Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.22.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Stock Option Activity
Stock option activity under all of the Company’s Plans as of and for the year ended December 31, 2021 is summarized below:
Stock Options Weighted-average
Exercise price
per share		 Weighted-average Remaining Contractual Life (in years)
Intrinsic
Value
(in thousands) 
Outstanding at December 31, 2020 1,806,092  $ 7.12 
Granted
 128,399  $ 18.09 
Exercised
 (563,476) $ 2.68 
Forfeited or expired (20,542) $ 19.01 
Outstanding at December 31, 2021 1,350,473  $ 10.10  6.43 $ 8,350 
Exercisable at December 31, 2021 1,059,253  $ 10.05  5.76 $ 7,201 
Vested and expected to vest at December 31, 2021 1,350,473 $ 10.10  6.43 $ 8,350 
Schedule of Non-vested Stock Options
A summary of the status of the Company’s non-vested stock options for the year ended December 31, 2021 is presented below:
Non-vested Stock Options Weighted - Average
Grant
Date Fair Value
Nonvested, December 31, 2020 294,154  $ 2.09 
Granted 128,399  $ 9.48 
Vested (129,291) $ 2.01 
Forfeited or expired (2,042) $ 5.85 
Nonvested, December 31, 2021 291,220  $ 5.38 
Schedule of Restricted Stock Awards Activity
Restricted Stock Award ("RSA") activity as of and for the year ended December 31, 2021 is summarized below:
Restricted Stock Award Weighted - Average
Grant
Date Fair Value
Outstanding, December 31, 2020 347,106  $ 3.66 
Granted 185,932  $ 18.12 
Vested (143,983) $ 4.40 
Forfeited or expired (8,950) $ 5.36 
Outstanding, December 31, 2021 380,105  $ 10.41 
Schedule of Common Stock Warrant Activity
Common stock warrant activity for the year ended December 31, 2021 is as follows:
Shares Weighted - Average
Exercise
Price
Outstanding at January 1, 2020 5,532,267  $ 4.00 
Exercised (2,163,042) 2.36 
Terminated (286,238) 18.31 
Outstanding at December 31, 2020 3,082,987  3.82 
Exercised (2,023,190) 3.31 
Terminated (390,890) 7.78 
Outstanding at December 31, 2021 668,907  $ 2.97 
Information regarding outstanding warrants at December 31, 2021 is as follows (contractual life expressed in years):
Exercise
Price		 Number
Outstanding		 Weighted-Average
Remaining
Contractual Life
Intrinsic Value
(in thousands)(1)
$2.20 632,353  0.41 $ 5,704 
$16.23 36,554  1.46 — 
668,907  0.47 $ 5,704 
(1)    Intrinsic value is calculated as the estimated fair value of the Company’s stock at December 31, 2021 less the warrant exercise price of in-the-money warrants.
Summary of Fair Value Assumptions
The fair value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model utilizing the following weighted average assumptions for options granted during the year ended December 31, 2021 and the following ranges for 2020:
Years Ended December 31,
2021 2020
Risk-free interest rate 0.95%
0.34% - 0.49%
Expected life (in years) 5.86
5.5 to 6.0
Estimated volatility 57.20%
56.05% - 57.00%
Expected dividends None None
Weighted-average grant date fair value $9.48 $2.22
The first offering period under the Purchase Plan commenced in July 2021. The fair value of the first purchase option under the Purchase Plan is estimated at the beginning of the purchase period using the Black-Scholes model utilizing the following assumptions:
2021
Risk-free interest rate 0.05%
Expected life (in years) 0.5
Estimated volatility 57.82%
Expected dividends None
Fair value of purchase right $5.78
Summary of Share-Based Compensation Expense
The Company records share-based compensation expense on a straight-line basis over the related vesting period and recognizes forfeitures as they occur. The following table sets forth share-based compensation expense included in selling, general and administrative expense in the consolidated statements of operations:
Years Ended December 31,
(in thousands)
2021 2020
$2,078 $1,090