Quarterly report pursuant to Section 13 or 15(d)

Share-Based Payment and Related Stock Option Plan (Tables)

v3.21.2
Share-Based Payment and Related Stock Option Plan (Tables)
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Share-based Payments to be a Level 3 Fair Value Measurement
The Company has determined its share-based payments to be a Level 3 fair value measurement and has used the Black-Scholes option pricing model to calculate its fair value using the following assumptions:
 
    
September 30, 2020
 
Risk-free interest rate
     
1.58 - 2.47%
 
Expected term (life) of options (in years)
     
2-4
 
Expected dividends
      0%
 
Expected volatility
     
67.9 - 86.3%
 
Summary of Company's Stock Options
The following is a summary of the Company’s stock options as of September 30, 2021 and September 30, 2020 and the stock option activity from December 31, 2020 through September 30, 2021 and December 31, 2019 through September 30, 2020:
 
                                                                                                                 
    
Number of
Options
     
Weighted
Average
Grant Date
Fair Value
per Option
(Amount)
     
Weighted
Average
Exercise
Price
(Amount)
     
Weighted
Average
Remaining
Contractual
Term
(Years)
  
Balance, December 31, 2020
   
 
34,977
 
   
 
191
 
   
$
1,750
 
   
 
7.7
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Granted
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Exercised
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Forfeited
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Expired
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Cancelled
   
 
(34,977
) 
   
 
(191
) 
   
 
(1,750
) 
   
 
(7.7
) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Balance, September 30, 2021
   
 
—  
 
   
$
—  
 
   
$
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
 
                                                                                                                 
    
Number of
Options
     
Weighted
Average
Grant Date
Fair Value
per Option
(Amount)
     
Weighted
Average
Exercise
Price
(Amount)
     
Weighted
Average
Remaining
Contractual
Term
(Years)
  
Balance, December 31, 2019
   
 
32,280
 
   
 
196
 
   
$
1,750
 
   
 
8.4
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Granted
   
 
5,181
 
   
 
167
 
   
 
1,750
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Exercised
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Forfeited
   
 
(2,484
) 
   
 
195
 
   
 
1,750
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Expired
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Balance, September 30, 2020
   
 
34,977
 
   
$
191
 
   
$
1,750
 
   
 
7.9
 
    
 
 
     
 
 
     
 
 
     
 
 
  
 
Summary of Share-based Compensation Expense
The following is a summary of the Company’s share-based compensation expense during the respective three-month and nine-month reporting periods:
 
    
Three months ended
September 30,
     
Nine months ended
September 30,
  
(in ‘000)
   
2021
     
2020
     
2021
     
2020
  
Total share-based compensation expense
    $  3,933      $  315      $  4,564      $  846