Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)

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EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)
 6 Months Ended
Jun. 30, 2024
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)  
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 and six months ended June 30, 2024 and 2023.
Three Months Ended
Six Months Ended
June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Share-based compensation $ 2,077,778  $ 2,260,312  $ 3,801,610  $ 4,204,008 
ompensation expense for share-based awards during the three and six months ended June 30, 2024 and 2023 was as follows. These amounts are included in General and administrative expense in the Condensed Statements of Operations.
Three Months Ended
Six Months Ended
June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Share-based compensation $ 2,077,778  $ 2,260,312  $ 3,801,610  $ 4,204,008 
Schedule of Stock Options Activity
A summary of the status of the stock options as of June 30, 2024 and 2023 and changes during the respective six month periods then ended are as follows:
Options Weighted-
Average
Exercise Price		 Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value
Outstanding, December 31, 2022 265,500 $ 4.21 
Granted — — 
Forfeited — — 
Exercised — — 
Outstanding, March 31, 2023 265,500 $ 4.21  1.39 years $ — 
Exercisable, March 31, 2023 265,500 $ 4.21  1.39 years
Granted — — 
Forfeited — — 
Exercised — — 
Outstanding, June 30, 2023 265,500 $ 4.21  1.14 years $ — 
Exercisable, June 30, 2023 265,500 $ 4.21  1.14 years
Outstanding, December 31, 2023 70,500 $ 10.33 
Granted — — 
Forfeited — — 
Expired (5,000) 5.50 
Exercised — — 
Outstanding, March 31, 2024 65,500 $ 10.70  2.31 years $ — 
Exercisable, March 31, 2024 65,500 $ 10.70  2.31 years
Granted — — 
Forfeited — — 
Expired — —
Exercised — — 
Outstanding, June 30, 2024 65,500 $ 10.70  2.06 years $ — 
Exercisable, June 30, 2024 65,500 $ 10.70  2.06 years
Schedule of Restricted Stock Grants
A summary of the restricted stock unit activity as of June 30, 2024 and 2023, respectively, and changes during the respective six month periods then ended are as follows:
Restricted Stock Units Weighted-
Average Grant
Date Fair Value
Outstanding, December 31, 2022 2,623,790  $ 2.29 
Granted 2,270,842  2.22 
Forfeited or rescinded (11,712) 2.22 
Vested (659,479) 2.80 
Outstanding, March 31, 2023 4,223,441  $ 2.17 
Granted —  — 
Forfeited or rescinded (49,465) 2.22 
Vested (288,709) 2.85 
Outstanding, June 30, 2023 3,885,267 $ 2.12 
Outstanding, December 31, 2023 3,148,226  $ 2.40 
Granted 2,647,970  1.30 
Forfeited or rescinded (26,802) 1.30 
Vested (1,342,112) 2.35 
Outstanding, March 31, 2024 4,427,282  $ 1.77 
Granted 60,000  2.04 
Forfeited or rescinded (66,101) 1.43 
Vested (303,797) 2.74 
Outstanding, June 30, 2024 4,117,384 $ 1.70 
Performance Stock Units Activity
A summary of the status of the performance stock unit ("PSU") grants as of June 30, 2024 and 2023, respectively, along with changes during the respective six month periods then ended are as follows:
Performance Stock Units Weighted-
Average Grant
Date Fair Value
Outstanding, December 31, 2022 1,720,432  $ 3.76 
Granted 1,162,162  2.71 
Forfeited or rescinded —  — 
Vested —  — 
Outstanding, March 31, 2023 2,882,594  $ 3.34 
Granted —  $ — 
Forfeited or rescinded —  $ — 
Vested —  $ — 
Outstanding, June 30, 2023 2,882,594  $ 3.34 
Outstanding, December 31, 2023 2,022,378  $ 3.11 
Granted —  — 
Forfeited or rescinded —  — 
Vested —  — 
Outstanding, March 31, 2024 2,022,378  $ 3.11 
Granted 1,378,378  $ 2.27 
Forfeited or rescinded —  $ — 
Vested —  $ — 
Outstanding, June 30, 2024 3,400,756  $ 2.77