Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION (Tables)

v3.22.2
SHARE-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
The following table summarizes the Company's share-based compensation expense for each of its awards, included in the Consolidated Statements of Operations for the three and six months ended June 30, 2022.

Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Share-based compensation award type:
Stock Options 85  365  270  721 
RSUs 1,063  2,958  1,378  4,152 
Total Shared Based Compensation Expense $ 1,148  $ 3,323  1,648  4,873 
Schedule of Share-based Payment Arrangement, Option, Activity
The following table is a summary of options activity for the Company’s equity incentive plans for the six months ended June 30, 2022:
Stock Options
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate Intrinsic Value
Balance as at December 31, 2021 784,193  $ 5.91  3.68 $  
Granted 23,114  $ 2.16  9.55 — 
Exercised (158,882) $ 0.24  —  $ 130 
Forfeited (48,579) $ 10.00  —  — 
Expired (101,048) $ 6.28  —  — 
Balance as of June 30, 2022 498,798  $ 6.70  2.83 $  
Vested and expected to vest as of June 30, 2022 488,265  $ 6.61  2.76 $  
Vested and exercisable as of June 30, 2022 367,724  $ 6.27  2.11 $  
Schedule of Unvested Restricted Stock Units Roll Forward
The following table summarizes the changes in the Company’s time-based restricted share unit activity during the six months ended June 30, 2022:

Restricted Share Units
Weighted-Average
Grant Date Fair Value
Non-vested as of December 31, 2021 502,701  $ 10.93 
Granted 2,004,324  2.53 
Vested (252,083) 9.27 
Canceled/forfeited (637,177) 3.43 
Non-vested as of June 30, 2022
1,617,765  $ 3.74 
The following table summarizes the changes in the Company’s market-based restricted share unit activity during the six months ended June 30, 2022:
Restricted Share Units
Weighted-Average
Grant Date Fair Value
Non-vested as of December 31, 2021 1,073,331  $ 12.94 
Granted —  — 
Vested (35,268) 13.91 
Canceled/forfeited (285,539) 12.77 
Non-vested as of June 30, 2022 752,524  $ 12.96 
Fair Value Measurement Inputs and Valuation Techniques
The Company determined the fair value of its private warrants using the Monte Carlo simulation model. The following assumptions were used to determine the fair value of the Private Warrants as of June 30, 2022 and December 31, 2021:
As of
June 30,
2022
December 31,
2021
Risk-free interest rate
2.99%
1.11%
Expected volatility
80%
60%
Share Price
$0.98
$3.10
Exercise Price
$11.50
$11.50
Expiration date December 18, 2025 December 18, 2025
The following table presents the weighted-average assumptions used in the Monte Carlo simulation model to determine the fair value of the market-based restricted share units granted in the six months ended June 30, 2022:

Weighted Average Assumptions
Grant date share price $ 2.53 
Risk-free interest rate 1.6  %
Expected dividend yield 0.0  %
Expected volatility 75  %
Expected life (in years)
2.54 - 2.36