  |  | 7.86 |  |  |  | — |
Vested |  |  | (100,000 | ) |  |  | .46 |  |  |  | 9.14 |  |  |  | — |
Unvested June 30, 2023 |  |  | 66,666 |  |  | $ | 9.45 |  |  |  | 4.59 |  |  | $ | — |
Stock-based compensation expense was approximately $132,000 and $517,000 for the six months ended June 30, 2023 and 2022, respectively. On June 30, 2023, and 2022, respectively, there was approximately $85,000 and $454,000 of unrecognized equity-based compensation cost related to options granted under the Equity Incentive Plan.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration