Share-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

NOTE 16 SHARE-BASED COMPENSATION

Restricted Stock Awards

A summary of the restricted stock unit (“RSU”) activity during the six months ended June 30, 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 - June 30, 2022		99,998		$	2.05

During the three and six months ended June 30, 2022, the Company recognized $78,496 and $156,996, respectively, of share-based compensation expense associated with RSUs. During the three and six months ended June 30, 2021, the Company recognized $180,993 and $530,073, 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 June 30, 2022, there was $114,834 of unrecognized stock-based compensation expense related to RSUs that will be recognized over the weighted average remaining vesting period of 0.48 years.

Stock Options

There were no stock options issued during the three and six months ended June 30, 2022. The following table summarizes the assumptions used to estimate the fair value of options granted during the six months ended June 30, 2021.

	For the Six Months Ended
	June 30,
	2022		2021
Expected dividend yield		N/A		0.00	%
Expected volatility		N/A		46.50 - 53.02	%
Risk-free interest rate		N/A		0.48 - 0.89	%
Expected life of options		N/A		3.00 - 5.00 years

The following table presents stock option activity for the six months ended June 30, 2022:

				Weighted		Weighted
				Average		Average
				Exercise		Contractual		Aggregate
	Number of Options			Price Per Share		Life in Years		Intrinsic Value
Outstanding - December 31, 2021		7,040,511		$	2.33
Exercised		(209,741	)		0.15
Cancelled or Expired		(496,667	)		2.27
Outstanding - June 30, 2022		6,334,103		$	2.41		2.89		-
Exercisable - June 30, 2022		2,801,270		$	1.96		1.79		-

The following table presents information related to stock options as of June 30, 2022:

Options Outstanding				Options Exercisable
				Weighted
Exercise		Outstanding		Average		Exercisable
Price		Number of		Remaining Life		Number of
Per Share		Options		In Years		Options
	$ 0.01 - $ 0.50		-		-		-
	$ 0.51 - $ 1.00		568,763		3.02		568,763
	$ 1.01 - $ 1.50		-		-		-
	$ 1.51 - $ 2.00		1,356,671		0.30		1,356,671
	$ 2.01 - $ 2.50		-		-		-
	$ 2.51 - $ 3.00		4,116,992		3.60		782,501
	$ 3.01 - $ 3.50		291,677		0.96		93,335
			6,334,103		1.79		2,801,270

The Company recognized $321,248 and $777,852 of share-based compensation expense related to options for the three and six months ended June 30, 2022, respectively, compared to $344,638 and $352,012 of share-based compensation expense related to options for the three and six months ended June 30, 2021, respectively. Compensation expense related to stock options is recorded in general and administrative expense in the condensed consolidated statement of operations. At June 30, 2022, the Company had $465,322 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 and six months ended June 30, 2022. The weighted average grant date fair value of all warrants issued during the six months ended June 30, 2021 was $1.39 per share.

The following tables summarize the assumptions used to estimate the fair value of warrants granted during the six months ended June 30, 2022 and 2021: 

	For the Six Months Ended
	June 30,
	2022		2021
Expected dividend yield		N/A		0	%
Expected volatility		N/A		39.94 - 46.33	%
Risk-free interest rate		N/A		0.42- 0.81	%
Contractual life of warrants		N/A		5.0 years

The following table presents activity for the six months ended June 30, 2022:

				Weighted-
				Average		Weighted-
	Number of Warrants			Exercise Price Per Share		Average Contractual Life in Years
Outstanding - December 31, 2021		12,831,593		$	3.72
Forfeited or Expired		(16,670	)		1.50
Outstanding - June 30, 2022		12,814,923		$	3.72		3.63
Exercisable - June 30, 2022		12,814,923		$	3.72		3.63

The following table presents information related to warrants as of June 30, 2022:

Warrants Outstanding				Warrants Exercisable
				Weighted
Exercise		Outstanding		Average		Exercisable
Price		Number of		Remaining Life		Number of
Per Share		Warrants		In Years		Warrants
	$ 0.01 - $ 1.00		560,192		3.02		560,192
	$ 1.01 - $ 2.00		-		-		-
	$ 2.01 - $ 3.00		4,556,001		3.81		4,556,001
	$ 3.01 - $ 4.00		33,342		2.79		33,342
	$ 4.01 - $ 5.00		7,285,290		3.58		7,285,290
	$ 5.01 - $ 6.00		380,098		3.60		380,098
			12,814,923		3.63		12,814,923