Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.22.2
STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF STOCK OPTIONS ACTIVITY

The following table summarizes the activity relating to the Company’s market based stock options that were granted to certain executives for the six-month period ended June 30, 2022:

 

    Options     Weighted-
Average
Exercise Price
    Weighted-
Average
Remaining
Contractual
Terms
    Aggregate
Intrinsic Value
 
                         
Outstanding at beginning of year     -     $ -                  
Granted     5,065       14.14                  
Exercised     -       -                  
Forfeited or expired     -       -                  
                                 
Outstanding at end of period     5,065     $ 14.14       9.5 years     $ -  
                                 
Exercisable at end of period     -     $ -       -     $ -  

 

The following table summarizes the activity relating to the Company’s stock options, excluding the market-based stock options that were granted to certain executives, for the six-month period ended June 30, 2022:

 

    Options     Weighted-
Average
Exercise Price
    Weighted-
Average
Remaining
Contractual
Terms
    Aggregate
Intrinsic Value
 
                         
Outstanding at beginning of year     3,470     $ 5.91                  
Granted     895       4.08                  
Exercised     -       -                  
Forfeited or expired     (1,504 )     5.94                  
                                 
Outstanding at end of period     2,861     $ 5.32       7.6 years     $ 2  
                                 
Exercisable at end of period     1,144     $ 5.80       6.1 years     $ 2  
SCHEDULE OF FAIR VALUE STOCK OPTION ASSUMPTIONS

The fair value of each option grant on the date of grant is estimated using the Black-Scholes option-pricing model reflecting the following weighted-average assumptions:

 

    2021     2022  
    June 30,  
    2021     2022  
             
Expected volatility     50.2 %     49.4 %
Expected life of options (in years)     7       7  
Risk free interest rate     0.69 %     1.73 %
Dividend yield     0 %     0 %
Weighted-average fair value of options granted during year   $ 3.81     $ 2.04  
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY

The Company grants restricted stock to employees, whereby the employees are contractually restricted from transferring the shares until they are vested. The stock is unvested at the time of grant and, upon vesting, there are no legal restrictions on the stock. The fair value of each share is based on the Company’s closing stock price on the date of the grant. A summary of all non-vested restricted stock for the six-month period ended June 30, 2022 is as follows:

 

   

Number of Non-

Vested Shares

   

Weighted-

Average Grant

Date Fair Value

 
             
Restricted stock, non-vested, beginning of year     629     $ 7.06  
Granted     398       3.99  
Vested     (153 )     7.30  
Forfeited     (144 )     7.09  
                 
Restricted stock, non-vested, end of period     730     $ 5.33  
Restricted Stock Units (RSUs) [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
SCHEDULE OF NON-VESTED RESTRICTED STOCK ACTIVITY

The Company also has granted restricted stock units (RSUs) to employees. The following table summarizes the activity relating to the Company’s restricted stock units for the three-month period ended June 30, 2022:

 

   

Number of

Restricted Stock

Units

   

Weighted-

Average Grant

Date Fair Value

 
             
Restricted stock units, non-vested, beginning of year     36     $ 5.60  
Granted     -       -  
Vested     (31 )     5.60  
Forfeited     -       -  
                 
Restricted stock units, non-vested, end of period     5     $ 5.60