Stock Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Summary of Fair Values of Stock Options Granted |
The Company estimated the fair value of stock options granted during 2022 using the Black-Scholes option pricing model. The fair values of stock options granted during 2022 were estimated using the following assumptions:
|
|
|
Year Ended
December 31, 2022
|
|
|
|
Stock price
|
|
$
|
1.27
|
|
|
|
Dividend yield
|
|
|
0
|
%
|
|
|
Expected volatility
|
|
|
108
|
%
|
|
|
Risk-free interest rate
|
|
|
1.92
|
%
|
|
|
Expected life
|
|
5.6 years
|
|
|
|
| Summary of Stock Option Activity |
The following is a summary of the Company’s stock option activity during the year ended December 31, 2022:
|
|
|
Number of
Options
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Life In
Years
|
|
|
Intrinsic
Value
|
|
|
Outstanding at January 1, 2022
|
|
|
525,006
|
|
|
$
|
5.77
|
|
|
|
0.7
|
|
|
$
|
—
|
|
|
Granted
|
|
|
300,000
|
|
|
|
1.27
|
|
|
|
—
|
|
|
|
—
|
|
|
Exercised
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Forfeited
|
|
|
(524,744
|
)
|
|
|
5.77
|
|
|
|
—
|
|
|
|
—
|
|
|
Outstanding at December 31, 2022
|
|
|
300,262
|
|
|
$
|
1.27
|
|
|
|
8.9
|
|
|
$
|
—
|
|
|
Exercisable at December 31, 2022
|
|
|
262
|
|
|
$
|
2.49
|
|
|
|
1.0
|
|
|
$
|
—
|
|
|
| Schedule of Restricted Stock Units Activity |
A summary of the activity related to RSUs for the year ended December 31, 2022 is presented below:
|
|
|
Total
|
|
|
Weighted
Average Grant
Date Fair Value
|
|
|
Unvested at January 1, 2022
|
|
|
1,709,273
|
|
|
$
|
3.72
|
|
|
RSUs granted
|
|
|
1,937,255
|
|
|
$
|
1.21
|
|
|
RSUs forfeited
|
|
|
(458,476
|
)
|
|
$
|
1.98
|
|
|
RSUs vested
|
|
|
(1,022,920
|
)
|
|
$
|
4.16
|
|
|
Unvested at December 31, 2022
|
|
|
2,165,132
|
|
|
$
|
1.63
|
|
|
| Summary of Activity Related to PSUs |
A summary of the activity related to PSUs for the year ended December 31, 2022 is presented below:
|
|
|
Total
|
|
|
Weighted
Average Grant
Date Fair Value
|
|
|
Unvested at January 1, 2022
|
|
|
—
|
|
|
$
|
—
|
|
|
PSUs granted
|
|
|
187,000
|
|
|
$
|
1.02
|
|
|
PSUs forfeited
|
|
|
(51,425
|
)
|
|
$
|
1.02
|
|
|
PSUs vested
|
|
|
(135,575
|
)
|
|
$
|
1.02
|
|
|
Unvested at December 31, 2022
|
|
|
—
|
|
|
$
|
—
|
|
|
| Summary of Stock-based Compensation Costs Recognized |
The following tables summarize total stock-based compensation costs recognized for years ended December 31, 2022 and 2021:
|
|
|
For the Years Ended December 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Options
|
|
$
|
74,771
|
|
|
$
|
284,994
|
|
|
RSUs
|
|
|
2,581,726
|
|
|
|
5,561,698
|
|
|
PSUs
|
|
|
138,287
|
|
|
|
5,831,928
|
|
|
ESPP
|
|
|
124,053
|
|
|
|
252,568
|
|
|
Total
|
|
$
|
2,918,837
|
|
|
$
|
11,931,188
|
|
|
| Summary of Stock-based Compensation Reflected within Statements of Operations |
The total amount of stock-based compensation was reflected within the statements of operations as:
|
|
|
For the Years Ended December 31,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Research and development
|
|
$
|
1,134,106
|
|
|
$
|
6,582,873
|
|
|
Sales and marketing
|
|
|
448,347
|
|
|
|
3,099,232
|
|
|
General and administrative
|
|
|
1,083,775
|
|
|
|
1,964,089
|
|
|
Severance expense
|
|
|
252,609
|
|
|
|
284,994
|
|
|
Total
|
|
$
|
2,918,837
|
|
|
$
|
11,931,188
|
|
|
| Employee Stock Purchase Plan [Member] |
|
| Summary of Fair Values of Stock Options Granted |
The fair values of the purchase options granted were estimated using the following assumptions:
|
|
For the Year Ended
December 31, 2022
|
|
Stock price range
|
$
|
0.96 – 1.25
|
|
|
Dividend yield
|
|
0
|
%
|
|
Expected volatility range
|
|
61 – 68
|
%
|
|
Risk-free interest rate range
|
|
0.06 – 2.52
|
%
|
|
Expected life
|
|
6 months
|
|
|
|
|
|
|
|
|
For the Year Ended
December 31, 2021
|
|
Stock price range
|
$
|
1.80 – 2.78
|
|
|
Dividend yield
|
|
0
|
%
|
|
Expected volatility range
|
|
95 – 143
|
%
|
|
Risk-free interest rate range
|
|
0.05 – 0.09
|
%
|
|
Expected life
|
|
6 months
|
|
|
|
|
|
|
|