EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)
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9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2024 and 2023.
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Three Months Ended |
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Nine Months Ended |
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September 30, 2024 |
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September 30, 2023 |
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September 30, 2024 |
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September 30, 2023 |
| Share-based compensation |
$ |
32,087 |
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$ |
2,170,735 |
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$ |
3,833,697 |
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$ |
6,374,743 |
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Share-based compensation expense for share-based awards during the three and nine months ended September 30, 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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Nine Months Ended |
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September 30, 2024 |
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September 30, 2023 |
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September 30, 2024 |
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September 30, 2023 |
| Share-based compensation |
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$ |
32,087 |
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$ |
2,170,735 |
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$ |
3,833,697 |
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$ |
6,374,743 |
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| Schedule of Stock Options Activity |
A summary of the status of the stock options as of September 30, 2024 and 2023 and changes during the respective nine 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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| 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, June 30, 2023 |
265,500 |
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$ |
4.21 |
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1.14 years |
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$ |
— |
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| Exercisable, June 30, 2023 |
265,500 |
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$ |
4.21 |
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1.14 years |
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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, September 30, 2023 |
265,500 |
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$ |
4.21 |
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0.89 years |
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$ |
— |
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| Exercisable, September 30, 2023 |
265,500 |
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$ |
4.21 |
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0.89 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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| Granted |
— |
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— |
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| Forfeited |
— |
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— |
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| Expired |
— |
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— |
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| Exercised |
— |
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— |
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| Outstanding, June 30, 2024 |
65,500 |
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$ |
10.70 |
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2.06 years |
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$ |
— |
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| Exercisable, June 30, 2024 |
65,500 |
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$ |
10.70 |
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2.06 years |
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| Granted |
— |
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$ |
— |
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| Forfeited |
— |
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$ |
— |
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| Expired |
— |
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$ |
— |
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| Exercised |
— |
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$ |
— |
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| Outstanding, September 30, 2024 |
65,500 |
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$ |
10.70 |
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1.81 years |
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$ |
— |
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| Exercisable, September 30, 2024 |
65,500 |
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$ |
10.70 |
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1.81 years |
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| Schedule of Restricted Stock Grants |
A summary of the restricted stock unit activity as of September 30, 2024 and 2023, respectively, and changes during the respective nine 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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| Granted |
— |
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— |
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| Forfeited or rescinded |
(49,465) |
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2.22 |
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| Vested |
(288,709) |
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2.85 |
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| Outstanding, June 30, 2023 |
3,885,267 |
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$ |
2.12 |
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| Granted |
— |
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— |
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| Forfeited or rescinded |
(4,997) |
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2.22 |
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| Vested |
(39,443) |
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2.87 |
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| Outstanding, September 30, 2023 |
3,840,827 |
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$ |
2.12 |
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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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| Granted |
60,000 |
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2.04 |
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| Forfeited or rescinded |
(66,101) |
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1.43 |
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| Vested |
(303,797) |
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2.74 |
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| Outstanding, June 30, 2024 |
4,117,384 |
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$ |
1.70 |
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| Granted |
76,600 |
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1.97 |
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| Forfeited or rescinded |
(399,552) |
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1.67 |
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| Vested |
(57,338) |
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2.38 |
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| Outstanding, September 30, 2024 |
3,737,094 |
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$ |
1.70 |
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|
| Performance Stock Units Activity |
A summary of the status of the performance stock unit ("PSU") grants as of September 30, 2024 and 2023, respectively, along with changes during the respective nine 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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| 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, June 30, 2023 |
2,882,594 |
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$ |
3.34 |
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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, September 30, 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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| Granted |
1,378,378 |
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$ |
2.27 |
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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, June 30, 2024 |
3,400,756 |
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$ |
2.77 |
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| Granted |
— |
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— |
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| Forfeited or rescinded |
(863,702) |
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2.75 |
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| Vested |
— |
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— |
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| Outstanding, September 30, 2024 |
2,537,054 |
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$ |
2.77 |
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