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STOCK-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
STOCK-BASED COMPENSATION | 17. STOCK-BASED COMPENSATION The Company provides stock-based compensation to directors, employees and consultants under the (i) 2021 Stock Incentive Plan, which was approved by stockholders on August 13, 2021 at the 2021 Annual Meeting of Stockholders and which reserved 1,000 shares of common stock for grant of awards under the plan and (ii) 2022 Stock Incentive Plan, which was approved by stockholders on November 23, 2022 at the 2022 Annual Meeting of Stockholders and which reserved 10,000 shares of common stock for grant of awards under the plan. Options granted under the plans have an exercise price equal to or greater than the fair value of the underlying common stock at the date of grant and become exercisable based on a vesting schedule determined at the date of grant. Typically, options granted generally become fully vested after four years. Any options that are forfeited or cancelled before expiration become available for future grants. The options expire between 5 and 10 years from the date of grant. Restricted stock awards granted under the plan are subject to a vesting period determined at the date of grant. As of December 31, 2023, an aggregate of 10,441 shares of the Company’s common stock were available for future grant. The options outstanding as of December 31, 2023, have been classified by exercise price, as follows:
Schedule of exercise price |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding |  |  | Exercisable |
|  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Average |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  |  |  | Remaining |  |  | Average |  |  |  |  |  | Average |
Exercise |  |  | Number |  |  | Contractual |  |  | Exercise |  |  | Number |  |  | Exercise |
Price |  |  | Outstanding |  |  | Life (Years) |  |  | Price |  |  | Exercisable |  |  | Price |
$ | 16,091 - $19,628 |  |  |  | 421 |  |  |  | 7.8 |  |  | $ | 17,546 |  |  |  | 287 |  |  | $ | 17,577 |
Issuances outside of the Plan |
$ | 13,425 |  |  |  | 116 |  |  |  | 6.7 |  |  | $ | 13,425 |  |  |  | 116 |  |  | $ | 13,425 |
$ | 19,125 |  |  |  | 242 |  |  |  | 7.3 |  |  | $ | 19,125 |  |  |  | 242 |  |  | $ | 2,284 |
$ | 13,425 - $19,125 |  |  |  | 358 |  |  |  | 7.1 |  |  | $ | 17,278 |  |  |  | 358 |  |  | $ | 17,278 |
Total Options |
$ | 13,425 - $19,628 |  |  |  | 779 |  |  |  | 7.5 |  |  | $ | 17,423 |  |  |  | 645 |  |  | $ | 17,411 |
The total stock-based compensation expense related to stock options and stock awards issued to the Company’s employees, consultants and directors, included in reported net loss for the year ended December 31, 2023 and 2022, was comprised as follows:
Schedule of stock-based compensation expense |  |  |  |  |  |
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
General and administrative |  | $ | 10,868,000 |  |  | $ | 7,202,000 |
Total stock-based compensation |  | $ | 10,868,000 |  |  | $ | 7,202,000 |
A summary of option activity under the Company’s stock option plans as of December 31, 2023 and 2022, and changes during the years ended is as follows:
Schedule of option activity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Outstanding Options |
|  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  |  | Weighted |  |  | Average |  |  |  |
|  | Shares |  |  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  | Available |  |  | Number |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | for Grant |  |  | of Options |  |  | Price |  |  | Life (years) |  |  | Value |
January 1, 2022 |  |  | 379 |  |  |  | 453 |  |  | $ | 18,900 |  |  |  | 9.8 |  |  | $ | 0 |
Authorized |  |  | 10,000 |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | 31 |  |  |  | (31 | ) |  | $ | 19,950 |  |  |  |  |  |  |  |  |
December 31, 2022 |  |  | 10,410 |  |  |  | 422 |  |  | $ | 18,675 |  |  |  | 8.7 |  |  | $ | 0 |
Forfeited |  |  | 1 |  |  |  | (1 | ) |  | $ | 39,157 |  |  |  |  |  |  |  |  |
December 31, 2023 |  |  | 10,411 |  |  |  | 421 |  |  | $ | 17,546 |  |  |  | 7.8 |  |  | $ | 0 |
As of December 31, 2023, there was $2.1 million of unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the plans. That cost is expected to be recognized over a weighted average period of 1.5 years.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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