Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Schedule of Option Activity |
The
following table summarizes option activity during the nine months ended September 30, 2021:
| | |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Fair Value | | |
Weighted Average Remaining Contractual Life (Years) | |
| Outstanding at December 31, 2020 | |
| 1,300,588 | | |
$ | 2.44 | | |
$ | 1.24 | | |
| | |
| Granted | |
| - | | |
| - | | |
| - | | |
| | |
| Expired | |
| - | | |
| - | | |
| - | | |
| | |
| Forfeited/Cancelled | |
| - | | |
| - | | |
| - | | |
| | |
| Exercised | |
| (189,225 | ) | |
| 2.38 | | |
| 1.12 | | |
| | |
| Outstanding at September 30, 2021 | |
| 1,111,363 | | |
$ | 2.12 | | |
$ | 1.31 | | |
| 7.18 | |
| | |
| | | |
| | | |
| | | |
| | |
| Exercisable at September 30, 2021 | |
| 1,094,697 | | |
$ | 2.01 | | |
$ | 1.18 | | |
| 7.16 | |
|
| Schedule of Outstanding Restricted Stock Units and Related Activity |
The
grant date fair value of RSUs granted is determined using the closing market price of the Company’s common stock on the grant date
with the associated compensation expense amortized over the vesting period of the awards. The following table sets forth the outstanding
RSUs and related activity for the nine months ended September 30, 2021:
| | |
Number of RSUs | | |
Weighted Average Grant Date Fair Value | |
| Unvested at December 31, 2020 | |
| 522,500 | | |
$ | 10.49 | |
| Granted | |
| 1,217,500 | | |
| 9.76 | |
| Vested | |
| (210,834 | ) | |
| 10.24 | |
| Forfeited/Cancelled | |
| (3,750 | ) | |
| 10.49 | |
| Unvested at September 30, 2021 | |
| 1,525,416 | | |
$ | 9.94 | |
|
| Schedule of Warrant Activity |
The
following table summarizes warrant activity during the nine months ended September 30, 2021:
| | |
Number of Warrants | | |
Weighted Average Exercise Price | | |
Weighted Average Fair Value | | |
Weighted Average Remaining Contractual Life (Years) | |
| Outstanding at December 31, 2020 | |
| 70,000 | | |
$ | 1.83 | | |
$ | 5.21 | | |
| | |
| Granted | |
| - | | |
| - | | |
| - | | |
| | |
| Forfeited/Cancelled | |
| - | | |
| - | | |
| - | | |
| | |
| Exercised | |
| - | | |
| - | | |
| - | | |
| | |
| Outstanding at September 30, 2021 | |
| 70,000 | | |
$ | 1.83 | | |
$ | 5.21 | | |
| 2.5 | |
|
| Schedule of Recognized Stock-based Compensation Expenses |
The
Company recognized stock-based compensation expense related to the types of awards discussed above as follows:
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2021 | | |
2020 | | |
2021 | | |
2020 | |
| Options | |
$ | 66,247 | | |
$ | 128,344 | | |
$ | 219,033 | | |
$ | 831,542 | |
| Restricted stock units | |
| 1,344,697 | | |
| - | | |
| 3,580,360 | | |
| - | |
| Warrants | |
| - | | |
| - | | |
| - | | |
| 303,802 | |
| Stock | |
| - | | |
| 914,790 | | |
| 51,900 | | |
| 1,032,032 | |
| Total stock-based compensation expense | |
$ | 1,410,944 | | |
$ | 1,043,134 | | |
$ | 3,851,293 | | |
$ | 2,167,376 | |
|