v3.22.4

STOCKHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Prior to our IPO, we maintained an Amended and Restated 2007 Equity Incentive Plan (the “2007 Plan”) that provides for grants of options and restricted stock to employees, directors and associated third-party representatives of our company as determined by the Board of Directors. The 2007 Plan had authorized 1,585,000 shares for award. Immediately prior to our IPO, we adopted our 2017 Incentive Award Plan (the “2017 Plan”) which replaced the 2007 Plan. The 2017 Plan provides for grants of options and restricted stock to officers, employees, consultants or directors of our Company. The 2017 Plan has authorized 1,832,460 shares for award. As of December 31, 2022, the Plan had 495,569 shares available for issuance. Stock Options The fair value for options granted at the time of issuance were estimated at the date of grant using a Black-Scholes options pricing model. Significant assumptions included in the option value model include the fair value of our common stock at the grant date, weighted average volatility, risk-free interest rate, dividend yield and the forfeiture rate. There were no stock options granted in any of the periods presented. Our stock option activity and related information are summarized as follows:
| Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Terms (in Years)
Outstanding at January 1, 2020 | 70,628 |  |  | $ | 30.97 |  |  | 1.2
Forfeited or expired | (4,556) |  |  | $ | 30.97 |  |  |
Exercised | (53,270) |  |  | $ | 30.97 |  |  |
Outstanding at December 31, 2020 | 12,802 |  |  | $ | 30.97 |  |  | 1.6
Forfeited or expired | (1,742) |  |  | $ | 30.97 |  |  |
Exercised | (4,422) |  |  | $ | 30.97 |  |  |
Outstanding at December 31, 2021 | 6,638 |  |  | $ | 30.97 |  |  | 1.3
Forfeited or expired | (1,072) |  |  | $ | 30.97 |  |  |
Exercised | (2,010) |  |  | $ | 30.97 |  |  |
Outstanding at December 31, 2022 | 3,556 |  |  | $ | 30.97 |  |  | 0.7
Options generally include a time-based vesting schedule permitting the options to vest ratably over three years. At December 31, 2022 and 2021, all options were fully vested. There was no stock-based compensation expense on stock options for all periods presented. Restricted Stock Our restricted stock activity and related information are summarized as follows:
| Restricted Stock Awards |  | Weighted-Average Remaining Contractual Terms (in Years) | Restricted Stock Units |  | Weighted-Average Remaining Contractual Terms (in Years)
Outstanding at January 1, 2020 | 318,002 |  |  | 1.7 | — |  |  | —
Granted | 164,010 |  |  |  | — |  |  |
Forfeited | (1,885) |  |  |  | — |  |  |
Outstanding at Vested | (43,397) |  |  |  | — |  |  |
Outstanding at December 31, 2020 | 436,730 |  |  | 1.1 | — |  |  | —
Granted | 114,256 |  |  |  | — |  |  |
Forfeited | (6,354) |  |  |  | — |  |  |
Outstanding at Vested | (176,186) |  |  |  | — |  |  |
Outstanding at December 31, 2021 | 368,446 |  |  | 1.1 | — |  |  | —
Granted | 216,881 |  |  |  | 11,634 |  |  |
Forfeited | (28,344) |  |  |  | (1,554) |  |  |
Vested | (153,659) |  |  |  | — |  |  |
Outstanding at December 31, 2022 | 403,324 |  |  | 1.4 | 10,080 |  |  | 2.5
Restricted stock exercisable at December 31, 2022 | — |  |  |  | — |  |  |
At December 31, 2022, there was $10,012 of unrecognized compensation expense remaining related to our service-based restricted stock awards. The unrecognized compensation cost is expected to be recognized over a weighted average period of 1.5 years. Stock-based compensation expense on restricted stock amounted to $6,679, $5,842 and $6,196 for the years ended December 31, 2022, 2021 and 2020, respectively. Warrants Our warrant activity and related information are summarized below:
| Warrants |  | Weighted-Average Exercise Price
Outstanding at January 1, 2020 | 404 |  |  | $ | 30.97 |
Forfeited or expired | (404) |  |  | $ | 30.97 |
Outstanding at December 31, 2020 | — |  |  | $ | — |
Forfeited or expired | — |  |  | $ | — |
Outstanding at December 31, 2021 | — |  |  | $ | — |
Issued | 1,525,000 |  |  | $ | 0.00025 |
Exercised | (1,525,000) |  |  | $ | 0.00025 |
Outstanding at December 31, 2022 | — |  |  | $ | — |
No warrants were exercised during the years 2020 and 2021. On August 15, 2022, the Company completed a public offering of securities that included the issuance and sale to Squadron of pre-funded warrants to purchase up to 1,525,000 shares of the Company’s common stock. The price per warrant was equal to the price per share at which common shares were concurrently sold to the public, minus $0.00025, which nominal amount was the exercise price of each warrant. The warrants issued to Squadron were exercised on September 20, 2022, following the expiration of all waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), that were applicable to Squadron as a result of it beneficially owning shares of the Company’s common stock with a value in excess of the HSR Act notification threshold. As of December 31, 2022, 2021 and 2020, no fair value was assigned to the warrants.

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