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Non-Controlling Interest (Tables)

6 Months Ended

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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