STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| stock-based compensation |
The per share weighted average fair value of stock options granted during
the nine months ended September 30, 2021 and September 30, 2020 was $2.93 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 nine months ended September 30, 2021 and September 30, 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. We have recognized tax
benefits associated with stock-based compensation of $56,102 and $150,566 for the nine months ended September 30, 2021 and 2020, respectively.
| |
|
September 30, |
|
| |
|
2021 |
|
2020 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
0.00% |
|
|
0.00% |
|
| Expected Volatility |
|
|
74.01 – 76.77% |
|
|
62.11 – 62.18% |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
10 |
|
|
10 |
|
| Risk-free rate |
|
|
1.20 – 1.62% |
|
|
0.63 – 0.64% |
|
|
| The following table summarizes the status of the Plan with respect to time based stock options: |
The following table summarizes the status of the Plan with respect to time
based stock options:
| |
|
Nine Months Ended September 30, |
|
| |
|
2021 |
|
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 |
|
1,650,000 |
|
$ |
3.75 |
|
360,000 |
|
$ |
9.54 |
|
| Exercised |
|
1,000,000 |
|
$ |
1.23 |
|
747,006 |
|
$ |
0.65 |
|
| Forfeited |
|
187,494 |
|
$ |
3.36 |
|
200,000 |
|
$ |
2.09 |
|
| Outstanding at September 30 |
|
3,385,000 |
|
$ |
3.39 |
|
3,059,994 |
|
$ |
2.40 |
|
| Options exercisable at September 30 |
|
1,005,625 |
|
$ |
2.65 |
|
1,009,629 |
|
$ |
1.36 |
|
| Weighted average fair value of options granted during the period |
|
— |
|
$ |
2.93 |
|
— |
|
$ |
6.53 |
|
| Stock-based compensation expense |
|
— |
|
$ |
1,934,935 |
|
— |
|
$ |
572,775 |
|
|
| The following table presents information pertaining to options outstanding at September 30, 2021: |
The following table presents information pertaining to options outstanding
at September 30, 2021:
| Range of Exercise Price |
|
Number
Outstanding |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
Number
Exercisable |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $0.50-$9.76 |
|
3,385,000 |
|
7.8 years |
|
$ |
3.39 |
|
1,005,625 |
|
$ |
2.65 |
|
|
| The following table summarizes the status of the Plan with respect to performance-based stock options |
The following table summarizes the status of the Plan with respect to performance-based
stock options:
| |
|
Nine Months Ended September 30, |
|
| |
|
2021 |
|
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 September 30 |
|
— |
|
$ |
— |
|
1,000,000 |
|
$ |
1.70 |
|
| Options exercisable at September 30 |
|
— |
|
$ |
— |
|
333,333 |
|
$ |
1.70 |
|
| Weighted average fair value of options granted during the period |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Stock-based compensation expense |
|
— |
|
$ |
(408,747 |
) |
— |
|
$ |
438,365 |
|
|
| The following table summarizes the activities for our unvested restricted stock awards for the nine months ended September 30, 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 nine months ended September 30, 2021, and 2020.
| |
|
Nine Months Ended September 30, |
|
| |
|
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 September 30 |
|
1,000,000 |
|
$ |
3.01 |
|
— |
|
$ |
— |
|
|