STOCKHOLDERS' EQUITY (Tables)
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12 Months Ended |
Dec. 31, 2022 |
STOCKHOLDERS' EQUITY |
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Schedule of stock-based compensation expense related to stock options, restricted stock awards and restricted stock units |
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For the Years Ended |
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December 31, |
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2022 |
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2021 |
Sales and marketing |
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$ |
119,388 |
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$ |
270,460 |
Technology |
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207,280 |
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31,631 |
General and administrative |
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664,819 |
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421,951 |
Total |
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$ |
991,487 |
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$ |
724,042 |
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Summary of the stock-based award activity |
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Weighted Average |
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Grant Date Fair |
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Total Grant Date |
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Number of Shares |
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Value |
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Fair Value |
Non-vested at January 1, 2022 |
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166,489 |
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$ |
5.98 |
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$ |
995,604 |
Granted |
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1,130,095 |
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2.28 |
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2,576,906 |
Vested |
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(167,777) |
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2.23 |
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(373,516) |
Forfeited |
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(117,390) |
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2.83 |
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(331,748) |
Non-vested at December 31, 2022 |
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1,011,417 |
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$ |
2.83 |
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$ |
2,867,246 |
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Summary of stock option activity |
A summary of the Company’s stock option activity during the year ended December 31, 2022 is as follows:
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Weighted Average |
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Number |
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Weighted Average |
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Remaining Term |
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Intrinsic |
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of Options |
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Exercise Price |
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(Years) |
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Value |
Outstanding at January 1,2022 |
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94,447 |
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$ |
11.56 |
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Granted |
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— |
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— |
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Forfeited |
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(57,780) |
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8.19 |
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Exercised |
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— |
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— |
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Outstanding at December 31, 2022 |
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36,667 |
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$ |
16.87 |
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7.5 |
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$ |
— |
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Exercisable at December 31, 2022 |
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22,892 |
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$ |
19.69 |
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7.4 |
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$ |
— |
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Summary of stock option exercise price |
The following table presents information related to stock options as of December 31, 2022:
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Options Outstanding |
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Options Exercisable |
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Weighted |
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Outstanding |
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Average |
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Exercisable |
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Number of |
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Remaining Life |
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Number of |
Exercise Price |
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Options |
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In Years |
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Options |
$ |
2.81 |
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20,000 |
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7.9 |
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10,400 |
$ |
33.75 |
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16,667 |
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7.0 |
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12,492 |
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36,667 |
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7.4 |
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22,892 |
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Summary of stock warrants |
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Weighted |
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Weighted |
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Average |
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Average |
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Remaining |
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Number of |
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Exercise |
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Life |
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Intrinsic |
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Warrants |
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Price |
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In Years |
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Value |
Outstanding, January 1, 2022 |
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4,753,363 |
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$ |
5.42 |
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Issued |
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— |
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— |
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Exercised |
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— |
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— |
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Expired |
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— |
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— |
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Outstanding, December 31, 2022[1] |
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4,753,363 |
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$ |
5.42 |
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2.5 |
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$ |
— |
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Exercisable, December 31, 2022 |
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4,753,363 |
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$ |
5.35 |
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2.5 |
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$ |
— |
The following table presents information related to stock warrants as of December 31, 2022:
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Warrants Outstanding |
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Warrants Exercisable |
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Weighted |
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Outstanding |
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Average |
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Exercisable |
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Number of |
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Remaining Life |
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Number of |
Exercise Price |
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Warrants |
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In Years |
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Warrants |
$ |
4.20 |
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368,711 |
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1.7 |
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368,711 |
$ |
4.95 |
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177,223 |
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0.3 |
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177,223 |
$ |
5.50 |
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3,998,459 |
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2.7 |
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3,998,459 |
$ |
6.25 |
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32,500 |
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2.6 |
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32,500 |
$ |
6.38 |
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176,470 |
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3.0 |
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176,470 |
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4,753,363 |
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2.5 |
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4,753,363 |
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