SHARE-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount |
The following table summarizes the Company's share-based compensation expense for each of its awards, included in the Consolidated Statement of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
December 31,
2021 |
|
December 31,
2020 |
|
|
|
|
| Share-based compensation award type: |
|
|
|
| Stock Options |
1,293 |
|
|
1,366 |
|
| RSUs |
10,158 |
|
|
286 |
|
| Total Shared Based Compensation Expense |
11,451
|
|
|
1,652 |
|
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The following table presents the weighted average assumptions used in the Black-Scholes Merton option pricing model to determine the fair value options granted during the periods presented:
|
|
|
|
|
|
|
|
|
|
Weighted Average Assumptions |
|
December 31, 2021 |
December 31, 2020 |
| Risk-free interest rate |
0.78% - 1.09% |
0.22% - 0.41% |
| Expected dividend yield |
0.0% |
0.0% |
| Expected volatility |
75% to 90% |
85% to 90% |
| Expected life (in years) |
5.00 - 6.25 |
0.14 - 5.00 |
|
| Schedule of Share-based Payment Arrangement, Option, Activity |
The following table summarizes the Company’s stock option activity during the twelve months ended December 31, 2021 and 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Options |
|
Weighted-Average
Exercise Price
|
|
Weighted-Average
Remaining
Contractual
Term (Years)
|
|
Aggregate Intrinsic Value |
| Balance as at December 31, 2019 |
1,195,544
|
|
|
$ |
14.18
|
|
|
3.21 |
|
$ |
3,194
|
|
| Granted |
121,291 |
|
|
$ |
6.71 |
|
|
3.64 |
|
$ |
— |
|
| Exercised |
(88,706) |
|
|
$ |
0.24 |
|
|
—
|
|
|
$ |
705 |
|
| Forfeited |
(331,241) |
|
|
$ |
11.86 |
|
|
—
|
|
|
$ |
— |
|
| Balance as at December 31, 2020 |
896,888
|
|
|
$ |
5.22
|
|
|
3.96 |
|
$ |
2,889
|
|
| Granted |
64,736 |
|
|
$ |
13.81 |
|
|
9.23 |
|
|
| Exercised |
(40,942) |
|
|
$ |
0.24 |
|
|
— |
|
|
$ |
434 |
|
| Forfeited |
(46,830) |
|
|
$ |
10.65 |
|
|
— |
|
|
$ |
— |
|
| Expired |
(89,659) |
|
|
$ |
9.43 |
|
|
— |
|
|
$ |
— |
|
| Balance as at December 31, 2021 |
784,193
|
|
|
$ |
5.91
|
|
|
3.68 |
|
$ |
—
|
|
| Vested and expected to vest as at December 31, 2021 |
772,912
|
|
|
$ |
5.85
|
|
|
3.69 |
|
$ |
—
|
|
| Vested and exercisable as at December 31, 2021 |
496,830
|
|
|
$ |
5.83
|
|
|
3.61 |
|
$ |
—
|
|
|
| Fair Value Measurement Inputs and Valuation Techniques |
The following assumptions were used to determine the fair value of the Private Warrants as of December 31, 2021 and December 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
December 31,
2021 |
|
December 31,
2020 |
| Risk-free interest rate |
1.11 |
% |
|
0.43 |
% |
| Expected volatility |
60 |
% |
|
60 |
% |
| Share Price |
$ |
3.10 |
|
|
$ |
8.90 |
|
| Exercise Price |
$ |
11.50 |
|
|
$ |
11.50 |
|
| Expiration date |
December 18, 2025 |
|
December 18, 2025 |
•The risk-free interest rate assumptions are based on U.S. dollar zero curve derived from swap rates at the valuation date, with a term to maturity matching the remaining term of warrants.
•The expected volatility assumptions are based on average of historical volatility based on comparable industry volatilities of public warrants.
The following table represents the weighted-average assumptions used in the Monte Carlo simulation model to determine the fair value of the market-based restricted share units granted during the twelve months ended December 31, 2021.
|
|
|
|
|
|
|
|
Weighted Average Assumptions |
|
December 31, 2021 |
|
| Grant date share price |
$13.68 |
|
| Risk-free interest rate |
0.52% |
|
| Expected dividend yield |
0.0% |
|
| Expected volatility |
90% |
|
| Expected life (in years) |
1.3 - 3.8 |
|
|
| Schedule of Unvested Restricted Stock Units Roll Forward |
The following table summarizes the changed in the Company’s time-based restricted share unit activity during the twelve months ended December 31, 2021 and 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Share Units |
|
Weighted-Average
Grant Date Fair Value
|
| Unvested as of December 31, 2019 |
— |
|
|
$ |
— |
|
| Granted |
83,715 |
|
|
$ |
3.25 |
|
| Vested |
(2,989) |
|
|
$ |
3.25 |
|
| Canceled/forfeited |
(2,092) |
|
|
$ |
3.25 |
|
| Unvested as of December 31, 2020 |
78,634
|
|
|
$ |
3.25
|
|
| Granted |
592,213 |
|
|
12.61 |
|
| Vested |
(151,000) |
|
|
13.86 |
|
| Canceled/forfeited |
(17,146) |
|
|
7.86 |
|
| Unvested as of December 31, 2021 |
502,701
|
|
|
$ |
10.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Share Units |
|
Weighted-Average
Grant Date Fair Value
|
| Unvested as of December 31, 2020 |
—
|
|
|
$ |
—
|
|
| Granted |
1,256,785 |
|
|
13.06 |
|
| Vested |
(117,895) |
|
|
13.91 |
|
| Canceled/forfeited |
(65,559) |
|
|
13.53 |
|
| Unvested as of December 31, 2021 |
1,073,331
|
|
|
$ |
12.94
|
|
|