STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of time based stock options |
The following table summarizes the activities for our stock options with
time based vesting for the years ended December 31, 2023, and 2022.
Schedule of time based stock options
| |
|
December 31, |
|
| |
|
2023 |
|
2022 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
0.00% |
|
|
0.00% |
|
| Expected Volatility |
|
|
51.9% - 61.3% |
|
|
65.29% - 77.5% |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
10 |
|
|
10 |
|
| Risk-free rate |
|
|
3.50% - 4.53% |
|
|
1.81% - 4.02% |
|
|
| Schedule of status of time based stock options |
The following table summarizes the status of the time-based stock options:
Schedule of status of time based stock options
| |
|
Years Ended December 31, |
|
| |
|
2023 |
|
2022 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding at January 1 |
|
3,035,000 |
|
$ |
3.93 |
|
3,672,500 |
|
$ |
3.42 |
|
| Granted |
|
430,000 |
|
$ |
2.66 |
|
920,000 |
|
$ |
2.62 |
|
| Exercised |
|
— |
|
$ |
— |
|
1,031,250 |
|
$ |
1.57 |
|
| Forfeited |
|
208,750 |
|
$ |
5.45 |
|
526,250 |
|
$ |
2.73 |
|
| Outstanding at December 31 |
|
3,256,250 |
|
$ |
3.66 |
|
3,035,000 |
|
$ |
3.93 |
|
| Options exercisable at December 31 |
|
1,458,750 |
|
$ |
4.42 |
|
737,500 |
|
$ |
4.93 |
|
| Weighted average fair value of options granted during the period |
|
— |
|
$ |
1.84 |
|
— |
|
$ |
1.99 |
|
| Stock-based compensation expense |
|
— |
|
$ |
1,940,720 |
|
— |
|
$ |
2,083,397 |
|
|
| Schedule of information pertaining to options outstanding |
The following table presents information pertaining to time- based stock
options outstanding at December 31, 2023:
Schedule of information pertaining to options outstanding
| Range of Exercise Price |
|
Number
Outstanding |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
Number
Exercisable |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $2.18-$9.49 |
|
3,256,250 |
|
8.3 years |
|
$ |
3.66 |
|
1,458,750 |
|
$ |
4.42 |
|
|
| The following table summarizes the activities for our unvested performance stock option awards for the twelve months ended December 31, 2023, and 2022. |
Pursuant to an employment agreement entered into on November 6, 2023, with
the Company’s Chief Commercial Officer, and as an inducement to his employment, the Company issued a non-qualified option to purchase
200,000 shares of common stock that vest upon achievement of sales growth milestones. The following table summarizes the activities
for our unvested performance stock option awards for the twelve months ended December 31, 2023, and 2022.
| |
|
Twelve Months Ended December 31, |
|
| |
|
2023 |
|
2022 |
|
| |
|
Shares |
|
Weighted
Average
Grant-Date
Fair Value |
|
Shares |
|
Weighted
Average
Grant-Date
Fair Value |
|
| |
|
|
|
|
|
|
|
|
|
| Unvested at January 1 |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Granted |
|
200,000 |
|
$ |
1.48 |
|
— |
|
$ |
— |
|
| Vested |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Forfeited/canceled |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Unvested at December 31 |
|
200,000 |
|
$ |
1.48 |
|
— |
|
$ |
— |
|
|
| The following table summarizes the activities for our unvested restricted stock awards for the twelve months ended December 31, 2023, and 2022. |
The following table summarizes the activities for our unvested restricted
stock awards for the twelve months ended December 31, 2023, and 2022.
| |
|
Twelve Months Ended December 31, |
|
| |
|
2023 |
|
2022 |
|
| |
|
Shares |
|
Weighted
Average
Grant-Date
Fair Value |
|
Shares |
|
Weighted
Average
Grant-Date
Fair Value |
|
| |
|
|
|
|
|
|
|
|
|
| Unvested at January 1 |
|
950,000 |
|
$ |
3.04 |
|
1,000,000 |
|
$ |
3.01 |
|
| Granted |
|
54,496 |
|
$ |
3.68 |
|
— |
|
$ |
— |
|
| Vested |
|
100,000 |
|
$ |
3.31 |
|
50,000 |
|
$ |
3.31 |
|
| Forfeited/canceled |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Unvested at December 31 |
|
904,496 |
|
$ |
2.77 |
|
950,000 |
|
$ |
3.04 |
|
|