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EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables) | 3 Months Ended
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Mar. 31, 2025
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) [Abstract] |
Schedule of Share-Based Compensation Expense Charged Against Income For Share-Based Awards | The following table summarizes the Company's share-based compensation, included with General and administrative expense within our Condensed Statements of Operations, incurred for the three months ended March 31, 2025 and 2024.
|  |  | Three Months Ended
|  |  |  |  | March 31, 2025 |  | March 31, 2024
Share-based compensation |  |  |  |  | $ | 1,690,958 |  |  | $ | 1,723,832 |
Share-based compensation expense charged against income for share-based awards during the three months ended March 31, 2025 and 2024 was as follows. These amounts are included in General and administrative expense in the Condensed Statements of Operations.
|  |  |  | Three Months Ended
|  |  |  |  |  | March 31, 2025 |  | March 31, 2024
Share-based compensation expense from: |  |  |  |  |  |  |  |
Employee stock options |  |  |  |  |  | $ | — |  |  | $ | — |
Restricted stock unit grants |  |  |  |  |  | 1,247,329 |  |  | 1,131,697 |
Performance stock unit awards |  |  |  |  |  | 443,629 |  |  | 592,135 |
Total share-based compensation |  |  |  |  |  | $ | 1,690,958 |  |  | $ | 1,723,832 |
Schedule of Status of the Stock Options | A summary of the status of the stock options as of March 31, 2025 and 2024 and changes during the respective three month periods then ended are as follows:
| Options |  | Weighted- Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding, December 31, 2023 | 70,500 |  | $ | 10.33 |  |  |  |  |
Granted | — |  | — |  |  |  |  |
Forfeited | — |  | — |  |  |  |  |
Expired | (5,000) |  | 5.50 |  |  |  |  |
Exercised | — |  | — |  |  |  |  |
Outstanding, March 31, 2024 | 65,500 |  | $ | 10.70 |  |  | 2.31 years |  | $ | — |
Exercisable, March 31, 2024 | 65,500 |  | $ | 10.70 |  |  | 2.31 years |  |
Outstanding, December 31, 2024 | 65,500 |  | $ | 10.70 |  |  |  |  |
Granted | — |  | — |  |  |  |  |
Forfeited | — |  | — |  |  |  |  |
Expired | — |  | — |  |  |  |  |
Exercised | — |  | — |  |  |  |  |
Outstanding, March 31, 2025 | 65,500 |  | $ | 10.70 |  |  | 1.31 years |  | $ | — |
Exercisable, March 31, 2025 | 65,500 |  | $ | 10.70 |  |  | 1.31 years |  |
Schedule of Restricted Stock Unit Activity | A summary of the restricted stock unit ("RSU") activity as of March 31, 2025 and 2024, respectively, and changes during the respective three month periods then ended are as follows:
| Restricted Stock Units |  | Weighted- Average Grant Date Fair Value
Outstanding, December 31, 2023 | 3,148,226 |  |  | $ | 2.40 |
Granted | 2,647,970 |  |  | 1.30 |
Forfeited or rescinded | (26,802) |  |  | 1.30 |
Vested | (1,342,112) |  |  | 2.35 |
Outstanding, March 31, 2024 | 4,427,282 |  |  | $ | 1.77 |
Outstanding, December 31, 2024 | 3,817,128 |  |  | $ | 1.70 |
Granted | 3,691,373 |  |  | 1.31 |
Forfeited or rescinded | — |  |  | — |
Vested | (1,983,465) |  |  | 1.75 |
Outstanding, March 31, 2025 | 5,525,036 |  |  | $ | 1.42 |
Schedule of Performance Stock Units Activity | A summary of the status of the performance stock unit ("PSU") grants as of March 31, 2025 and 2024, respectively, along with changes during the respective three month periods then ended are as follows:
| Performance Stock Units |  | Weighted- Average Grant Date Fair Value
Outstanding, December 31, 2023 | 2,022,378 |  |  | $ | 3.11 |
Granted | — |  |  | — |
Forfeited or rescinded | — |  |  | — |
Vested | — |  |  | — |
Outstanding, March 31, 2024 | 2,022,378 |  |  | $ | 3.11 |
Outstanding, December 31, 2024 | 1,891,892 |  |  | $ | 2.47 |
Granted | — |  |  | — |
Forfeited or rescinded | — |  |  | — |
Vested | — |  |  | — |
Outstanding, March 31, 2025 | 1,891,892 |  |  | $ | 2.47 |

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