Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)

v3.23.3
EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)
 9 Months Ended
Sep. 30, 2023
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 Condensed Statements of Operations, incurred for the three and nine months ended September 30, 2023 and 2022.
Three Months Ended
Nine Months Ended
September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
Share-based compensation $ 2,170,735  $ 1,543,033  $ 6,374,743  $ 4,964,188 
Compensation expense charged against income for share-based awards during the three and nine months ended September 30, 2023 and 2022 was as follows. These amounts are included in General and administrative expense in the Condensed Statements of Operations.
Three Months Ended
Nine Months Ended
September 30, 2023 September 30, 2022 Sep. 30, 2023 Sep. 30, 2022
Share-based compensation $ 2,170,735  $ 1,543,033  $ 6,374,743  $ 4,964,188 
Schedule of Stock Options Activity
A summary of the status of the stock options as of September 30, 2023 and 2022 and changes during the respective nine month periods then ended are as follows:
Options Weighted-
Average
Exercise Price		 Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value
Outstanding, December 31, 2021 365,500 $ 3.61 
Granted — — 
Forfeited or rescinded — — 
Exercised — — 
Outstanding, March 31, 2022 365,500 $ 3.61  2.21 years $ 536,900 
Granted — — 
Forfeited or rescinded — — 
Exercised (100,000) 2.00 
Outstanding, June 30, 2022 265,500 $ 4.21  2.14 years $ 128,700 
Granted — — 
Forfeited or rescinded — — 
Exercised — — 
Outstanding, September 30, 2022 265,500 $ 4.21  1.89 years $ 62,400 
Exercisable, September 30, 2022 265,500 $ 4.21  1.89 years
Outstanding, December 31, 2022 265,500 $ 4.21 
Granted — — 
Forfeited or rescinded — — 
Exercised — — 
Outstanding, March 31, 2023 265,500 $ 4.21  1.39 years $ — 
Granted — — 
Forfeited or rescinded — — 
Exercised — — 
Outstanding, June 30, 2023 265,500 $ 4.21  1.14 years $ — 
Granted — $ — 
Forfeited or rescinded — $ — 
Exercised — $ — 
Outstanding, September 30, 2023 265,500 $ 4.21  0.89 years $ — 
Exercisable, September 30, 2023 265,500 $ 4.21  0.89 years
Schedule of Restricted Stock Grants A summary of the restricted stock unit activity as of September 30, 2023 and 2022, respectively, and changes during the respective nine month periods then ended are as follows:
Restricted Stock Units Weighted-
Average Grant
Date Fair Value
Outstanding, December 31, 2021 2,572,596  $ 1.75 
Granted 1,247,061  2.79 
Forfeited or rescinded —  — 
Vested —  — 
Outstanding, March 31, 2022 3,819,657  $ 2.09 
Granted 19,642 $ 4.27 
Forfeited or rescinded (17,204) $ 2.79 
Vested (610,195) $ 2.80 
Outstanding, June 30, 2022 3,211,900 $ 1.97 
Granted 126,570 2.95 
Forfeited or rescinded —  — 
Vested (9,851) 2.69 
Outstanding, September 30, 2022 3,328,619 $ 2.00 
Outstanding, December 31, 2022 2,623,790  $ 2.29 
Granted 2,270,842  2.22 
Forfeited or rescinded (11,712) 2.22 
Vested (659,479) 2.80 
Outstanding, March 31, 2023 4,223,441  $ 2.17 
Granted —  $ — 
Forfeited or rescinded (49,465) $ 2.22 
Vested (288,709) $ 2.85 
Outstanding, June 30, 2023 3,885,267 $ 2.12 
Granted —  — 
Forfeited or rescinded (4,997) 2.22 
Vested (39,443) 2.87 
Outstanding, September 30, 2023 3,840,827 $ 2.12 
Performance Stock Units Activity
A summary of the status of the performance stock unit ("PSU") grants as of September 30, 2023 and 2022, respectively, along with changes during the respective nine month periods then ended are as follows:
Performance Stock Units Weighted-
Average Grant
Date Fair Value
Outstanding, December 31, 2021 860,216  $ 3.87 
Granted 860,216  3.65 
Forfeited or rescinded —  — 
Vested —  — 
Outstanding, March 31, 2022 1,720,432  $ 3.76 
Granted —  $ — 
Forfeited or rescinded —  $ — 
Vested —  $ — 
Outstanding, June 30, 2022 1,720,432  $ 3.76 
Granted —  — 
Forfeited or rescinded —  — 
Vested —  — 
Outstanding, September 30, 2022 1,720,432  $ 3.76 
Outstanding, December 31, 2022 1,720,432  $ 3.76 
Granted 1,162,162  2.71 
Forfeited or rescinded —  — 
Vested —  — 
Outstanding, March 31, 2023 2,882,594  $ 3.34 
Granted —  $ — 
Forfeited or rescinded —  $ — 
Vested —  $ — 
Outstanding, June 30, 2023 2,882,594  $ 3.34 
Granted —  — 
Forfeited or rescinded —  — 
Vested —  — 
Outstanding, September 30, 2023 2,882,594  $ 3.34