Stock-Based Compensation (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Share-Based Payment Arrangement [Abstract] |
|
|
| Schedule of Fair Value of the Options |
|
The following inputs were used
to calculate the fair value of the options as of the date of each grant:
| |
|
Years ended
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Expected volatility |
|
|
36.7 – 36.9% |
|
|
|
52.5 – 52.9% |
|
| Expected term (years) |
|
|
4.69 – 4.94 |
|
|
|
6.25 |
|
| Risk-free interest rate |
|
|
4.03% – 4.06% |
|
|
|
1.08% – 1.46% |
|
| Expected dividends |
|
|
0.00% |
|
|
|
0.00% |
|
|
| Schedule of Options Outstanding |
The following table summarizes options outstanding, as well as
activity for the periods presented (prior year amounts have been converted using the conversion ratio of 14.2069 applied in the Business
Combination):
| |
|
|
|
|
Weighted |
|
|
Weighted |
|
|
|
|
| |
|
|
|
|
Average |
|
|
Average |
|
|
Aggregate |
|
| |
|
|
|
|
Grant Date |
|
|
Exercise |
|
|
Intrinsic |
|
| |
|
Options |
|
|
Fair Value |
|
|
Price |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2021 |
|
|
3,947,359 |
|
|
$ |
0.91 |
|
|
$ |
1.74 |
|
|
$ |
2,992,895 |
|
| Granted |
|
|
166,931 |
|
|
$ |
1.31 |
|
|
$ |
2.49 |
|
|
|
|
|
| Cancelled |
|
|
(146,331 |
) |
|
$ |
1.15 |
|
|
$ |
2.25 |
|
|
|
|
|
| Outstanding as of June 30, 2022 |
|
|
3,967,959 |
|
|
$ |
0.87 |
|
|
$ |
1.85 |
|
|
$ |
2,577,625 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2022 |
|
|
3,503,601 |
|
|
$ |
1.87 |
|
|
$ |
1.87 |
|
|
$ |
6,554,541 |
|
| Exercised |
|
|
(179,236 |
) |
|
$ |
2.09 |
|
|
$ |
1.91 |
|
|
|
|
|
| Forfeited |
|
|
(42,614 |
) |
|
$ |
1.02 |
|
|
$ |
2.03 |
|
|
|
|
|
| Cancelled |
|
|
(5,408 |
) |
|
$ |
1.94 |
|
|
$ |
1.94 |
|
|
|
|
|
| Outstanding as of June 30, 2023 |
|
|
3,276,343 |
|
|
$ |
1.89 |
|
|
$ |
1.87 |
|
|
$ |
3,673,399 |
|
|
The following table summarizes
options outstanding, as well as activity for the periods presented
| |
|
Shares |
|
|
Weighted
Average
Grant Date
Fair Value |
|
|
Weighted
Average
Exercise
Price |
|
|
Aggregate
Intrinsic
Value |
|
| Outstanding as of December 31, 2020 |
|
|
2,345,559 |
|
|
$ |
0.77 |
|
|
$ |
1.59 |
|
|
$ |
779,457 |
|
| Granted |
|
|
1,726,488 |
|
|
$ |
1.10 |
|
|
$ |
1.94 |
|
|
|
|
|
| Exercised |
|
|
(31,255 |
) |
|
$ |
0.47 |
|
|
$ |
1.13 |
|
|
|
|
|
| Cancelled |
|
|
(91,634 |
) |
|
$ |
0.78 |
|
|
$ |
1.88 |
|
|
|
|
|
| Outstanding as of December 31, 2021 |
|
|
3,949,158 |
|
|
$ |
0.91 |
|
|
$ |
1.74 |
|
|
$ |
2,992,895 |
|
| Granted |
|
|
166,927 |
|
|
$ |
1.31 |
|
|
$ |
2.50 |
|
|
|
|
|
| Cancelled |
|
|
(609,901 |
) |
|
$ |
0.83 |
|
|
$ |
1.83 |
|
|
|
|
|
| Outstanding as of December 31, 2022 |
|
|
3,506,184 |
|
|
$ |
1.87 |
|
|
$ |
1.87 |
|
|
$ |
6,554,541 |
|
|
| Schedule of Outstanding and Exercisable Options |
|
The following tabulation summarizes
certain information related to outstanding and exercisable options at December 31, 2022:
| |
|
|
Options Outstanding |
|
|
Options Exercisable |
|
| Range of Exercise Prices |
|
|
As of
December 31,
2022 |
|
|
Weighted
Average
Remaining
Contractual
Life In
Years |
|
|
Weighted
Average
Exercise
Price |
|
|
As of
December 31,
2022 |
|
|
Weighted
Average
Exercise
Price |
|
| $ |
0.63 |
|
|
$ |
0.70 |
|
|
|
284,137 |
|
|
|
3.02 |
|
|
$ |
0.65 |
|
|
|
284,137 |
|
|
$ |
0.65 |
|
| $ |
1.13 |
|
|
$ |
1.46 |
|
|
|
473,796 |
|
|
|
6.01 |
|
|
$ |
1.29 |
|
|
|
370,618 |
|
|
$ |
1.25 |
|
| $ |
1.94 |
|
|
$ |
2.50 |
|
|
|
2,748,251 |
|
|
|
7.61 |
|
|
$ |
2.10 |
|
|
|
1,444,609 |
|
|
$ |
2.03 |
|
| $ |
0.63 |
|
|
$ |
2.50 |
|
|
|
3,506,184 |
|
|
|
7.02 |
|
|
$ |
1.87 |
|
|
|
2,099,364 |
|
|
$ |
1.70 |
|
|
| Schedule of Restricted and Performance Stock Unit Activity |
The following is a summary of our RSU and PRSU activity for the
first six months of 2023:
| |
|
|
|
|
Weighted |
|
|
|
|
| |
|
|
|
|
Average |
|
|
Aggregate |
|
| |
|
|
|
|
Grant Date |
|
|
Intrinsic |
|
| |
|
Shares |
|
|
Fair Value |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2022 |
|
|
3,134,677 |
|
|
$ |
4.73 |
|
|
|
|
|
| Awarded |
|
|
246,123 |
|
|
$ |
2.76 |
|
|
|
|
|
| Released |
|
|
(298,531 |
) |
|
$ |
4.26 |
|
|
|
|
|
| Forfeited |
|
|
(72,636 |
) |
|
$ |
4.73 |
|
|
|
|
|
| Outstanding as of June 30, 2023 |
|
|
3,009,633 |
|
|
$ |
4.61 |
|
|
$ |
8,953,659 |
|
|
The following is a summary
of our restricted and performance stock unit activity for 2022:
| |
|
Shares |
|
|
Weighted
Average
Grant Date
Fair Value |
|
|
Aggregate
Intrinsic
Value |
|
| Outstanding as of December 31, 2021 |
|
|
— |
|
|
$ |
0.00 |
|
|
|
|
|
| Awarded |
|
|
3,149,800 |
|
|
$ |
4.73 |
|
|
|
|
|
| Forfeited |
|
|
(15,123 |
) |
|
$ |
4.73 |
|
|
|
|
|
| Outstanding as of December 31, 2022 |
|
|
3,134,677 |
|
|
$ |
4.73 |
|
|
$ |
11,723,692 |
|
|