General form of registration statement for all companies including face-amount certificate companies

Equity Compensation Plan (Tables)

v3.22.0.1
Equity Compensation Plan (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Equity [Abstract]    
Stock option activity
                       
    Shares   Weighted-Average Exercise
Price per share		   Weighted-Average Remaining
Contractual Life (years)
             
Balance, January 1, 2021     3,257,410     $ 1.50       9.0  
Options granted     388,246       3.69       9.4  
Options exercised     (45,625 )     1.50       —  
Options converted     —       —       —  
Options forfeited or expired     (1,911,160 )     1.50       —  
Balance, September 30, 2021     1,688,871     $ 2.00       7.5  
Vested shares at September 30, 2021     983,667       1.50       8.1  
                       
    Shares   Weighted-
Average
Exercise
Price per share		   Weighted-Average
Remaining
Contractual Life
(years)
             
Balance, January 1, 2019     —       —       —  
Options granted     590,000     $ 1.50       7.8  
Balance, January 1, 2020     590,000       1.50       7.8  
Options granted (1)     2,937,410       1.50       9.5  
Options exercised     (270,000 )     1.50       —  
Options converted     —       —       —  
Options forfeited or expired     —       —       —  
Balance, December 31, 2020 (1)     3,257,410     $ 1.50       9.1  
Vested shares at December 31, 2020     196,208       1.50       8.9  
Assumptions
               
Risk-free interest rate     1.1 %     1.75 %
Expected term     7.5 years       10 years  
Expected volatility     81 %     78 %
Expected dividends     0       0.00 %
Grant date fair value of common stock   $ 2.45 /share   $ 1.50 /share
       
    2020   2019
Risk-free interest rate   0.62 -1.75%   1.60% to 1.72%
Expected term   10 years   3.5 -5.75 years
Expected volatility   78%   77 – 79%
Expected dividends   0.00%   0.00%
Grant date fair value of common stock   $1.50/share   $1.50/share