Share-Based Compensation Expense (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Compensation Expense [Abstract] |
|
Schedule of Share-Based Compensation Expenses |
Share-based compensation expenses are
summarized as follows:
| |
Three months ended
September 30 | | |
Nine months ended September 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Restricted stock units | |
$ | 2,025,557 | | |
$ | 171,681 | | |
$ | 6,231,103 | | |
$ | 171,681 | |
Stock options | |
| 1,237,565 | | |
| 16,986 | | |
| 2,693,771 | | |
| 50,958 | |
Rights to contingent consideration | |
| 1,058,030 | | |
| - | | |
| 1,566,163 | | |
| - | |
| |
$ | 4,321,152 | | |
$ | 188,667 | | |
$ | 10,491,037 | | |
$ | 222,639 | |
|
Schedule of Restricted Stock Units and Stock Option Transactions |
The following table reflects the continuity
of restricted stock units (“RSUs”) transactions:
| |
Nine months ended
September 30, 2023 | |
| |
Number | | |
Weighted
Average
Grant Date
Fair Value | |
Outstanding, beginning of year | |
| 1,548,098 | | |
$ | 11.62 | |
Granted | |
| 634,341 | | |
| 8.59 | |
Vested | |
| (536,113 | ) | |
| 11.23 | |
Forfeited | |
| (8,033 | ) | |
| 9.03 | |
Outstanding, end of period | |
| 1,638,293 | | |
$ | 10.59 | |
| |
Nine months ended September 30, 2023 | |
| |
Service Conditions | | |
Performance Conditions | |
| |
Number | | |
Weighted
Average Exercise Price | | |
Number | | |
Weighted
Average Exercise Price | |
Outstanding, beginning of year | |
| 58,607,457 | | |
$ | 0.22 | | |
| - | | |
$ | - | |
Granted | |
| 1,452,937 | | |
| 9.41 | | |
| 358,249 | | |
| 9.42 | |
Forfeited | |
| (36,949 | ) | |
| 9.45 | | |
| - | | |
| - | |
Outstanding, end of period | |
| 60,023,445 | | |
$ | 0.43 | | |
| 358,249 | | |
$ | 9.42 | |
| |
| | | |
| | | |
| | | |
| | |
Vested and exercisable | |
| 57,874,192 | | |
$ | 0.10 | | |
| - | | |
$ | - | |
|
Schedule of Weighted Average Fair Value of the Outstanding Options |
The fair value of the options was determined using either a Black-Scholes
option pricing model or a Monte Carlo simulation methodology that included simulating the stock price using a risk-neutral Geometric Brownian
Motion-based pricing model. The following assumptions were made:
Share price | |
$7.16-$10.36 |
Exercise price | |
$7.16-$10.36 |
Risk-free interest rate | |
3.42%-4.24% |
Volatility | |
95%-97% |
Expected life | |
10 years |
Dividend rate | |
0.00% |
|
Schedule of Fair Value of New Award on the Acquisition Date and the Amount Allocated to Consideration |
The difference between the fair value of the new award on the acquisition date and the amount allocated to consideration
is post-combination expense, as laid out below:
| |
Fair value | |
Allocated to consideration | |
$ | 15,578 | |
Allocated to post-combination services | |
| 5,941,563 | |
Total fair value of rights | |
$ | 5,957,141 | |
|
Schedule of Portion of the Fair Value Allocated to Post-Combination Service |
The portion
of the fair value allocated to post-combination services will be recognized in the consolidated statement of operations over the remaining
service period.
| |
Service
Conditions | | |
Performance
Conditions | |
Outstanding, beginning of year | |
| - | | |
| - | |
Granted | |
| 351,063 | | |
| 245,248 | |
Forfeited | |
| - | | |
| - | |
Outstanding, end of period | |
| 351,063 | | |
| 245,248 | |
|