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Stock-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of stock options | Stock option activity for the years ended December 31, 2023 and 2022, are as follows:
| Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Fair Value |  |  |  |  |  |  |  |
Outstanding as of December 31, 2021 | 713,650 |  |  |  |  |  |  |  |  |  |  |  |  |
Granted | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Exercised | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Forfeited | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Expired | (20,000) |  |  | 4.32 |  |  | 0.60 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2022 | 693,650 |  |  |  |  |  |  |  |  |  |  |  |  |
Granted | 190,728 |  |  | 3.42 |  |  | 2.57 |  |  |  |  |  |  |  |  |
Exercised | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Forfeited | (457,815) |  |  | 7.10 |  |  | 7.28 |  |  |  |  |  |  |  |  |
Expired | (130,000) |  |  | $ | 7.97 |  |  | $ | 5.94 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2023 | 296,563 |  |  |  |  |  |  |  |  |  |  |  |  |
Vested or expected to vest at December 31, 2023 | 252,891 |  |  |  |  |  |  |  |  |  |  |  |  |
The below table shows the aggregate intrinsic value and weighted average remaining contractual term of share options outstanding, currently exercisable and vested or expected to vest.
| Share Options Outstanding |  | Share Options Currently Exercisable |  | Share Options Vested or Expected to Vest |  |  |  |  |  |  |  |
Number | 296,563 |  |  | 10,000 |  |  | 252,891 |  |  |  |  |  |  |  |  |
Weighted-average exercise price | $ | 4.42 |  |  | $ | 4.32 |  |  | $ | 4.56 |  |  |  |  |  |  |  |  |
Aggregate intrinsic value ($000’s) | 95 |  |  | — |  |  | 78 |  |  |  |  |  |  |  |  |
Weighted-average remaining contractual term in years | 8.7 |  | 1.59 |  | 8.55 |  |  |  |  |  |  |  |
Schedule of valuation assumptions | The key inputs into the Black-Scholes Option Pricing Model used to estimate the fair value of the Pre-Funded Warrants as of the issuance on June 21, 2022 were as follows:
Risk-free interest rate | 3.21%
Expected volatility | 90.0%
Term until liquidation (years) | 2.00
Stock price (pre-Reverse Stock Split) | $1.11
Strike price (exercise fee) | $4.5 million
The following table sets forth significant assumptions used in the Monte Carlo model for performance-based options to determine the fair value of the options awarded in June 2023 at the date of grant for the year ended December 31, 2023.
|  |  | June 7, 2023 Awards |  |  |  |
Risk-free interest rate |  |  | 3.79 | % |  |  |  |
Expected volatility of common stock |  |  | 110.00 | % |  |  |  |
Expected life of options in years |  |  | 10.0 |  |  |  |
Dividend yield |  |  | — | % |  |  |  |
The following table sets forth significant assumptions used in the Black-Scholes model for market-based options to determine the fair value of the options awarded in December 2023 at the date of grant for the year ended December 31, 2023.
|  |  | December 5, 2023 Awards |  |  |  |
Risk-free interest rate |  |  | 4.13 | % |  |  |  |
Expected volatility of common stock |  |  | 90.60 | % |  |  |  |
Expected life of options in years |  |  | 6.5 |  |  |  |
Dividend yield |  |  | — | % |  |  |  |
The key inputs to the Black-Scholes Model used to estimate the fair value of the vested equity awards, as of the date of the termination were as follows:
|  |  | January 19, 2023 |  |  |  |
Risk-free interest rate |  |  | 3.79 | % |  |  |  |
Expected volatility of common stock |  |  | 90.00 | % |  |  |  |
Expected life of options in years |  |  | 6.92 |  |  |  |
Stock price (pre-Reverse Stock Split basis) |  |  | $ | 1.37 |  |  |  |  |
Strike Price |  |  | $ | 1.93 |  |  |  |  |
Schedule of restricted stock activity | Restricted stock share activity for the years ended December 31, 2023 and 2022, are as follows:
Restricted Stock Shares |  | Shares |  | Weighted- Average Fair Value at Date of Grant
Non-vested at December 31, 2021 |  | 294,485 |  |  | $ | 9.86 |
Granted |  | 256,746 |  |  | 7.89 |
Vested |  | (161,292) |  |  | 10.60 |
Forfeited |  | (5,405) |  |  | 10.16 |
Non-vested at December 31, 2022 |  | 384,534 |  |  | 8.23 |
Granted |  | 146,204 |  |  | 4.52 |
Vested |  | (186,058) |  |  | 7.81 |
Forfeited |  | (95,667) |  |  | 9.25 |
Non-vested at December 31, 2023 |  | 249,013 |  |  | $ | 5.97 |
Schedule of restricted stock unit activity | Restricted stock units activity for the years ended December 31, 2023 and 2022, are as follows:
Restricted Stock Units |  | Units |  | Weighted- Average Fair Value at Date of Grant
RSUs at December 31, 2021 |  | 128,348 |  |  | $ | 11.45 |
Vested |  | (19,000) |  |  | 11.58 |
Forfeited |  | (6,867) |  |  | 11.52 |
RSUs at December 31, 2022 |  | 102,481 |  |  | 11.42 |
Granted |  | 230,816 |  | 3.82 |
Vested |  | (82,730) |  |  | 10.64 |
Forfeited |  | (38,000) |  |  | 11.58 |
RSUs at December 31, 2023 |  | 212,567 |  |  | $ | 3.44 |

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