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Non-Controlling Interest (Tables) | 6 Months Ended
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Jun. 30, 2022
Noncontrolling Interest [Abstract] |
Schedule of preferred stock | At June 30, 2022, Series B Preferred Stock consisted of the following:
Shares Authorized |  | Shares Issued and Outstanding |  | Stated Value per Share |  | Initial Carrying Value |  | Accrued Preferred Dividends |  | Liquidation Preference
1,000,000 |  |  | 3,138 |  |  | $ | 1,000 |  |  | $ | 3,138,000 |  |  | $ | 192,071 |  |  | $ | 3,330,071 |
Schedule of condensed financial statements | The following table summarizes Levo non-controlling interests presented as a separate component of stockholders’ equity on the Company’s condensed consolidated balance sheets at June 30, 2022:
| June 30, 2022 |  |
| (As Restated) (1) |  |
Add: net loss attributable to non-controlling interests as of June 30, 2022 | $ | (290,878) |  |  |
Less: dividends paid to non-controlling interests as of June 30, 2022 | 129,311 |  |  |
Less: Preferred share accretion adjustment as of June 30, 2022 | 322,932 |  |  |
Non-controlling interests | $ | (743,121) |  |  |
(1) See Note 2.
Schedule of condensed income statement | The following table summarizes Levo non-controlling interests presented as a separate component of the Company’s condensed consolidated statements of operations as of June 30, 2022:
| Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
| (As Restated) (1) |  | (As Restated) (1)
Net loss attributable to non-controlling interests | $ | (189,945) |  |  | $ | (290,878) |
(1) See Note 2.
Schedule of redeemable noncontrolling interest | Redeemable Non-controlling Interest Reconciliation — Mezzanine Equity
|  |  | Six Months Ended June 30, 2022
|  |  | (Restated) (1)
Beginning balance - December 31, 2021 |  |  | $ | 2,901,899 |
Preferred share Accretion adjustment as of June 30, 2022 |  |  | 322,932 |
Ending balance - June 30, 2022 |  |  | $ | 3,224,832 |
(1) See Note 2.
Schedule of black-scholes option pricing model to estimate the fair value of stock options | The following assumptions were used in the Black-Scholes model to calculate the fair value of stock options granted for the six months ended June 30, 2022 for the 2010 Plan and the 2020 Plan.
| 2010 Plan |  | 2020 Plan
Expected life of options (in years) (1) | 6.1 |  | 6.1
Dividend yield (2) | 0 | % |  | 0 | %
Risk-free interest rate (3) | 2.00 | % |  | 2.00 | %
Volatility (4) | 54.1 | % |  | 54.1 | %
__________________ (1)The expected life of options is the average of the contractual term of the options and the vesting period. (2)No cash dividends have been declared on the Company’s common stock since the Company’s inception, and the Company currently does not anticipate declaring or paying cash dividends over the expected life of the options. (3)The risk-free interest rate is based on the yields on U.S. Treasury debt securities with maturities approximating the estimated life of the options. (4)Volatility is estimated by management. As the Company has been a private company for most of its existence, there is not enough historical volatility data related to the Company’s Common stock as a public entity. Therefore, this estimate is based on the average volatility of certain public company peers within the Company’s industry.The following assumptions were used in the Monte Carlo Simulation model to calculate the fair value of Class D Incentive Units granted for the six months ended June 30, 2022.
| Class D Units
Expected life of Class D Incentive Units (in years) (1) | 5.5
Risk-free interest rate (2) | 3.02 | %
Volatility (3) | 69.50 | %
__________________ (1)The expected life of options is the average of the contractual term of the Class D Incentive Units and the vesting period. (2)The risk-free interest rate is based on the yields on U.S. Treasury debt securities with maturities approximating the estimated life of the options. (3)Volatility is estimated by management. As the Company has been a private company for most of its existence, there is not enough historical volatility data related to the Company’s Common stock as a public entity. Therefore, this estimate is based on the average volatility of certain public company peers within the Company’s industry.
Schedule of stock option activity | The following is a summary of the stock option activity under the 2010 Plan, as converted to the Company’s shares due to Reverse Recapitalization, for the six months ended June 30, 2022:
| Shares |  | Weighted- Average Exercise Price per Share($) |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value($)
Outstanding - December 31, 2021 | 1,035,035 |  |  | 3.21 |  |  | 5.90 |  | 5,688,201 |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | (42,729) |  |  | 2.42 |  |  | — |  |  | — |
Forfeited | (36,065) |  |  | 7.61 |  |  | — |  |  | — |
Expired/Cancelled | (5,310) |  |  | 1.37 |  |  | — |  |  | — |
Outstanding - June 30, 2022 | 950,931 |  |  | 3.09 |  |  | 5.24 |  | 2,264,735 |
Options Exercisable at June 30, 2022 | 836,687 |  |  | 2.52 |  |  | 4.84 |  | 2,257,456 |
Option Vested at June 30, 2022 | 836,687 |  |  | 2.52 |  |  | 4.84 |  | 2,257,456 |
The following is a summary of the stock option activity under the 2020 Plan for the six months ended June 30, 2022:
| Shares |  | Weighted- Average Exercise Price per Share ($) |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value($)
Outstanding - December 31, 2021 | 1,602,850 |  |  | 13.18 |  |  | 9.27 |  | 46,920 |
Granted | 121,100 |  |  | 6.87 |  |  | 9.86 |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited | (128,450) |  |  | 10.18 |  |  | — |  |  | — |
Expired/Cancelled | (1,250) |  |  | 8.25 |  |  | — |  |  | — |
Outstanding - June 30, 2022 | 1,594,250 |  |  | 12.84 |  |  | 8.83 |  | — |
Options Exercisable at June 30, 2022 | 422,327 |  |  | 13.38 |  |  | 8.74 |  | — |
Option Vested at June 30, 2022 | 422,327 |  |  | 13.38 |  |  | 8.74 |  | — |
A summary of the status of the Company’s Class D Incentive Units as of December 31, 2021, and changes during the six months ended June 30, 2022, is presented below:
| Shares |  | Weighted- Average Grant Date Fair Value($)
Nonvested at December 31, 2021 | — |  |  | — |
Granted | 250,000 |  |  | 13.28 |
Vested | — |  |  | — |
Cancelled | — |  |  | — |
Nonvested and Outstanding at June 30, 2022 | 250,000 |  |  | 13.28 |

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