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Stock Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of assumptions used to estimate fair value | The table below summarizes the assumptions for the indicated periods:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | 3.9 | % |  | 1.4 | % |  | 0.4 | %
Expected term of options (years) | 5 |  | 5 |  | 5
Volatility | 65 | % |  | 100 | % |  | 62 | %
Weighted average grant-date fair value per share | $ | 0.73 |  |  | $ | 0.86 |  |  | $ | 0.17 |
Schedule of stock option activity | The following table represents the Company’s stock option activity for the year ended December 31, 2023:
| Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2023 | 8,099,885 |  |  | $ | 1.29 |
Granted | 800,000 |  |  | 1.27 |
Exercised | (61,484) |  |  | 0.70 |
Forfeited or expired | (554,400) |  |  | 1.99 |
Outstanding at December 31, 2023 | 8,284,001 |  |  | 1.24 |
Exercisable at December 31, 2023 | 6,736,494 |  |  | $ | 1.26 |
Schedule of weighted average grant date fair value of restricted stock | The table below summarizes the weighted average grant date fair value of restricted stock for the indicated periods:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Weighted average grant date fair value | $ | 1.36 |  |  | $ | 1.73 |  |  | $ | 1.23 |
Schedule of non vested restricted stock activity | The following is a rollforward of the activity in restricted stock for the year ended December 31, 2023:
| Shares |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023 | 9,953,866 |  |  | $ | 1.47 |
Granted | 7,860,740 |  |  | 1.36 |
Vested | (8,819,458) |  |  | 1.29 |
Forfeited | (159,067) |  |  | 1.47 |
Nonvested at December 31, 2023 | 8,836,081 |  |  | $ | 1.56 |
Schedule of fair value measurement inputs | The total fair value of these shares was $19.0 million and computed using the following assumptions on the transaction date:
| Underlying Stock Price and Exercise Price |  | Term (Years) |  | Volatility |  | Risk-Free Interest Rate
Fair Value of Consideration | $ | 1.13 |  |  | 0.5 |  | 74.5 | % |  | 5.52 | %
The fair value of 5.0 million of the warrants, which is the portion that vested immediately on the effective date of the agreement, was estimated using the Black-Scholes option pricing model with the following assumptions on the valuation date of December 7, 2023.
Number of warrants (in millions) | 5.0 |  |  |
Grant date | December 7, 2023 |  |
Exercise price | $ | 2.00 |  |  |
Expected term (years) | 5 |  |
Risk-free interest rate | 4.11 | % |  |
Volatility | 92.14 | % |  |
Black-Scholes fair value per share | $ | 1.00 |  |  |
Total fair value (in millions) | $ | 5.0 |  |  |
The Monte Carlo simulation was computed using the following assumptions:
| Risk-Free Interest Rate |  | Stock Price Volatility |  | Market Price of Common Stock
Fair Value of RSUs | 4.73 | % |  | 80.00 | % |  | $ | 1.29 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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