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Stock Option Plan (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense for stock options | Stock-based compensation expense recognized in selling, general, and administrative, and research and development are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Options | $ | 667,923 |  |  | $ | 548,652 |  |  | $ | 1,350,871 |  |  | $ | 1,370,758 |
Restricted stock | 389,646 |  |  | 1,187,254 |  |  | 985,807 |  |  | 1,801,093 |
Stock options - modified options | 11,618 |  |  | 25,459 |  |  | 24,250 |  |  | 45,158 |
Profit interest units | 34,219 |  |  | 140,850 |  |  | (291,701) |  |  | 140,850 |
Total | $ | 1,103,406 |  |  | $ | 1,902,215 |  |  | $ | 2,069,227 |  |  | $ | 3,357,859 |
Schedule of stock option activity | The following is a summary of the stock option activity under the 2010 Plan for the six months ended June 30, 2023:
| Shares |  | Weighted- Average Exercise Price per Share($) |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value($)
Outstanding - December 31, 2022 | 853,507 |  |  | 2.91 |  |  | 5.70 |  | — |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited | (8,409) |  |  | 4.66 |  |  | — |  |  | — |
Expired/Cancelled | (23,893) |  |  | 6.54 |  |  | — |  |  | — |
Outstanding - June 30, 2023 | 821,205 |  |  | 2.58 |  |  | 5.44 |  | — |
Options Exercisable at June 30, 2023 | 798,366 |  |  | 2.60 |  |  | 3.67 |  | — |
Option Vested at June 30, 2023 | 798,366 |  |  | 2.60 |  |  | 3.67 |  | — |
The following is a summary of the stock option activity under the 2020 Plan for the six months ended June 30, 2023:
| Shares |  | Weighted- Average Exercise Price per Share ($) |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value($)
Outstanding - December 31, 2022 | 1,711,112 |  |  | 11.71 |  |  | 8.46 |  | — |
Granted | 115,800 |  |  | 0.57 |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited | (24,638) |  |  | 6.52 |  |  | — |  |  | — |
Expired/Cancelled | (7,887) |  |  | 10.43 |  |  | — |  |  | — |
Outstanding - June 30, 2023 | 1,794,387 |  |  | 11.07 |  |  | 8.06 |  | 8,928 |
Options Exercisable at June 30, 2023 | 794,849 |  |  | 13.25 |  |  | 7.66 |  | — |
Option Vested at June 30, 2023 | 794,849 |  |  | 13.25 |  |  | 7.66 |  | — |
A summary of the status of the Company’s Class D Incentive Units as of December 31, 2022, and changes during the six months ended June 30, 2023, is presented below:
| Shares |  | Weighted- Average Grant Date Fair Value($)
Nonvested at December 31, 2022 | 250,000 |  |  | 13.28 |
Granted | — |  |  | — |
Vested | — |  |  | — |
Cancelled (1) | 200,000 |  |  | 12.49 |
Nonvested and Outstanding at June 30, 2023 | 50,000 |  |  | 12.49 |
__________________ (1) Cancelled units represents unvested units granted to cliff vest on the grant anniversary date. However, the employees were terminated before the grant date anniversary. As a result, the previously recognized expenses of $421,371 was reversed.
Disclosure of share-based compensation arrangements by share-based payment award | Other Information:
|  | Six Months Ended June 30, |  |
|  | 2023 |  | 2022 |  |
Amount received from option exercised |  | $ | — |  |  | $ | 173,575 |  |  |
|  | June 30, 2023 |  |  |  | Weighted average remaining recognition period
Total unrecognized options compensation costs |  | $ | 4,763,476 |  |  |  |  | 2.34
Schedule of nonvested restricted stock units | A summary of the status of the Company’s nonvested restricted stock units as of December 31, 2022, and changes during the six months ended June 30, 2023, is presented below:
| Shares |  | Weighted- Average Grant Date Fair Value($)
Nonvested at December 31, 2022 | 436,259 |  |  | 6.43 |
Granted (1) | 1,432,446 |  |  | 0.52 |
Vested/Release | (1,078,720) |  |  | 1.22 |
Cancelled/Forfeited | (57,832) |  |  | 4.61 |
Nonvested and Outstanding at June 30, 2023 | 732,153 |  |  | 2.68 |
__________________ (1) Includes 832,322 shares awarded for the 2022 employee annual bonus with fair value of $391,191 issued during the second quarter ended June 30, 2023.

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