EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(K) (Tables)
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12 Months Ended |
Dec. 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 Statements of Operations, incurred for the years ended December 31, 2024, 2023, and 2022.
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For the Years Ended December 31, |
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2024 |
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2023 |
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2022 |
Share-based compensation |
$5,506,017 |
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$8,833,425 |
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$7,162,231 |
Compensation expense charged against income for share-based awards during the years ended December 31, 2024, 2023, and 2022 is shown in the table below. These amounts are included in General and administrative expense in the Statements of Operations.
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For the years ended December 31, |
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2024 |
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2023 |
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2022 |
Share-based compensation expense from: |
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Employee stock options |
$ |
— |
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$ |
— |
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$ |
— |
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Restricted stock unit grants |
3,544,748 |
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4,537,026 |
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4,148,639 |
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Performance stock unit awards |
1,961,269 |
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4,296,399 |
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3,013,592 |
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Total share-based compensation |
$ |
5,506,017
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$ |
8,833,425
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$ |
7,162,231
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| Schedule of Stock Options Activity |
A summary of the status of the stock options as of December 31, 2024, 2023, and 2022 and changes during the years ended December 31, 2024, 2023, and 2022 is as follows:
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2024 |
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2023 |
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2022 |
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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 |
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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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 |
(5,000) |
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5.50 |
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(195,000) |
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2.00 |
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— |
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— |
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| Exercised |
— |
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— |
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— |
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— |
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(100,000) |
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2.00 |
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| Outstanding at end of year |
65,500 |
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$ |
10.70 |
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70,500 |
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$ |
10.33 |
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265,500 |
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$ |
4.21 |
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| Exercisable at end of year |
65,500 |
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$ |
10.70 |
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70,500 |
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$ |
10.33 |
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265,500 |
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$ |
4.21 |
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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, 2024:
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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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| 14.54 |
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10,000 |
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0.73 |
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10,000 |
| 8.00 |
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4,500 |
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0.92 |
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4,500 |
| 6.42 |
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15,000 |
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1.34 |
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15,000 |
| 11.75 |
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36,000 |
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1.95 |
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36,000 |
| $ |
10.70 |
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65,500 |
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1.55 |
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65,500 |
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| Schedule of Restricted Stock Shares Activity |
Following is a table reflecting the restricted stock unit grants during 2024, 2023 and 2022:
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| Grant date |
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# of
restricted stock units
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| 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 |
| February 13, 2024 |
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2,647,970 |
| April 5, 2024 |
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60,000 |
| July 31, 2024 |
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76,600 |
| December 9, 2024 |
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83,000 |
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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, 2024, 2023 and 2022 is as follows:
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2024 |
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2023 |
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2022 |
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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 |
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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| Granted |
2,867,570 |
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1.34 |
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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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| Forfeited or rescinded |
(510,351) |
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1.61 |
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(66,174) |
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2.22 |
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(31,185) |
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2.83 |
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| Vested |
(1,688,317) |
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2.43 |
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(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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| Outstanding at end of year |
3,817,128 |
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$ |
1.70 |
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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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| Schedule of Performance Stock Units Activity |
A summary of the status of the PSU awards and changes during the years ended December 31, 2024, 2023 and 2022 are as follows:
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2024 |
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2023 |
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2022 |
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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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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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| Granted |
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1,378,378 |
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2.27 |
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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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Incremental performance stock units vested |
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248,742 |
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— |
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309,808 |
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— |
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— |
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— |
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| Forfeited, cancelled or rescinded |
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(1,186,282) |
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2.38 |
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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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(571,324) |
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2.79 |
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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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| Outstanding at end of year |
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1,891,892 |
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$ |
2.47 |
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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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| Schedule of 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, 2024, 2023, and 2022:
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2024 |
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2023 |
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2022 |
| Employer safe harbor match |
$ |
455,641 |
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$ |
346,268 |
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$ |
284,094 |
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