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EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(K) (Tables) | 12 Months Ended
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Dec. 31, 2024
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) |
Schedule Of Noncash Share-Based Payment Arrangements | The following table summarizes the Company's share-based compensation, included with General and administrative expense within our Statements of Operations, incurred for the years ended December 31, 2024, 2023, and 2022.
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Share-based compensation | $5,506,017 |  | $8,833,425 |  | $7,162,231
Compensation expense charged against income for share-based awards during the years ended December 31, 2024, 2023, and 2022 is shown in the table below. These amounts are included in General and administrative expense in the Statements of Operations.
| For the years ended December 31,
| 2024 |  | 2023 |  | 2022
Share-based compensation expense from: |  |  |  |  |
Employee stock options | $ | — |  |  | $ | — |  |  | $ | — |
Restricted stock unit grants | 3,544,748 |  |  | 4,537,026 |  |  | 4,148,639 |
Performance stock unit awards | 1,961,269 |  |  | 4,296,399 |  |  | 3,013,592 |
Total share-based compensation | $ | 5,506,017 |  |  | $ | 8,833,425 |  |  | $ | 7,162,231 |
Schedule of Stock Options Activity | A summary of the status of the stock options as of December 31, 2024, 2023, and 2022 and changes during the years ended December 31, 2024, 2023, and 2022 is as follows:
| 2024 |  | 2023 |  | 2022
| Options |  | Weighted- Average Exercise Price |  | Options |  | Weighted- Average Exercise Price |  | Options |  | Weighted- Average Exercise Price
Outstanding at beginning of year | 70,500 |  | $ | 10.33 |  |  | 265,500 |  | $ | 4.21 |  |  | 365,500 |  | $ | 3.61 |
Granted | — |  | — |  |  | — |  | — |  |  | — |  | — |
Forfeited | — |  | — |  |  | — |  | — |  |  | — |  | — |
Expired | (5,000) |  | 5.50 |  |  | (195,000) |  | 2.00 |  |  | — |  | — |
Exercised | — |  | — |  |  | — |  | — |  |  | (100,000) |  | 2.00 |
Outstanding at end of year | 65,500 |  | $ | 10.70 |  |  | 70,500 |  | $ | 10.33 |  |  | 265,500 |  | $ | 4.21 |
Exercisable at end of year | 65,500 |  | $ | 10.70 |  |  | 70,500 |  | $ | 10.33 |  |  | 265,500 |  | $ | 4.21 |
Schedule of Stock Options Outstanding | The following table summarizes information related to the Company’s stock options outstanding as of December 31, 2024:
|  | Options Outstanding |  |
Exercise price |  | Number Outstanding |  | Weighted- Average Remaining Contractual Life (in years) |  | Number Exercisable
14.54 |  |  | 10,000 |  | 0.73 |  | 10,000
8.00 |  |  | 4,500 |  | 0.92 |  | 4,500
6.42 |  |  | 15,000 |  | 1.34 |  | 15,000
11.75 |  |  | 36,000 |  | 1.95 |  | 36,000
$ | 10.70 |  |  | 65,500 |  | 1.55 |  | 65,500
Schedule of Restricted Stock Shares Activity | Following is a table reflecting the restricted stock unit grants during 2024, 2023 and 2022:
Grant date |  | # of restricted stock units
February 9, 2022 |  | 1,247,061
April 13, 2022 |  | 7,143
May 10, 2022 |  | 10,349
June 16, 2022 |  | 2,150
July 14, 2022 |  | 8,547
August 29, 2022 |  | 30,581
September 1, 2022 |  | 37,797
September 19, 2022 |  | 49,645
February 16, 2023 |  | 2,270,842
February 13, 2024 |  | 2,647,970
April 5, 2024 |  | 60,000
July 31, 2024 |  | 76,600
December 9, 2024 |  | 83,000
Schedule of Restricted Stock Grants | A summary of the status of restricted stock unit grants and changes during the years ended December 31, 2024, 2023 and 2022 is as follows:
| 2024 |  | 2023 |  | 2022
| Restricted Stock Units |  | Weighted- Average Grant Date Fair Value |  | Restricted Stock Units |  | Weighted- Average Grant Date Fair Value |  | Restricted Stock Units |  | Weighted- Average Grant Date Fair Value
Outstanding at beginning of year | 3,148,226 |  | $ | 2.40 |  |  | 2,623,790 |  | $ | 2.29 |  |  | 2,572,596 |  | $ | 1.75 |
Granted | 2,867,570 |  | 1.34 |  |  | 2,270,842 |  | 2.22 |  |  | 1,393,273 |  | 2.83 |
Forfeited or rescinded | (510,351) |  | 1.61 |  |  | (66,174) |  | 2.22 |  |  | (31,185) |  | 2.83 |
Vested | (1,688,317) |  | 2.43 |  |  | (1,680,232) |  | 1.99 |  |  | (1,310,894) |  | 1.79 |
Outstanding at end of year | 3,817,128 |  | $ | 1.70 |  |  | 3,148,226 |  | $ | 2.40 |  |  | 2,623,790 |  | $ | 2.29 |
Schedule of Performance Stock Units Activity | A summary of the status of the PSU awards and changes during the years ended December 31, 2024, 2023 and 2022 are as follows:
|  | 2024 |  | 2023 |  | 2022
|  | Performance Stock Units |  | Weighted- Average Grant Date Fair Value |  | Performance Stock Units |  | Weighted- Average Grant Date Fair Value |  | Performance Stock Units |  | Weighted- Average Grant Date Fair Value
Outstanding at beginning of year |  | 2,022,378 |  | $ | 3.11 |  |  | 1,720,432 |  | $ | 3.76 |  |  | 860,216 |  | $ | 3.87 |
Granted |  | 1,378,378 |  | 2.27 |  |  | 1,162,162 |  | 2.71 |  |  | 860,216 |  | 3.65 |
Incremental performance stock units vested |  | 248,742 |  | — |  |  | 309,808 |  | — |  |  | — |  | — |
Forfeited, cancelled or rescinded |  | (1,186,282) |  |  | 2.38 |  |  | — |  | — |  |  | — |  | — |
Vested |  | (571,324) |  |  | 2.79 |  | (1,170,024) |  |  | 3.66 |  |  | — |  | — |
Outstanding at end of year |  | 1,891,892 |  | $ | 2.47 |  |  | 2,022,378 |  | $ | 3.11 |  |  | 1,720,432 |  | $ | 3.76 |
Schedule of Defined Contribution Plan Disclosures | The following table presents the matching contributions expense recognized for the Company’s 401(k) plan for the years ended December 31, 2024, 2023, and 2022:
| 2024 |  | 2023 |  | 2022
Employer safe harbor match | $ | 455,641 |  |  | $ | 346,268 |  |  | $ | 284,094 |

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