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Stock Option Plan (Tables)

6 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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.

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