STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| The following table summarizes the inputs into the Black-Scholes model for all time-vesting stock options granted during the six months ended June 30, 2024 and 2023: |
The
following table summarizes the inputs into the Black-Scholes model for all time-vesting stock options granted during the six months
ended June 30, 2024 and 2023:
| |
|
June 30, |
|
| |
|
2024 |
|
2023 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
0.00 |
% |
|
0.00 |
% |
| Expected Volatility |
|
|
46.18 - 47.83
|
% |
|
56.83 - 61.29
|
% |
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
6.25 |
|
|
10 |
|
| Risk-free rate |
|
|
4.24% - 4.63
|
% |
|
3.50 - 3.53
|
% |
|
| The following table summarizes the status of the stock options: |
The following table summarizes the status of the stock
options:
| |
|
Six Months Ended June 30, |
|
| |
|
2024 |
|
2023 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding at January 1 |
|
3,256,250 |
|
$ |
3.66 |
|
3,035,000 |
|
$ |
3.92 |
|
| Granted |
|
215,000 |
|
$ |
2.12 |
|
85,000 |
|
$ |
3.91 |
|
| Exercised |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Forfeited |
|
433,750 |
|
$ |
6.58 |
|
— |
|
$ |
— |
|
| Outstanding at June 30 |
|
3,037,500 |
|
$ |
3.36 |
|
3,120,000 |
|
$ |
3.92 |
|
| Options exercisable at June 30 |
|
1,392,500 |
|
$ |
3.40 |
|
1,158,750 |
|
$ |
4.37 |
|
| Weighted average fair value of options granted during the period |
|
— |
|
$ |
1.37 |
|
— |
|
$ |
2.78 |
|
| Stock-based compensation expense |
|
— |
|
$ |
791,792 |
|
— |
|
$ |
1,075,158 |
|
|
| The following table presents information pertaining to options outstanding at June 30, 2024: |
The following table presents information pertaining
to options outstanding at June 30, 2024:
| Range of Exercise Price |
|
Number
Outstanding |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
Number
Exercisable |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $2.08 - $3.96 |
|
3,037,500 |
|
6.64 years |
|
$ |
3.36 |
|
1,392,500 |
|
$ |
3.40 |
|
|
| The following table summarizes the activities for our unvested performance-vesting stock option awards for the six months ended June 30, 2024, and 2023. |
The following table summarizes the activities for our unvested performance-vesting
stock option awards for the six months ended June 30, 2024, and 2023.
| |
|
Six Months Ended June 30, |
|
| |
|
2024 |
|
2023 |
|
| |
|
Shares |
|
Weighted
Average
Grant-Date
Fair Value |
|
Shares |
|
Weighted
Average
Grant-Date
Fair Value |
|
| |
|
|
|
|
|
|
|
|
|
| Unvested at January 1 |
|
200,000 |
|
$ |
1.48 |
|
— |
|
$ |
— |
|
| Granted |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Vested |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Forfeited/canceled |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Unvested/outstanding at June 30 |
|
200,000 |
|
$ |
1.48 |
|
— |
|
$ |
— |
|
|
| The following table summarizes the activities for our restricted stock awards and PSUs for the six months ended June 30, 2024, and 2023. |
The following table summarizes the activities for our restricted stock
awards and PSUs for the six months ended June 30, 2024, and 2023.
| |
|
Six Months Ended June 30, |
|
| |
|
2024 |
|
2023 |
|
| |
|
Shares |
|
Weighted
Average
Grant-Date Fair Value |
|
Shares |
|
Weighted
Average
Grant-Date Fair Value |
|
| |
|
|
|
|
|
|
|
|
|
| Unvested at January 1 |
|
904,496 |
|
$ |
1.80 |
|
950,000 |
|
$ |
3.04 |
|
| Granted |
|
— |
|
$ |
— |
|
54,496 |
|
$ |
3.68 |
|
| Vested |
|
81,789 |
|
$ |
3.38 |
|
100,000 |
|
$ |
3.31 |
|
| Forfeited/canceled |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Unvested at June 30 |
|
822,707 |
|
$ |
1.98 |
|
904,496 |
|
$ |
2.97 |
|
|
| The following table summarizes the activities for our common stock warrants issued in connection with our loan financing agreement with our lender for the six months ended June 30, 2024, and 2023. |
The following table summarizes the activities for our common stock warrants
issued in connection with our loan financing agreement with our lender for the six months ended June 30, 2024, and 2023.
| |
|
Six Months Ended June 30, |
|
| |
|
2024 |
|
2023 |
|
| |
|
Shares |
|
Weighted
Average
Grant-Date Fair Value |
|
Shares |
|
Weighted
Average
Grant-Date Fair Value |
|
| |
|
|
|
|
|
|
|
|
|
| Unvested at January 1 |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Granted |
|
76,104 |
|
$ |
1.37 |
|
— |
|
$ |
— |
|
| Vested |
|
38,052 |
|
$ |
1.37 |
|
— |
|
$ |
— |
|
| Forfeited/canceled |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Unvested at June 30 |
|
38,052 |
|
$ |
1.37 |
|
— |
|
$ |
— |
|
|