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SHAREHOLDERS’ EQUITY | 12 Months Ended
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Dec. 31, 2022
Shareholders’ equity: |
SHAREHOLDERS’ EQUITY | 10. SHAREHOLDERS’ EQUITY At December 31, 2022, the Company had 25,023,812 shares of common stock outstanding and 245,000,000 authorized. In addition, as of December 31, 2021, the Company had 5,000,000 authorized but unissued shares of preferred stock. On January 5, 2022, the Company issued 19,905,736 shares of common stock in connection with the acquisition of the Acquired Assets. In February 2021, the Company sold 1,131,600 shares of common stock for net proceeds of $5.3 million. Stock Option Plans From time to time, the Company may grant stock options under its incentive plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. These awards typically expire ten years from the grant date. For the years ended December 31, 2022 and 2021, there was no compensation expense related to stock options. As of December 31, 2022, all stock options had vested. No stock options were granted or exercised, during the years ended December 31, 2022 or 2021. During the years ended December 31, 2022 and 2021, options to purchase 2,913 shares of common stock and 332 shares of common stock, respectively, expired. Presented below is information about stock options outstanding and exercisable as of December 31, 2022 and 2021: SCHEDULE OF STOCK OPTIONS ACTIVITY
|  | December 31, 2022 |  |  | December 31, 2021 |
|  | Shares |  |  | Price (1) |  |  | Shares |  |  | Price (1) |
Stock options outstanding and exercisable |  |  | 28,122 |  |  | $ | 54.03 |  |  |  | 31,035 |  |  | $ | 62.79 |
| (1) | Represents the weighted average price.
The following table summarizes information for stock options outstanding and for stock options exercisable at December 31, 2022. All shares and prices per share have been adjusted for a one share-for-ten shares reverse stock split that took effect on January 6, 2020: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE
Options Outstanding |  | Options Exercisable |
|  | Exercise Price |  |  | Remaining |  |  |  |  |  | Weighted Average |
Number of |  | Range |  |  | Weighted |  |  | Contractual |  |  | Number of |  |  | Exercise |
Shares |  | Low |  |  | High |  |  | Average |  |  | Term (years) |  |  | Shares |  |  | Price |
16,500 |  | $ | 7.20 |  |  | $ | 11.60 |  |  | $ | 10.00 |  |  |  | 4.8 |  |  |  | 16,500 |  |  | $ | 10.00 |
10,622 |  |  | 90.00 |  |  |  | 124.80 |  |  |  | 106.20 |  |  |  | 1.3 |  |  |  | 10,622 |  |  |  | 106.20 |
1,000 |  |  | 226.20 |  |  |  | 226.20 |  |  |  | 226.20 |  |  |  | 1.7 |  |  |  | 1,000 |  |  |  | 226.20 |
28,122 |  | $ | 7.20 |  |  | $ | 226.20 |  |  | $ | 54..03 |  |  |  | 3.4 |  |  |  | 28,122 |  |  | $ | 54.03 |
Restricted Stock The Company grants restricted stock under its incentive plan covering shares of common stock to employees and directors of the Company. The restricted stock awards are time-based awards and are amortized ratably over the requisite service period. Restricted stock vests ratably on each anniversary following the grant date provided the grantee is employed on the vesting date. Forfeitures of restricted stock awards are recognized as they occur. Restricted stock granted to employees, when vested, may be net settled through the net issuance of shares, reduced by the number of shares required to pay withholding taxes. Non-vested shares of restricted stock are not included in common shares outstanding until vesting has occurred. The following table presents the changes in non-vested, time-based restricted stock awards to all employees and directors for the year ended December 31, 2022: SCHEDULE OF NON-VESTED TIME- BASED RESTRICTED STOCK AWARDS
|  | Shares |  |  | Weighted-Avg. Grant Date Fair Value per Share |
Non-vested restricted stock at December 31, 2021 |  |  | 174,000 |  |  | $ | 4.75 |
Granted |  |  | 986,500 |  |  | $ | 3.70 |
Vested |  |  | (473,500 | ) |  | $ | 3.95 |
Non-vested restricted stock at December 31, 2022 |  |  | 687,000 |  |  | $ | 3.79 |
The following table presents the stock compensation expense related to restricted stock grants for the years ended December 31, 2022 and 2021: SCHEDULE OF STOCK COMPENSATION EXPENSE RELATED TO RESTRICTED STOCK GRANTS
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Stock compensation expense |  | $ | 3,017 |  |  | $ | 549 |
Total compensation cost related to non-vested time-based awards not yet recognized in the Company’s consolidated statements of operations as of December 31, 2022 is $929 thousand. This cost is expected to be recognized over a weighted average period of 1.8 years. At December 31, 2022, the Company had 3,000,000 shares available for issuance under its 2022 Stock Incentive Plan.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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