EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(K) (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) |
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| Schedule of Stock Options Activity |
A summary of the status of the stock options as of December 31, 2023, 2022, and 2021 and changes during the years ended December 31, 2023, 2022, and 2021 is as follows:
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2023 |
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2022 |
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2021 |
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Options |
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Weighted-
Average
Exercise Price |
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Options |
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Weighted-
Average
Exercise Price |
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Options |
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Weighted-
Average
Exercise Price |
| Outstanding at beginning of year |
265,500 |
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$ |
4.21 |
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365,500 |
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$ |
3.61 |
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465,500 |
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$ |
3.26 |
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Granted |
— |
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— |
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— |
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— |
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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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— |
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— |
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— |
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Expired |
(195,000) |
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2.00 |
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— |
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— |
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— |
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— |
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| Exercised |
— |
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— |
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(100,000) |
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2.00 |
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(100,000) |
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2.00 |
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| Outstanding at end of year |
70,500 |
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$ |
10.33 |
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265,500 |
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$ |
4.21 |
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365,500 |
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$ |
3.61 |
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| Exercisable at end of year |
70,500 |
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$ |
10.33 |
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265,500 |
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$ |
4.21 |
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365,500 |
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$ |
3.61 |
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| Schedule of Stock Options Outstanding |
The following table summarizes information related to the Company’s stock options outstanding as of December 31, 2023:
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Options Outstanding |
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| Exercise price |
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Number
Outstanding |
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Weighted-
Average
Remaining
Contractual Life
(in years) |
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Number
Exercisable |
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| 5.50 |
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5,000 |
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0.21 |
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5,000 |
| 14.54 |
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10,000 |
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1.74 |
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10,000 |
| 8.00 |
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4,500 |
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1.92 |
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4,500 |
| 6.42 |
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15,000 |
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2.34 |
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15,000 |
| 11.75 |
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36,000 |
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2.95 |
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36,000 |
| $ |
10.33 |
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70,500 |
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2.39 |
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70,500 |
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| Schedule of Restricted Stock Shares Activity |
Following is a table reflecting the restricted stock unit grants during 2023, 2022 and 2021:
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| Grant date |
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# of
restricted stock units
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| April 30, 2021 |
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33,950 |
| June 17, 2021 |
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1,162,152 |
| July 6, 2021 |
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11,824 |
| July 12, 2021 |
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4,007 |
| September 1, 2021 |
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10,417 |
| September 8, 2021 |
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3,306 |
| February 9, 2022 |
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1,247,061 |
| April 13, 2022 |
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7,143 |
| May 10, 2022 |
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10,349 |
| June 16, 2022 |
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2,150 |
| July 14, 2022 |
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8,547 |
| August 29, 2022 |
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30,581 |
| September 1, 2022 |
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37,797 |
| September 19, 2022 |
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49,645 |
| February 16, 2023 |
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2,270,842 |
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| Schedule of Restricted Stock Grants |
A summary of the status of restricted stock unit grants and changes during the years ended December 31, 2023, 2022 and 2021 is as follows:
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2023 |
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2022 |
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2021 |
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Restricted stock units |
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Weighted-
Average Grant
Date Fair Value |
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Restricted stock units |
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Weighted-
Average Grant
Date Fair Value |
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Restricted stock units |
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Weighted-
Average Grant
Date Fair Value |
| Outstanding at beginning of year |
2,623,790 |
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$ |
2.29 |
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2,572,596 |
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$ |
1.75 |
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2,132,297 |
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$ |
2.94 |
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| Granted |
2,270,842 |
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2.22 |
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1,393,273 |
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2.83 |
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1,225,656 |
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2.77 |
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| Forfeited or rescinded |
(66,174) |
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2.22 |
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(31,185) |
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2.83 |
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— |
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— |
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| Vested |
(1,680,232) |
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1.99 |
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(1,310,894) |
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1.79 |
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(785,357) |
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1.37 |
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| Outstanding at end of year |
3,148,226 |
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$ |
2.40 |
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2,623,790 |
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$ |
2.29 |
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2,572,596 |
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$ |
1.75 |
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| Performance Stock Units Activity |
A summary of the status of the PSU awards and changes during the years ended December 31, 2023, 2022 and 2021 are as follows:
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2023 |
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2022 |
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2021 |
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Performance
Stock Units |
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Weighted-
Average
Grant Date
Fair Value |
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Performance
Stock Units |
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Weighted-
Average
Grant Date
Fair Value |
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Performance
Stock Units |
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Weighted-
Average
Grant Date
Fair Value |
| Outstanding at beginning of year |
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1,720,432 |
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$ |
3.76 |
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860,216 |
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$ |
3.87 |
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— |
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$ |
— |
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| Granted |
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1,162,162 |
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2.71 |
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860,216 |
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3.65 |
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860,216 |
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3.87 |
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Incremental performance stock units vested |
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309,808 |
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— |
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— |
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— |
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— |
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— |
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| Forfeited or rescinded |
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— |
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— |
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— |
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— |
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— |
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— |
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| Vested |
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(1,170,024) |
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3.66 |
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— |
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— |
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— |
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— |
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| Outstanding at end of year |
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2,022,378 |
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$ |
3.11 |
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1,720,432 |
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$ |
3.76 |
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860,216 |
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$ |
3.87 |
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| Defined Contribution Plan Disclosures |
The following table presents the matching contributions expense recognized for the Company’s 401(k) plan for the years ended December 31, 2023, 2022, and 2021:
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2023 |
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2022 |
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2021 |
| Employer safe harbor match |
$ |
346,268 |
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$ |
284,094 |
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$ |
228,273 |
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