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v3.24.1

Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Schedule of Nonvested Restricted Shares | A summary of the Company’s nonvested restricted shares as of December 31, 2023 and 2022, and changes during the years then ended is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2023 |  |  | 2022 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Grant Date |  |  |  |  |  | Grant Date |
|  |  |  |  | Fair Value |  |  |  |  |  | Fair Value |
|  | Shares |  |  | (per share) |  |  | Shares |  |  | (per share) |
Nonvested at the beginning of the year |  |  | 689,862 |  |  | $ | 3.20 |  |  |  | 491,239 |  |  | $ | 3.50 |
Granted |  |  | 453,258 |  |  |  | 3.06 |  |  |  | 386,908 |  |  |  | 3.93 |
Vested |  |  | (285,537 | ) |  |  | 2.24 |  |  |  | (113,886 | ) |  |  | 6.16 |
Forfeited |  |  | - |  |  |  | - |  |  |  | (74,399 | ) |  |  | 4.44 |
Nonvested at the end of the year |  |  | 857,583 |  |  | $ | 3.44 |  |  |  | 689,862 |  |  | $ | 3.20 |
Expected to vest |  |  | 857,583 |  |  | $ | 3.44 |  |  |  | 689,862 |  |  | $ | 3.20 |
Time-Vested Stock Options [Member] |
Schedule of Valuation Assumptions, Options | Grant date fair values of time-vested stock option awards were estimated using the Black-Scholes option valuation model with the following assumptions:
|  |  |  |  |  |  |  | Expected |  | Risk Free |  | Grant Date |
|  |  |  |  |  | Expected |  | Dividend |  | Interest |  | Fair Value |
Grant Year |  | Grant Date |  | Expected Life |  | Volatility |  | Yield |  | Rate |  | Per Award |
2023 |  | 1/6/2023 |  | 6 years |  | 78.16% |  | 0.00% |  | 3.66% |  | $ | 2.24 |
2023 |  | 2/17/2023 |  | 6 years |  | 78.08% |  | 0.00% |  | 3.99% |  | $ | 2.75 |
2023 |  | 2/28/2023 |  | 6 years |  | 78.08% |  | 0.00% |  | 4.13% |  | $ | 2.58 |
2023 |  | 5/1/2023 |  | 6 years |  | 78.08% |  | 0.00% |  | 3.63% |  | $ | 2.00 |
2023 |  | 5/8/2023 |  | 6 years |  | 78.08% |  | 0.00% |  | 3.50% |  | $ | 1.99 |
2023 |  | 6/12/2023 |  | 6 years |  | 77.74% |  | 0.00% |  | 3.86% |  | $ | 1.91 |
2023 |  | 8/14/2023 |  | 6 years |  | 77.87% |  | 0.00% |  | 4.33% |  | $ | 2.07 |
2023 |  | 9/11/2023 |  | 6 years |  | 77.82% |  | 0.00% |  | 4.38% |  | $ | 1.94 |
2023 |  | 9/29/2023 |  | 6 years |  | 77.79% |  | 0.00% |  | 4.60% |  | $ | 1.88 |
2023 |  | 12/11/2023 |  | 6 years |  | 77.68% |  | 0.00% |  | 4.25% |  | $ | 1.59 |
Schedule of Option Activity | A summary of the Company’s time-vested stock options activity and related information at December 31, 2023 and 2022, and changes during the years then ended, is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2023 |  |  | 2022 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | Options |  |  | Price |  |  | Options |  |  | Price |
|  | Outstanding |  |  | (per share) |  |  | Outstanding |  |  | (per share) |
Outstanding at the beginning of the year |  |  | 888,814 |  |  | $ | 5.12 |  |  |  | 733,967 |  |  | $ | 5.66 |
Granted |  |  | 503,417 |  |  |  | 3.20 |  |  |  | 513,518 |  |  |  | 3.95 |
Exercised |  |  | - |  |  |  | - |  |  |  | (102,850 | ) |  |  | 3.98 |
Forfeited or expired |  |  | (71,850 | ) |  |  | 6.27 |  |  |  | (255,821 | ) |  |  | 4.76 |
Outstanding at the end of the year |  |  | 1,320,381 |  |  | $ | 4.33 |  |  |  | 888,814 |  |  | $ | 5.12 |
Exercisable at the end of the year |  |  | 448,880 |  |  | $ | 5.88 |  |  |  | 227,056 |  |  | $ | 8.39 |
Schedule of Shares Outstanding | A summary of the Company’s time vested stock options outstanding as of December 31, 2023 is presented below:
|  |  |  |  | Weighted- |  |  |  |  |  |  |
|  |  |  |  | Average |  |  | Weighted- |  |  |  |
|  |  |  |  | Remaining |  |  | Average |  |  |  |
|  |  |  |  | Contractual |  |  | Exercise |  |  | Aggregate |
|  | Options |  |  | Term |  |  | Price |  |  | Intrinsic |
|  | Outstanding |  |  | (in years) |  |  | (per share) |  |  | Value |
Options outstanding |  |  | 1,320,381 |  |  |  | 8.0 |  |  | $ | 4.33 |  |  | $ | 4 |
Vested or expected to vest |  |  | 1,320,381 |  |  |  | 8.0 |  |  | $ | 4.33 |  |  | $ | - |
Options exercisable |  |  | 448,880 |  |  |  | 6.8 |  |  | $ | 5.88 |  |  | $ | 4 |
Stock Appreciation Rights (SARs) [Member] |
Schedule of Shares Outstanding | A summary of the Company’s cash settled stock appreciation rights outstanding as of December 31, 2023 is presented below:
|  |  |  |  | Weighted- |  |  |  |  |  |  |
|  |  |  |  | Average |  |  | Weighted- |  |  |  |
|  |  |  |  | Remaining |  |  | Average |  |  |  |
|  |  |  |  | Contractual |  |  | Exercise |  |  | Aggregate |
|  | SARS |  |  | Term |  |  | Price |  |  | Intrinsic |
|  | Outstanding |  |  | (in years) |  |  | (per share) |  |  | Value |
SARS outstanding |  |  | 2,068,705 |  |  |  | 6.8 |  |  | $ | 2.20 |  |  | $ | 1,028,545 |
Vested or expected to vest |  |  | 2,068,705 |  |  |  | 6.8 |  |  | $ | 2.20 |  |  | $ | 1,028,545 |
SARS exercisable |  |  | 1,564,300 |  |  |  | 6.7 |  |  | $ | 2.15 |  |  | $ | 867,136 |
Schedule of Valuation Assumptions | The estimated fair value of the cash settled stock appreciation rights immediately preceding the modification was $1,738, estimated using the Black-Scholes option valuation model with the following assumptions:
|  |  |  |  |  |  |  | Expected |  | Risk Free |  |  |
|  |  |  |  |  | Expected |  | Dividend |  | Interest |  | Fair Value |
Grant Year |  | Grant Date |  | Expected Life |  | Volatility |  | Yield |  | Rate |  | Per Award |
2020 |  | 1/24/2020 |  | 3.4 years |  | 94.06% |  | 0.00% |  | 3.66% |  | $ | 2.00 |
2020 |  | 11/30/2020 |  | 4.1 years |  | 89.29% |  | 0.00% |  | 3.54% |  | $ | 1.85 |
2021 |  | 1/5/2021 |  | 4.2 years |  | 88.36% |  | 0.00% |  | 3.52% |  | $ | 1.89 |
Schedule of SAR Activity | A summary of the Company’s cash settled stock appreciation rights activity and related information at December 31, 2023 and 2022 and changes during the year is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2023 |  |  | 2022 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | SARS |  |  | Price |  |  | SARS |  |  | Price |
|  | Outstanding |  |  | (per share) |  |  | Outstanding |  |  | (per share) |
Outstanding at the beginning of the year |  |  | 2,132,113 |  |  | $ | 2.20 |  |  |  | 2,163,339 |  |  | $ | 2.20 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (35,522 | ) |  |  | 2.24 |  |  |  | (11,592 | ) |  |  | 2.16 |
Forfeited or expired |  |  | (27,886 | ) |  |  | 2.20 |  |  |  | (19,634 | ) |  |  | 2.31 |
Outstanding at the end of the year |  |  | 2,068,705 |  |  | $ | 2.20 |  |  |  | 2,132,113 |  |  | $ | 2.20 |
Exercisable at the end of the year |  |  | 1,564,300 |  |  | $ | 2.15 |  |  |  | 909,313 |  |  | $ | 2.10 |

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