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Stock Compensation (Tables)

12 Months Ended

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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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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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.

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