Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

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,	2022		2021
Assumptions
Dividend yield	0	%	0	%
Risk free interest rate	1.84%-4.27	%	0.29%-0.85	%
Expected volatility	91%-94	%	90%-101	%
Expected lives	1.5-2.75 years		2.5-5 years

Schedule of company's stock option plan

		Weighted
		Average
Stock Options and Stock Appreciation Rights	Shares	Exercise Price
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
-Cancelled	(11,781)	$	3.75
-Exercised	(583,273)	$	1.15
-Granted (2)	381,181	$	4.33
Outstanding at December 31, 2022	2,390,150	$	1.51

(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.

(2)Options to purchase 381,181 shares were granted in 2022, of which options to purchase 40,588 shares vested immediately in 2022 and the remainder vested 50% immediately and 50% one year after the date of the grants.

Schedule of weighted average contractual life in years and the weighted average exercise price

The following is the weighted average contractual life in years and the weighted average exercise price at December 31, 2022 and 2021 of:

		Weighted
		Average
		Remaining	Weighted
	Number of	Contractual	Average
December 31, 2022	Options	Life	Exercise Price
Options outstanding and vested	2,218,799	5.39	$	1.33

		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

Schedule of intrinsic value

The intrinsic values of options vested and exercised during the years ended December 31, 2022 and 2021 were as follows:

	2022		2021
Intrinsic value of options vested	$	1,249,506	$	1,481,858
Intrinsic value of options exercised	$	4,051,422	$	7,088,578