STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Schedule of fair value of the stock options granted Black-Scholes option valuation model |
The per share weighted average fair value of stock options granted during
the years ended December 31, 2021, and December 31, 2020 was $2.85 and $6.53, respectively. The fair value of each award is estimated
on the grant date using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the
years ended December 31, 2021, and December 31, 2020. Historical information was the primary basis for the selection of the expected
volatility, expected dividend yield and the expected lives of the options. The risk-free interest rate was selected based upon yields
of the U.S. Treasury issues with a term equal to the expected life of the option being valued. The following table summarizes the
assumptions used in determining fair value. These assumptions are subjective and generally require significant analysis and judgment to
develop. We have recognized tax benefits associated with stock-based compensation of $175,257 and
$62,393 for the years ended December 31, 2021 and 2020, respectively.
Schedule of fair value of the stock options granted Black-Scholes option valuation model
| |
|
December 31, 2021 |
|
December 31, 2020 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
0.00% |
|
|
0.00% |
|
| Expected volatility |
|
|
74.01 – 77.91% |
|
|
62.11 - 62.18% |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
10 Years |
|
|
10 Years |
|
| Risk-free rate |
|
|
1.20-1.62% |
|
|
0.63 - 0.64% |
|
|
| Schedule of stock option plan |
The following table summarizes the status of the Company’s stock
option plan:
Schedule of stock option plan
| |
|
December 31, 2021 |
|
December 31, 2020 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding at January 1 |
|
|
2,922,494 |
|
$ |
2.46 |
|
|
3,647,000 |
|
$ |
1.32 |
|
| Granted |
|
|
2,000,000 |
|
$ |
3.64 |
|
|
360,000 |
|
$ |
9.54 |
|
| Exercised |
|
|
1,062,500 |
|
$ |
1.19 |
|
|
884,506 |
|
$ |
0.71 |
|
| Forfeited |
|
|
187,494 |
|
$ |
3.36 |
|
|
200,000 |
|
$ |
2.09 |
|
| Outstanding at year end |
|
|
3,672,500 |
|
$ |
3.42 |
|
|
2,922,494 |
|
$ |
2.46 |
|
| Options exercisable |
|
|
983,750 |
|
$ |
2.73 |
|
|
906,244 |
|
$ |
1.40 |
|
| Weighted average fair value of options granted during the period |
|
|
— |
|
$ |
2.85 |
|
|
— |
|
$ |
6.53 |
|
| Stock-based compensation expense |
|
|
— |
|
$ |
2,457,788 |
|
|
— |
|
$ |
874,869 |
|
|
| Schedule of information pertaining to options outstanding |
The following table presents information pertaining to options outstanding
as of December 31, 2021:
Schedule of information pertaining to options outstanding
| Range of Exercise Price |
|
Number
Outstanding |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
Number
Exercisable |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $1.57 - $9.76 |
|
3,672,500 |
|
8.5 years |
|
$ |
3.42 |
|
983,750 |
|
$ |
2.73 |
|
|
| Schedule of performance base options outstanding |
The following table summarizes the status of the 2015 Plan with respect
to performance-based stock options as of December 31, 2021:
Schedule of performance base options outstanding
| |
|
December 31, 2021 |
|
|
December 31, 2020 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
| Outstanding at January 1 |
|
1,000,000 |
|
$ |
1.70 |
|
|
|
1,000,000 |
|
$ |
1.70 |
|
| Granted |
|
— |
|
$ |
— |
|
|
|
— |
|
$ |
— |
|
| Exercised |
|
— |
|
$ |
— |
|
|
|
— |
|
$ |
— |
|
| Forfeited |
|
1,000,000 |
|
$ |
1.70 |
|
|
|
— |
|
$ |
— |
|
| Outstanding at year end |
|
— |
|
$ |
— |
|
|
|
1,000,000 |
|
$ |
1.70 |
|
| Options exercisable |
|
— |
|
$ |
— |
|
|
|
333,333 |
|
$ |
1.70 |
|
| Weighted average fair value of options granted during the period |
|
— |
|
$ |
— |
|
|
|
— |
|
$ |
— |
|
| Stock-based compensation expense |
|
— |
|
$ |
(408,747 |
) |
|
|
— |
|
$ |
502,904 |
|
|
| The following table summarizes the activities for our unvested restricted stock awards for the twelve months ended December 31, 2021, and 2020. |
On April 12, 2021, pursuant to an employment agreement entered into on
March 15, 2021, with Linda Tharby, the Company’s President and Chief Executive Officer and as an inducement to her employment, the
Company issued three restricted stock awards for an aggregate 1,000,000 shares of common stock for an aggregate stock price of $3,310,000
and each vesting subject to employment on the respective vesting date. The following table summarizes the activities for our unvested
restricted stock awards for the twelve months ended December 31, 2021, and 2020.
| |
|
Twelve Months Ended December 31, |
|
| |
|
2021 |
|
2020 |
|
| |
|
Shares |
|
Weighted
Average
Grant-Date Fair Value |
|
Shares |
|
Weighted
Average
Grant-Date Fair Value |
|
| |
|
|
|
|
|
|
|
|
|
| Unvested at January 1 |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Granted |
|
1,000,000 |
|
$ |
3.01 |
|
— |
|
$ |
— |
|
| Vested |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Forfeited/canceled |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Unvested at December 31 |
|
1,000,000 |
|
$ |
3.01 |
|
— |
|
$ |
— |
|
|