SHARE-BASED PAYMENT (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of Stock Option Activity Plan |
The grant date fair value of the stock options was determined using the Black Scholes model with the following assumptions: | | | | | | | | | | | | | | | | | Nine months ended September 30, 2022 | | Exercise price | | $ | 2.42 | | ~ | $ | 5.69 | | | Expected terms (years) | | 6.00 | | Volatility | | 56.16 | % | ~ | 57.84 | % | | Risk-free interest rate | | 2.79 | % | ~ | 3.02 | % | | Expected dividend yields | | 0.00% | | Weighted average fair value of options granted | | $ | 1.33 | | ~ | $ | 3.19 | |
At the Modification date, the Company used the Monte Carlo valuation model in determining the fair value of the CRSUs with assumptions as follows:
| | | | | | | | | | | | | | | | | Modification Date | | Expected term (years) | | 0.07 | ~ | 2.07 | | Volatility | | 50.93 | % | ~ | 73.89 | % | | Risk-free interest rate | | 1.15 | % | ~ | 3.05 | % | | Expected dividend yields | | 0.00% |
The following assumptions were used for respective period to calculate the fair value of common stock to be issued under TSR awards on the date of grant using the Monte Carlo model: | | | | | | | Nine months ended September 30, 2022 | | Expected term (years) | 2.68 | | Volatility | 59.50 | % | | Risk-free interest rate | 2.72 | % | | Expected dividend yields | 0.00 | % |
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| Schedule of Effective Time Fair Value of the Stock Options was Determined Using the BLM |
Stock options activity for the nine months ended September 30, 2021 and 2022 was as follows (all stock award activity was retroactively restated to reflect the conversion in July 2021): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock options life | | Number of Shares | | Weighted Average Exercise Price
(US$) | | Weighted Average Grant Date
Fair Value (US$) | | Weighted Average Remaining
Contractual Life | | Outstanding as of December 31, 2020 | | 34,737,967 | | | $ | 6.19 | | | $ | 2.92 | | | 9.0 | | Forfeited | | (1,186,220) | | | 6.28 | | | 3.13 | | | | Outstanding as of September 30, 2021 | | 33,551,747 | | | $ | 6.19 | | | $ | 4.95 | | | 8.2 | Expected to vest and exercisable as of September 30, 2021 | | 33,551,747 | | | $ | 6.19 | | | $ | 4.95 | | | 8.2 | | Outstanding as of December 31, 2021 | | 33,503,657 | | | 6.19 | | | 4.95 | | | 7.9 | | Grant | | 2,900,000 | | | 4.81 | | | 2.69 | | | | | Vested | | (11,875,830) | | | 6.20 | | | 5.00 | | | | | Forfeited | | (227,092) | | | 6.28 | | | 4.86 | | | | Outstanding as of September 30, 2022 | | 24,300,735 | | | $ | 6.02 | | | $ | 4.70 | | | 7.0 | Expected to vest and exercisable as of September 30, 2022 | | 24,300,735 | | | $ | 6.02 | | | $ | 4.70 | | | 7.0 |
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| Schedule Non-vested Shares Activity |
CRSUs' activity for the nine months ended September 30, 2021 and 2022 was as follows (all award activity was retroactively restated to reflect the conversion in July 2021): | | | | | | | | | | | | | | | | Number on
Non-Vested
Shares | | Weighted Average Grant
Date Fair Value
per Share (US$) | | | Outstanding as of December 31, 2020 | 23,027,399 | | | $ | 0.93 | | | | Outstanding as of September 30, 2021 | 23,027,399 | | | $ | 8.74 | 1 | | | Outstanding as of December 31, 2021 | 23,027,399 | | | $ | 8.74 | | | | Vested | (9,582,930) | | | $ | 4.37 | | | Outstanding as of September 30, 2022 | 13,444,469 | | | $ | 2.38 | | |
The non-vested shares activity for the nine months ended September 30, 2021 and 2022 was as follows: | | | | | | | | | | | | | | | | | Number of
Non-Vested
Shares | | Weighted
Average Grant
Date Fair Value
Per Share (US$) | | Outstanding as of December 31, 2020 | | — | | | — | | | Grant | | 197,940 | | | 9.60 | | | Vested | | (6,157) | | | 8.52 | | | Outstanding as of September 30, 2021 | | 191,783 | | | 9.63 | | | Outstanding as of December 31, 2021 | | 671,441 | | | 9.08 | | | Grant | | 1,239,854 | | | $ | 4.93 | | | Vested | | (86,996) | | | $ | 6.96 | | | Forfeited | | (58,126) | | | $ | 7.47 | | | Outstanding as of September 30, 2022 | | 1,766,173 | | | $ | 6.33 | |
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| Schedule of Classification of Stock-based Compensation |
The following summarizes the classification of share-based compensation: | | | | | | | | | | | | | Three Months Ended
September 30, 2022 | | Nine Months Ended
September 30, 2022 | | Cost of revenues | $ | 1,964 | | | $ | 5,780 | | | General and administrative expenses | 12,834 | | | 55,528 | | | Research and development expenses | 3,193 | | | 10,981 | | | Selling and marketing expenses | 1,284 | | | 5,533 | | | Construction in process | 139 | | | 403 | | | Total | $ | 19,414 | | | $ | 78,225 | |
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