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Stock Option Plan (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense for stock options | Stock-based compensation expense for the three and six months ended June 30 are as follows
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Options | $ | 548,652 |  |  | $ | 810,738 |  |  | $ | 1,370,758 |  |  | $ | 1,063,008 |
Restricted stock | 1,187,254 |  |  | 258,137 |  |  | 1,801,093 |  |  | 267,972 |
Total | $ | 1,735,906 |  |  | $ | 1,068,875 |  |  | $ | 3,171,851 |  |  | $ | 1,330,980 |
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 |
Disclosure of share-based compensation arrangements by share-based payment award | Other Information:
|  | Six Months Ended June 30, |  |
|  | 2022 |  | 2021 |  |
Amount received from option exercised |  | $ | 173,575 |  |  | $ | — |  |  |
|  | June 30, 2022 |  |  |  | Weighted average remaining recognition period
Total unrecognized options compensation costs |  | $ | 7,767,742 |  |  |  |  | 2.80
Schedule of nonvested restricted stock units | A summary of the status of the Company’s nonvested restricted stock 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 | 353,817 |  |  | 11.00 |
Granted | 134,575 |  |  | 6.16 |
Vested/Release | (202,141) |  |  | 11.15 |
Cancelled/Forfeited | (6,294) |  |  | 9.93 |
Nonvested and Outstanding at June 30, 2022 | 279,957 |  |  | 8.60 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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