Share-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

NOTE 14 SHARE-BASED COMPENSATION

Restricted Stock Awards

A summary of the restricted stock unit (“RSU”) activity during the three months ended March 31, 2022 is presented below:

				Weighted-
				Average
	Number of			Grant Date Value
	RSU’s			Per Share
RSU’s non-vested - January 1, 2022		133,331		$	2.67
Vested		(33,334	)		1.03
RSU’s non-vested - March 31, 2022		99,998		$	2.05

During the three months ended March 31, 2022 and 2021, the Company recognized $78,496 and $349,080, respectively, of share-based compensation expense associated with RSUs. Compensation expense related to RSUs is recorded in general and administrative expense in the condensed consolidated statement of operations. As of March 31, 2022, there was $234,354 of unrecognized stock-based compensation expense related to RSUs that will be recognized over the weighted average remaining vesting period of 0.73 years.

Stock Options

There were no stock options issued during the three months ended March 31, 2022 and 2021.

The following table presents stock option activity for the three months ended March 31, 2022:

	Number of Options			Weighted Average Exercise Price Per Share		Weighted Average Contractual Life in Years		Aggregate Intrinsic Value
								(in thousands)
Outstanding - December 31, 2021		7,040,511		$	2.33
Exercised		(209,741	)		0.15
Cancelled or Expired		(150,000	)		2.75
Outstanding - March 31, 2022		6,680,770		$	2.39		3.14	$	44
Exercisable - March 31, 2022		2,313,770		$	1.80		1.47	$	44

The following table presents information related to stock options as of March 31, 2022:

Options Outstanding			Options Exercisable
			Weighted
	Outstanding		Average		Exercisable
	Number of		Remaining Life		Number of
Exercise Price Per Share	Options		In Years		Options
$ 0.01 - $ 0.50		-		-		-
$ 0.51 - $ 1.00		718,763		3.58		568,763
$ 1.01 - $ 1.50		-		-		-
$ 1.51 - $ 2.00		1,356,671		0.54		1,356,671
$ 2.01 - $ 2.50		-		-		-
$ 2.51 - $ 3.00		4,313,659		3.89		295,001
$ 3.01 - $ 3.50		291,677		3.11		93,335
		6,680,770		1.47		2,313,770

The Company recognized $456,604 and $7,374 of share-based compensation expense related to options for the three months ended March 31, 2022 and 2021, respectively. Compensation expense related to stock options is recorded in general and administrative expense in the condensed consolidated statement of operations. At March 31, 2022, the Company had $2.6 million of unrecognized compensation expense related to options.

Warrants

All warrants are valued utilizing the Black-Scholes pricing model using the assumptions listed below. There were no warrants issued during the three months ended March 31, 2022. The weighted average grant date fair value of all warrants issued during the three months ended March 31, 2021 was $1.60 per share. The following table summarizes the assumptions used to estimate the fair value of warrants granted during the three months ended March 31, 2022 and 2021:

	For the Three Months Ended
	March 31,
	2022		2021
Expected dividend yield		N/A		0%
Expected volatility		N/A		36.96 - 41.55%
Risk-free interest rate		N/A		0.19 - 0.44%
Contractual life of warrants		N/A		2.5 - 5.0 years

The following table represents warrant activity for the three months ended March 31, 2022:

	Number of			Weighted- Average Exercise Price		Weighted- Average Contractual		Aggregate Intrinsic
	Warrants			Per Share		Life in Years		Value
								(in thousands)
Outstanding - December 31, 2021		12,831,593		$	3.73
Forfeited or Expired		(16,670	)		1.50
Outstanding - March 31, 2022		12,814,923		$	3.72		3.93	$	246,967
Exercisable - March 31, 2022		11,674,923		$	3.88		3.87	$	246,967

The following table presents information related to warrants as of March 31, 2022:

Warrants Outstanding			Warrants Exercisable
			Weighted
	Outstanding Number of		Average Remaining Life		Exercisable Number of
Exercise Price Per Share	Warrants		In Years		Warrants
$ 0.01 - $ 1.00		560,192		3.27		560,192
$ 1.01 - $ 2.00		-		-		-
$ 2.01 - $ 3.00		4,556,001		4.18		3,416,001
$ 3.01 - $ 4.00		33,342		3.04		33,342
$ 4.01 - $ 5.00		7,285,290		3.83		7,285,290
$ 5.01 - $ 6.00		380,098		3.85		380,098
		12,814,923		3.87		11,674,923