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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | (16) Share-Based Compensation BitAccess: BitAccess maintained a stock option plan for its employees under the Amended and Restated Stock Option Plan, (the “BitAccess Plan”). Pursuant to BitAccess Plan agreement, awards of stock options and restricted stock units (“BitAccess RSUs”) were permitted to be made to employees and shareholders of BitAccess. As of September 30, 2024, all awards under the BitAccess Plan had been issued. The options under the BitAccess Plan generally vest over a two-year period following the one-year anniversary of the date of grant and expire not more than 10 years from the date of grant. Options A summary of the BitAccess Plan’s stock option activity and related information is as follows:
|  | Amount or number of options |  |  | Weighted-average exercise price |  |  | Weighted-average remaining contractual term |  |  | Weighted-average grant-date fair value |
Outstanding at January 1, 2024 |  |  | 43,780 |  |  | $ | 2.86 |  |  |  | 8.60 |  |  | $ | 1.21 |
Granted |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Exercised |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Outstanding at September 30, 2024 |  |  | 43,780 |  |  | $ | 2.86 |  |  |  | 7.85 |  |  | $ | 3.09 |
Vested and exercisable at September 30, 2024 |  |  | 20,208 |  |  | $ | 2.86 |  |  |  | — |  |  | $ | 3.10 |
|  | Amount or number of options |  |  | Weighted-average exercise price |  |  | Weighted-average remaining contractual term |  |  | Weighted-average grant-date fair value |
Outstanding at January 1, 2023 |  |  | 106,938 |  |  | $ | 1.04 |  |  |  | 8.86 |  |  | $ | 1.13 |
Granted |  |  | 39,600 |  |  | $ | 2.86 |  |  |  | 9.76 |  |  | $ | 3.05 |
Exercised |  |  | (68,058 | ) |  | $ | — |  |  |  | — |  |  | $ | 4.44 |
Forfeited |  |  | (33,600 | ) |  | $ | (2.86 | ) |  |  | — |  |  | $ | (1.11 | )
Outstanding at September 30, 2023 |  |  | 44,880 |  |  | $ | 2.86 |  |  |  | 8.93 |  |  | $ | 3.09 |
Vested and exercisable at September 30, 2023 |  |  | 11,038 |  |  | $ | 2.86 |  |  |  | — |  |  | $ | 3.10 |
RSUs The BitAccess RSUs under the BitAccess Plan generally vest over a two-year period beginning following the one-year anniversary of the date of grant and expire not more than 10 years from the date of grant. There were no outstanding RSUs as of September 30, 2024. A summary of the BitAccess Plan’s BitAccess RSU award activity for the three and nine months ended September 30, 2023 is as follows:
|  | Restricted Stock Units |
Outstanding at January 1, 2023 |  |  | 81,142 |
Exercised |  |  | (23,308 | )
Outstanding at March 31, 2023 |  |  | 57,834 |
Exercised |  |  | (32,193 | )
Outstanding at June 30, 2023 |  |  | 25,641 |
Forfeited |  |  | (25,641 | )
Outstanding at September 30, 2023 |  |  | — |
Outstanding at December 31, 2023 |  |  | — |
The Company recognized compensation expense of $0 million during the three and nine months ended September 30, 2024, and $0.2 million and $0.4 million during the three and nine months ended September 30, 2023, respectively, related to the BitAccess Plan. These amounts are included in selling, general and administrative expenses in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income. As of September 30, 2024, there was immaterial unrecognized compensation expense related to BitAccess Plan’s for non-vested restricted shares. 2023 Omnibus Incentive Plan Pursuant to the Incentive Plan the Board is authorized to grant awards of Class A common Stock, incentive stock options, non statutory stock options, RSUs and restricted stock in an aggregate amount up to 6,029,445 shares of Class A common stock to eligible recipients, as defined in the Incentive Plan. The Company recognized $0.4 million and $3.0 million of share-based compensation expense during the three and nine months ended September 30, 2024, and $0.8 million and $2.4 million during the three and nine months ended September 30, 2023. Share-based compensation expense is included within selling and administrative expenses in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income. PSUs During the nine months ended September 30, 2024, the Company's Compensation Committee determined that the performance targets were met and approved the granting of 580,116 fully vested performance-based RSUs ("PSUs"). For these PSUs, the Company recognized stock compensation in the Statement of Stockholders (Deficit) Equity and Member' Equity as Additional-Paid-In Capital and Stock Compensation expense on the Consolidated Statements of (Loss) Income and Comprehensive Income during the three and nine months ended September 30, 2024 of $0.0 million and $1.1 million. No awards were required for approval during the three months ended September 30, 2024. The Company had no unrecognized compensation expense associated with PSUs as of September 30, 2024. Time-based RSUs During the three and nine months ended September 30, 2024, the Company granted 218,400 and 1,255,686 time-based RSUs, respectively. These RSUs vest one-third on the first anniversary of the grant date and in equal quarterly installments over the next two years. For these time-based RSUs, the Company recognized stock-based compensation in the Consolidated Statement of Stockholders' (Deficit) Equity as Additional Paid-In Capital and stock-based compensation expense on the Consolidated Statements of (Loss) Income and Comprehensive Income during the three and nine months ended September 30, 2024 of $0.4 million and $1.9 million. The Company had unrecognized compensation expense associated with time-based RSUs of $3.0 million as of September 30, 2024. RSU and PSU award activity for the three and nine months ended September 30, 2024 is as follows:
| Amount of PSUs |  |  | PSU Weighted-average grant date fair value |  |  | Amount of RSUs |  |  | RSU Weighted-average grant date fair value |
Outstanding at January 1, 2024 |  | — |  |  | $ | — |  |  |  | 1,352,085 |  |  | $ | 3.59 |
Granted |  | 580,116 |  |  | $ | 1.78 |  |  |  | 1,255,686 |  |  | $ | 1.88 |
Vested |  | (580,116 | ) |  | $ | 1.78 |  |  |  | (704,391 | ) |  | $ | 3.60 |
Forfeited |  | — |  |  | $ | — |  |  |  | (126,989 | ) |  | $ | 2.48 |
Outstanding at September 30, 2024 |  | — |  |  | $ | — |  |  |  | 1,776,391 |  |  | $ | 2.45 |

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