| Schedule of Stockholders' Equity Note, Warrants or Rights |
The following is an analysis of changes in the warrant liability for the three months ended March 31, 2022:
|
|
|
|
|
|
| (in thousands) |
Level 3 (Black Scholes) |
| Liability at December 31, 2021 |
$ |
2,706 |
|
| Loss during the three months ended March 31, 2022 |
534 |
|
| Liability at March 31, 2022 |
$ |
3,240 |
|
|
| Summary of Activity of Restricted Stock Units |
The following table summarizes activity of restricted stock units during the three months ended March 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Restricted Stock Units |
|
Weighted Average Grant Date Fair Value |
| Non-vested at December 31, 2021 |
1,783,698 |
|
$ |
14.18 |
|
| Granted |
377,847 |
|
3.34 |
|
| Vested |
(83,750) |
|
13.30 |
|
| Forfeited |
(142,120) |
|
9.04 |
|
| Non-vested at March 31, 2022 |
1,935,675 |
|
$ |
13.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Condition |
|
Service Condition |
|
Market Condition |
|
Restricted Stock Units |
|
Weighted Average Grant Date Fair Value |
|
Restricted Stock Units |
|
Weighted Average Grant Date Fair Value |
|
Restricted Stock Units |
|
Weighted Average Grant Date Fair Value |
| Non-vested at December 31, 2021 |
1,251,698 |
|
|
$ |
15.15 |
|
|
252,000 |
|
|
$ |
15.79 |
|
|
280,000 |
|
|
$ |
8.42 |
|
| Granted |
132,000 |
|
|
5.41 |
|
|
115,847 |
|
|
6.26 |
|
|
130,000 |
|
|
1.84 |
|
| Vested |
(8,750) |
|
|
10.66 |
|
|
(60,000) |
|
|
15.78 |
|
|
(15,000) |
|
|
4.96 |
|
| Forfeited |
(97,120) |
|
|
14.32 |
|
|
— |
|
|
— |
|
|
(45,000) |
|
|
3.34 |
|
| Non-vested at March 31, 2022 |
1,277,828
|
|
|
$ |
14.23
|
|
|
307,847
|
|
|
$ |
14.27
|
|
|
350,000
|
|
|
$ |
7.75
|
|
The input variables for the Black-Scholes are noted in the table below:
|
|
|
|
|
|
|
|
|
|
2022 |
2021 |
| Risk-free interest rate |
2.41
|
% |
1.11 |
% |
| Expected life in years |
3.72 |
4 |
| Expected volatility |
62.1
|
% |
41.8 |
% |
| Expected dividend yield |
—
|
% |
— |
% |
|