Stock Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Summary of Fair Values of Stock Options Granted |
The fair values of stock options granted during the second quarter of 2022 were estimated using the following assumptions:
|
|
|
Three Months Ended
June 30, 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 nine months ended September 30, 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 September 30, 2022
|
|
|
300,262
|
|
|
$
|
1.27
|
|
|
|
9.2
|
|
|
$
|
–
|
|
|
Exercisable at January 1, 2022
|
|
|
525,006
|
|
|
$
|
5.77
|
|
|
|
0.7
|
|
|
$
|
–
|
|
|
Vested
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Exercised
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Forfeited
|
|
|
(524,744
|
)
|
|
|
5.77
|
|
|
|
–
|
|
|
|
–
|
|
|
Exercisable at September 30, 2022
|
|
|
262
|
|
|
$
|
2.49
|
|
|
|
1.3
|
|
|
$
|
–
|
|
|
| Summary of Activity Related to PSUs |
A summary of the activity related to PSUs for the nine months ended September 30, 2022 is presented below:
|
|
|
Total
|
|
|
Weighted
Average Grant
Date Fair Value
|
|
|
Outstanding at January 1, 2022
|
|
|
–
|
|
|
$
|
–
|
|
|
PSUs granted
|
|
|
187,000
|
|
|
|
1.02
|
|
|
PSUs forfeited
|
|
|
–
|
|
|
|
–
|
|
|
PSUs vested
|
|
|
–
|
|
|
|
–
|
|
|
Outstanding at September 30, 2022
|
|
|
187,000
|
|
|
$
|
1.02
|
|
|
| Schedule of Restricted Stock Units Activity |
A summary of the activity related to RSUs for the nine months ended September 30, 2022 is presented below:
|
|
|
Total
|
|
|
Weighted
Average
Grant
Date Fair
Value
|
|
|
Outstanding at January 1, 2022
|
|
|
1,709,273
|
|
|
$
|
3.72
|
|
|
RSUs granted
|
|
|
1,929,755
|
|
|
|
1.21
|
|
|
RSUs forfeited
|
|
|
(303,281
|
)
|
|
|
2.14
|
|
|
RSUs vested
|
|
|
(861,400
|
)
|
|
|
4.49
|
|
|
Outstanding at September 30, 2022
|
|
|
2,474,347
|
|
|
$
|
1.69
|
|
|
| Summary of Stock-based Compensation Costs Recognized |
The following tables summarize total stock-based compensation costs recognized for the three and nine months ended September 30, 2022 and 2021:
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Stock options
|
|
$
|
21,564
|
|
|
$
|
284,994
|
|
|
$
|
53,207
|
|
|
$
|
284,994
|
|
|
RSUs
|
|
|
586,652
|
|
|
|
1,010,990
|
|
|
|
1,933,301
|
|
|
|
4,571,726
|
|
|
PSUs
|
|
|
67,922
|
|
|
|
843,741
|
|
|
|
67,922
|
|
|
|
3,539,588
|
|
|
ESPP
|
|
|
22,084
|
|
|
|
76,814
|
|
|
|
104,485
|
|
|
|
194,781
|
|
|
Total
|
|
$
|
698,222
|
|
|
$
|
2,216,539
|
|
|
$
|
2,158,915
|
|
|
$
|
8,591,089
|
|
|
| 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:
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Research and development
|
|
$
|
273,923
|
|
|
$
|
1,207,415
|
|
|
$
|
922,447
|
|
|
$
|
4,873,925
|
|
|
Sales and marketing
|
|
|
109,702
|
|
|
|
565,367
|
|
|
|
344,478
|
|
|
|
2,046,728
|
|
|
General and administrative
|
|
|
314,597
|
|
|
|
158,763
|
|
|
|
804,328
|
|
|
|
1,385,442
|
|
|
Severance expense
|
|
|
–
|
|
|
|
284,994
|
|
|
|
87,662
|
|
|
|
284,994
|
|
|
Total
|
|
$
|
698,222
|
|
|
$
|
2,216,539
|
|
|
$
|
2,158,915
|
|
|
$
|
8,591,089
|
|
|
| Employee Stock Purchase Plan [Member] |
|
| Summary of Fair Values of Stock Options Granted |
The fair values of ESPP purchase options granted were estimated using the following assumptions:
|
|
|
Nine Months Ended
September 30, 2022
|
|
|
Nine Months Ended
September 30, 2021
|
|
|
Stock price
|
|
$0.96 - $1.25
|
|
|
$1.80 - $2.78
|
|
|
Dividend yield
|
|
|
0
|
%
|
|
|
0
|
%
|
|
Expected volatility
|
|
61% - 68%
|
|
|
95% - 143%
|
|
|
Risk-free interest rate
|
|
0.19% - 2.52%
|
|
|
0.05% - 0.09%
|
|
|
Expected life
|
|
6 months
|
|
|
6 months
|
|
|