STOCK-BASED COMPENSATION (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| The following table summarizes the activities for our stock options with time based vesting for the three months ended March 31, 2024, and 2023. |
The following table summarizes the activities for
our stock options with time based vesting for the three months ended March 31, 2024, and 2023.
| |
|
March 31, |
|
| |
|
2024 |
|
2023 |
|
| |
|
|
|
|
|
|
|
| Dividend yield |
|
|
0.00% |
|
|
0.00% |
|
| Expected Volatility |
|
|
46.18 - 46.21% |
|
|
61.3% |
|
| Weighted-average volatility |
|
|
— |
|
|
— |
|
| Expected dividends |
|
|
— |
|
|
— |
|
| Expected term (in years) |
|
|
10 |
|
|
10 |
|
| Risk-free rate |
|
|
4.2% - 4.3% |
|
|
3.53% |
|
|
| The following table summarizes the status of the stock options: |
The following table summarizes the status of the stock
options:
| |
|
Three Months Ended March 31, |
|
| |
|
2024 |
|
2023 |
|
| |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
Shares |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding at January 1 |
|
3,256,250 |
|
$ |
3.66 |
|
3,035,000 |
|
$ |
3.93 |
|
| Granted |
|
65,000 |
|
$ |
2.21 |
|
40,000 |
|
$ |
3.91 |
|
| Exercised |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Forfeited |
|
381,250 |
|
$ |
7.0 |
|
— |
|
$ |
— |
|
| Outstanding at March 31 |
|
2,940,000 |
|
$ |
3.19 |
|
3,075,000 |
|
$ |
3.92 |
|
| Options exercisable at March 31 |
|
1,393,750 |
|
$ |
3.59 |
|
1,010,000 |
|
$ |
4.63 |
|
| Weighted average fair value of options granted during the period |
|
— |
|
$ |
1.39 |
|
— |
|
$ |
2.83 |
|
| Stock-based compensation expense |
|
— |
|
$ |
393,113 |
|
— |
|
$ |
535,059 |
|
|
| The following table presents information pertaining to options outstanding at March 31, 2024: |
The following table presents information pertaining
to options outstanding at March 31, 2024:
| Range of Exercise Price |
|
Number
Outstanding |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
Number
Exercisable |
|
Weighted
Average
Exercise
Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| $2.18 - $4.37 |
|
2,940,000 |
|
6.9 years |
|
$ |
3.19 |
|
1,393,750 |
|
$ |
3.59 |
|
|
| The following table summarizes the activities for our unvested performance based stock option awards for the three months ended March 31, 2024, and 2023. |
The following table summarizes the activities
for our unvested performance based stock option awards for the three months ended March 31, 2024, and 2023.
| |
|
Three Months Ended March 31, |
|
| |
|
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 at March 31 |
|
200,000 |
|
$ |
1.48 |
|
— |
|
$ |
— |
|
|
| The following table summarizes the activities for our restricted stock awards and PSUs for the three months ended March 31, 2024, and 2023. |
The following table summarizes the activities for
our restricted stock awards and PSUs for the three months ended March 31, 2024, and 2023.
| |
|
Three Months Ended March 31, |
|
| |
|
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 |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Vested |
|
— |
|
$ |
— |
|
50,000 |
|
$ |
3.31 |
|
| Forfeited/canceled |
|
— |
|
$ |
— |
|
— |
|
$ |
— |
|
| Unvested at March 31 |
|
904,496 |
|
$ |
1.80 |
|
900,000 |
|
$ |
2.93 |
|
|
| The following table summarizes the activities for our common stock warrants issued in connection with our loan financing agreement with HSBC for the three months ended March 31, 2024, and 2023. |
The following table summarizes the activities for
our common stock warrants issued in connection with our loan financing agreement with HSBC for the three months ended March 31, 2024,
and 2023.
| |
|
Three Months Ended March 31, |
|
| |
|
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 March 31 |
|
38,052 |
|
$ |
1.37 |
|
— |
|
$ |
— |
|
|