EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) |
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| Schedule of Noncash Share-Based Payment Arrangements |
The following table summarizes the Company's share-based compensation, included with General and administrative expense within our Condensed Statements of Operations, incurred for the three months ended March 31, 2024 and 2023.
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Three Months Ended |
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March 31, 2024 |
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March 31, 2023 |
| Share-based compensation |
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$ |
1,723,832 |
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$ |
1,943,696 |
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Compensation expense charged against income for share-based awards during the three months ended March 31, 2024 and 2023 was as follows. These amounts are included in General and administrative expense in the Condensed Statements of Operations.
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Three Months Ended |
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Mar. 31, 2024 |
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Mar. 31, 2023 |
| Share-based compensation |
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$ |
1,723,832 |
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$ |
1,943,696 |
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| Schedule of Stock Options Activity |
A summary of the status of the stock options as of March 31, 2024 and 2023 and changes during the respective three month periods then ended are as follows:
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Options |
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Weighted-
Average
Exercise Price |
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Weighted-Average Remaining Contractual Term |
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Aggregate Intrinsic Value |
| Outstanding, December 31, 2022 |
265,500 |
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$ |
4.21 |
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| Granted |
— |
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— |
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| Forfeited |
— |
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— |
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| Exercised |
— |
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— |
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| Outstanding, March 31, 2023 |
265,500 |
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$ |
4.21 |
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1.39 years |
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$ |
— |
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| Exercisable, March 31, 2023 |
265,500 |
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$ |
4.21 |
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1.39 years |
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| Outstanding, December 31, 2023 |
70,500 |
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$ |
10.33 |
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| Granted |
— |
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— |
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| Forfeited |
— |
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— |
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| Expired |
(5,000) |
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5.50 |
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| Exercised |
— |
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— |
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| Outstanding, March 31, 2024 |
65,500 |
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$ |
10.70 |
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2.31 years |
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$ |
— |
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| Exercisable, March 31, 2024 |
65,500 |
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$ |
10.70 |
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2.31 years |
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| Schedule of Restricted Stock Grants |
A summary of the restricted stock unit activity as of March 31, 2024 and 2023, respectively, and changes during the respective three month periods then ended are as follows:
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Restricted Stock Units |
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Weighted-
Average Grant
Date Fair Value |
| Outstanding, December 31, 2022 |
2,623,790 |
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$ |
2.29 |
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| Granted |
2,270,842 |
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2.22 |
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| Forfeited or rescinded |
(11,712) |
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2.22 |
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| Vested |
(659,479) |
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2.80 |
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| Outstanding, March 31, 2023 |
4,223,441 |
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$ |
2.17 |
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| Outstanding, December 31, 2023 |
3,148,226 |
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$ |
2.40 |
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| Granted |
2,647,970 |
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1.30 |
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| Forfeited or rescinded |
(26,802) |
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1.30 |
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| Vested |
(1,342,112) |
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2.35 |
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| Outstanding, March 31, 2024 |
4,427,282 |
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$ |
1.77 |
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| Performance Stock Units Activity |
A summary of the status of the performance stock unit ("PSU") grants as of March 31, 2024 and 2023, respectively, along with changes during the respective three month periods then ended are as follows:
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Performance Stock Units |
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Weighted-
Average Grant
Date Fair Value |
| Outstanding, December 31, 2022 |
1,720,432 |
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$ |
3.76 |
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| Granted |
1,162,162 |
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2.71 |
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| Forfeited or rescinded |
— |
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— |
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| Vested |
— |
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— |
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| Outstanding, March 31, 2023 |
2,882,594 |
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$ |
3.34 |
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| Outstanding, December 31, 2023 |
2,022,378 |
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$ |
3.11 |
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| Granted |
— |
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— |
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| Forfeited or rescinded |
— |
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— |
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| Vested |
— |
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— |
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| Outstanding, March 31, 2024 |
2,022,378 |
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$ |
3.11 |
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