Share-based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
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| Summary of the Share Options Activities |
A summary of the share options activities for years ended December 31, 2020, 2021 and 2022:
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Outstanding as of December 31, 2019 |
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Granted |
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424,698 |
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1.26 |
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Exercised |
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— |
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— |
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Forfeited |
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— |
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— |
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Cancelled |
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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 as of December 31, 2020 |
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Granted |
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181,750 |
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0.57 |
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Exercised |
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(62,416 |
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0.58 |
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Forfeited |
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(135,700 |
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0.57 |
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Cancelled |
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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 as of December 31, 2021 |
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Granted |
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797,700 |
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0.99 |
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Exercised |
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(53,538 |
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0.58 |
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Forfeited |
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(178,252 |
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0.97 |
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Cancelled |
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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 as of December 31, 2022 |
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Vested and expected to vest as of December 31, 2022 |
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1,376,742 |
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1.03 |
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6.95 |
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20,819 |
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Exercisable as of December 31, 2022 |
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693,544 |
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0.99 |
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6.46 |
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16,855 |
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| Schedule of Information Relating to Options Outstanding and Exercisable |
Information relating to options outstanding and exercisable as of December 31, 2022 is as follows:
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Options outstanding as of December 31, 2022 |
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Options exercisable as of December 31, 2022 |
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Remaining
Contractual
Life |
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Remaining
Contractual
Life |
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208,496 |
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0.58 |
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5.85 |
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208,496 |
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0.58 |
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5.85 |
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16,800 |
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0.53 |
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6.21 |
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15,550 |
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0.53 |
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6.21 |
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849,396 |
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1.26 |
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6.60 |
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424,698 |
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1.26 |
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6.60 |
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102,050 |
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0.57 |
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8.01 |
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44,800 |
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0.57 |
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8.01 |
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200,000 |
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0.79 |
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9.11 |
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| Summary of Assumptions Used in the Valuation Model |
The Company calculated the fair value of the share options on the grant date, for the years ended December 31, 2020, 2021 and 2022, using the Black-Scholes-Merton pricing valuation model. The assumptions used in the valuation model are summarized as follows:
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Expected dividend yield |
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0% |
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0% |
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0% |
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Expected volatility |
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57% |
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70% |
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67% |
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Expected term |
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6.04 |
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5.40 |
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4.17/4.79/6.25 |
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Risk-free interest rate (per annum) |
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0.67% |
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0.90% |
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2.08%/2.78%/1.84% |
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| Options |
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| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
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| Schedule of Compensation Expense Recognized for Non-vested Shares |
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Cost of revenues |
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— |
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62,224 |
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59,874 |
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Research and development |
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— |
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6,944 |
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4,785 |
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Sales and marketing |
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— |
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6,806 |
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35,546 |
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General and administrative |
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316,815 |
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476,435 |
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935,582 |
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Total share-based compensation expense |
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| Non-vested shares |
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| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
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| Schedule of Compensation Expense Recognized for Non-vested Shares |
Compensation expense recognized for non-vested shares for the years ended December 31, 2020, 2021 and 2022 is allocated to the following expense items:
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| Cost of revenues |
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— |
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27,806 |
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29,057 |
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| Research and development |
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74,861 |
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3,692 |
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— |
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| Sales and marketing |
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— |
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11,741 |
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40,655 |
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| General and administrative |
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1,385,107 |
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444,324 |
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354,256 |
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Total share-based compensation expense |
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| Summary of the Non-vested Shares Activities |
A summary of the non-vested shares activities for the year ended December 31, 2020, 2021 and 2022 is presented below:
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Outstanding at December 31, 2019 |
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| Granted |
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— |
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— |
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| Vested |
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(484,678 |
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1.043 |
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| Forfeited |
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(14,370 |
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0.907 |
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| Cancelled |
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— |
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— |
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Outstanding at December 31, 2020 |
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| Granted |
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77,500 |
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1.545 |
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| Vested |
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(419,752 |
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1.112 |
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| Forfeited |
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(61,500 |
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1.545 |
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| Cancelled |
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— |
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— |
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Outstanding at December 31, 2021 |
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| Granted |
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350,500 |
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0.841 |
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| Vested |
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(199,336 |
) |
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0.671 |
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| Forfeited |
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(52,750 |
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0.615 |
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| Cancelled |
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— |
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— |
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Outstanding at December 31, 2022 |
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297,750 |
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0.881 |
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