Share-Based Compensation Expense

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation Expense

Note 11. Share-Based Compensation Expense

Share-based compensation expense for stock options, restricted stock awards and restricted stock units for the three months ended September 30, 2021 and 2020 was $1,194 and $386, respectively, and $2,390 and $663 for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, there was $9,507 of unrecognized compensation cost related to stock options which is expected to be recognized over the remaining vesting periods, with a weighted-average period of 3.3 years.

Stock Options

During the nine months ended September 30, 2021, the Company issued 776,116 options to certain employees and board members that will vest over a period of one to four years.

A summary of stock option award activity for the nine months ended September 30, 2021 was as follows:

Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Outstanding at December 31, 2020		10,975,224		$	0.57		7.6
Granted		776,116			8.56
Exercised		(133,083	)		0.24
Cancelled or forfeited		(559,102	)		0.65
Outstanding at September 30, 2021		11,059,155		$	1.01		6.8
Exercisable at September 30, 2021		7,374,132		$	0.39		6.0

The aggregate intrinsic value of stock options outstanding as of September 31, 2021 was $53,038. The aggregate intrinsic value of stock options exercisable as of September 31, 2021 was $38,998. Cash received from options exercised for the nine months ended September 30, 2021 and 2020 was $32 and

$21, respectively.

Restricted Stock Awards

The fair value of restricted stock awards is estimated by the fair value of the Company’s Common Stock at the date of grant. Restricted stock activity during the nine months ended at September 30, 2021 was as follows:

	Number of Shares		Weighted Average Grant Date Fair Value Per Share
Non-vested, at beginning of period		446,332	$	0.24
Granted		-		-
Vested		-		-
Cancelled or forfeited		-
Non-vested, at end of period		446,332	$	0.24

Restricted Stock Units

During the nine months ended September 30, 2021, the Company issued 476,050 restricted stock units to certain employees and board members that will vest over a period of one to four years.

The fair value of restricted stock unit awards is estimated by the fair value of the Company’s Common Stock at the date of grant. Restricted stock activity during the nine months ended at September 30, 2021 was as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Non-vested, at beginning of period		-		$	-
Granted		476,050			7.08
Vested		-			-
Cancelled or forfeited		(4,319	)		6.49
Non-vested, at end of period		471,731		$	7.08