Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based compensation

Schedule of weighted-average assumptions used in determining fair value of share based awards

The Company determines the fair value of share based awards at the grant date by using the Black-Scholes option-pricing model, and has utilized the “simplified” method, as prescribed by the SEC’s Staff Accounting Bulletin (“SAB”) No.110, Share-Based Payment, to compute expected lives of share based awards with the following weighted-average assumptions:

Years ended
December 31,	2021		2020
Assumptions
Dividend yield	0	%	0	%
Risk free interest rate	0.29%-0.85	%	0.27%-0.29	%
Expected volatility	90%-101	%	101%-103	%
Expected lives	2.5-5 years		2.75-5 years

Schedule of company's stock option plan

A summary of the activity for the Company’s Plans for the indicated periods is presented below:

		Weighted
		Average
Stock Options and Stock Appreciation Rights	Shares	Exercise Price
Outstanding at December 31, 2019	7,042,377	$	1.01
-Cancelled	—	$	—
-Exercised	(1,967,562)	$	0.91
-Granted	254,700	$	1.11
Outstanding at December 31, 2020	5,329,515	$	1.06
-Cancelled	(133,257)	$	2.02
-Exercised	(3,076,489)	$	1.16
-Granted (1)	484,254	$	1.82
Outstanding at December 31, 2021	2,604,023	$	1.03

(1) Options to purchase 463,754 shares were granted in 2021, all of which were vested immediately in 2021. In addition, 20,500 stock appreciation rights were granted in December 2021 with a six- month vesting period.

Schedule of weighted average contractual life and exercise price

The following is the weighted average contractual life in years and the weighted average exercise price at December 31, 2021 and 2020 of:

		Weighted
		Average
		Remaining	Weighted
	Number of	Contractual	Average
December 31, 2021	Options	Life	Exercise Price
Options outstanding and vested	2,583,523	5.85	$	1.00

		Weighted
		Average
		Remaining	Weighted
	Number of	Contractual	Average
December 31, 2020	Options	Life	Exercise Price
Options outstanding	5,329,515	3.55	$	1.06
Options vested	5,261,947	3.54	$	1.05
Options unvested	67,568	4.71	$	1.23

Schedule of intrinsic value

The intrinsic values of options vested and exercised during the years ended December 31, 2021 and 2020 were as follows:

	2021		2020
Intrinsic value of options vested	$	1,481,858	$	393,952
Intrinsic value of options exercised	$	7,088,578	$	843,893