Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.22.2.2
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Option Awards
Following is a summary of stock option activities for the nine months ended September 30, 2022:
Options Weighted
Average
Exercise Price
Weighted
Average
Grant Date
Fair Value
Weighted
Average
Remaining
Life
(years)
Intrinsic
Value
Outstanding – January 1, 2022 8,084,676  $ 0.19  $ 0.21  5.6 $ 69,875 
Granted —  —  — 
Exercised (450,143) 0.18  0.22 
Forfeited —  —  — 
Outstanding – September 30, 2022
 7,634,533  $ 0.19  $ 0.21  4.8 $ 29,335 
Exercisable as of September 30, 2022
 7,634,533  $ 0.19  $ 0.21  4.8 $ 29,335 
For the three months ended September 30, 2022 and 2021, the Company recorded $0 in stock option expense. For the nine months ended September 30, 2022 and 2021, the Company recorded $0 and $765, respectively, in stock option expense. The fair value of stock options is amortized on a straight-line basis over the requisite service periods of the respective awards. As of September 30, 2022, $0 of stock options remain subject to amortization.
Restricted Stock
During the three months ended September 30, 2022, the Company granted an aggregate of 150,118 of the Company's restricted stock units to various employees, officers, directors, consultants, and service providers under the 2021 Equity Incentive Plan. The restricted stock units have various vesting dates, ranging from vesting on the grant date to as late as four years from the date of grant.
Restricted Stock Units
Weighted Average Grant Date
Fair Value
Non-vested – January 1, 2022 2,373,523  $ 8.22 
Granted
 571,031  6.89 
Vested
 (518,957) 8.05 
Forfeited
 (72,580) 8.44 
Non-vested – September 30, 2022
 2,353,017  $ 8.19 
For the three months ended September 30, 2022 and 2021, the Company recorded $1,685 and $3,924 in employee and officers restricted stock compensation expense. For the nine months ended September 30, 2022 and 2021, the Company recorded $5,627 and $7,581 in employee and officers restricted stock compensation expense. As of September 30, 2022, unamortized stock-based compensation costs related to restricted share arrangements was $13,943 and will be recognized over a weighted average period of 2.4 years.
Stock-Based Compensation Expense
Stock-based compensation expense for stock options and restricted stock units in the unaudited interim condensed consolidated statements of operations is summarized as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2022 2021 2022 2021
Software development
 $ 189  $ 325  $ 718  $ 481 
General and administrative
 1,439  3,371  4,657  7,630 
Selling and marketing
 57  228 252  235
Total stock-based compensation expense
 $ 1,685  $ 3,924  $ 5,627  $ 8,346