Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Options Activity

Stock options are either “incentive” stock options or “nonqualified” stock options. Incentive stock options have certain tax advantages and must comply with the requirements of Section 422 of the Internal Revenue Code. The table below provides details of the Company's stock options at December 31, 2021.

	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term in Years		Aggregate Intrinsic Value (in ‘000s)
Outstanding, December 31, 2020		—		$	—		—	$	—
Assumed in business combination		406,000			10.19		7.9
Granted		35,500			12.26		7.9
Expired/terminated		(8,000	)		12.00		—
Exercised		(12,000	)		10.00		—
Outstanding, December 31, 2021		421,500		$	10.46		7.9	$	780
Exercisable at period end		145,200		$	10.04		7.5	$	315

Schedule of Valuation Assumptions of Stock Options

The Company determined the expected life of the stock options using a simplified method approach allowed for plain-vanilla share options. The risk-free interest rate is based on the U.S. treasury yield curve in effect as of the grant date. Expected volatility was determined using the calculated value method of an option pricing model that substitutes the historical volatility of an appropriate industry/sector index for the expected volatility.

	December 31,
	2021		2020
Weighted average fair value of options granted	$	1.13	$	0.25
Dividend yield	0.00%		0.00%
Expected volatility	4.36%		4.36%
Risk-free interest rate	0.08%		0.62%
Expected life (in years)		7.0		6.0
Assumed forfeiture rate	8.00%		8.00%

Schedule of Additional Information Related to Stock Option

Additional information related to the stock option plan during each year follows:

	December 31,
	2021		2020
Stock-based compensation expense recognized	$	25	$	-
Number of unvested stock options		276,300		-
Fair value of unvested stock options	$	210	$	-
Amount remaining to be recognized as expense	$	218	$	-