Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense
Included within cost of revenue, sales and marketing, and general and administrative expenses are stock-based compensation expenses as follows:
Year Ended December 31,
202120202019
Cost of revenue$171,804 $102,736 $5,025 
Sales and marketing48,098 10,567 — 
General and administrative843,449 440,297 15,414 
Total stock-based compensation expense$1,063,351 $553,600 $20,439 
Total stock-based compensation expense includes: the vesting of Class B units, the change in fair value of Class B liability awards, profits distributions to Class B unitholders, and expense related to our new 2021 Incentive Award Plan as follows:
Year Ended December 31,
202120202019
Vested Class B units and change in fair value of Class B liability awards$934,993 $475,202 $5,608 
Profits distributions to Class B unitholders123,449 78,398 14,831 
Class B stock compensation expense1,058,442 553,600 20,439 
2021 Incentive Award Plan stock-based compensation expense$4,909 $— $— 
Total stock-based compensation expense$1,063,351 $553,600 $20,439 
The amount of stock-based compensation expense related to the Class B Units included in each of the line items in the accompanying consolidated statements of operations is as follows:
Year Ended December 31,
202120202019
Cost of revenue$170,536 $102,736 $5,025 
Sales and marketing46,417 10,567 — 
General and administrative841,489 440,297 15,414 
Total stock based-compensation expense$1,058,442 $553,600 $20,439 
Schedule of Fair Value Measurements Inputs The fair value of RSU is the same as the Company’s share price on the date of grant. The fair value of the SARs was determined using a Black-Scholes model using the following assumptions:
Volatility50.0 %
Stock price$8.30 
Strike price$8.30 
Expected life of the options to convert (years)6.25
Risk-free rate1.20 %
Dividend yield0.0 %
Summary of Activities of RSUs
The activities of the RSUs and SARs are summarized as follows, including granted, exercised and forfeited from September 27, 2021, the date of the initial establishment of the new incentive plan and grants to December 31, 2021.
Fully Vested SharesRSUsSARs
Outstanding at January 1, 2021
— — — 
Granted309,500 2,334,490 1,935,131 
Exercised or vested(309,500)— — 
Forfeited— — — 
Expired— — — 
Outstanding at December 31, 2021
— 2,334,490 1,935,131 
The stock compensation expense related to the new RSU and SAR grants was $2,340 for the year ending December 31, 2021. The weighted average grant-date fair value of the respective share classes are as follows:
As of
December 31, 2021
Fully vested shares$8.30 
RSUs$8.30 
SARs$4.05 
Summary of Activities of SARs
The activities of the RSUs and SARs are summarized as follows, including granted, exercised and forfeited from September 27, 2021, the date of the initial establishment of the new incentive plan and grants to December 31, 2021.
Fully Vested SharesRSUsSARs
Outstanding at January 1, 2021
— — — 
Granted309,500 2,334,490 1,935,131 
Exercised or vested(309,500)— — 
Forfeited— — — 
Expired— — — 
Outstanding at December 31, 2021
— 2,334,490 1,935,131 
The stock compensation expense related to the new RSU and SAR grants was $2,340 for the year ending December 31, 2021. The weighted average grant-date fair value of the respective share classes are as follows:
As of
December 31, 2021
Fully vested shares$8.30 
RSUs$8.30 
SARs$4.05 
Schedule of Unvested Share Activity The following is a rollforward of Class B Units activity for the twelve months ended December 31, 2021:
Unvested at January 1, 2020
77,981 
Granted62,676 
Vested(65,613)
Unvested at December 31, 2020
75,044 
Granted17,690 
Vested(92,734)
Unvested at December 31, 2021
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