Annual report pursuant to Section 13 and 15(d)

EQUITY (Tables)

v3.24.1
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Warrants Outstanding and Exercisable The following table summarizes the status of our warrants and related transactions for each of the presented years:
Non-Derivative Warrants
Derivative Warrants (1)
Total Number of Warrants Weighted - Average Exercise Price Per Warrant Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (in Years)
Balance, January 1, 2022
 29,156,048 40,124,355 69,280,403 $ 1.19  $ 142,791  4.7
Granted (2)(3)
1,600,000 19,512,280  21,112,280 $ 2.06 
Exercised (82,413) (4,261,433) (4,343,846) $ 1.26  $ 9,746 
Balance, December 31, 2022
 30,673,635 55,375,202 86,048,837 $ 1.40  $ 1,081  3.9
Granted (2)(4)
2,970,221  —  2,970,221  $ 0.63 
Cancelled (4)
(2,087,500) —  (2,087,500) $ 2.18 
Reclassified
 17,512,280 (17,512,280) —
Balance, December 31, 2023
 49,068,636 37,862,922 86,931,558 $ 1.12  $ —  3.0
Exercisable, December 31, 2023
 46,108,636 37,862,922 83,971,558 $ 1.11  $ —  3.0
(1)In June 2023, 5,890,922 warrants were repriced from $1.25 to $1.00. Additionally, 17,512,280 warrants were reclassified from derivative liability warrants to non-derivative (equity) warrants and repriced from $2.086 to $1.00. Refer to Note 13 - Derivative Liabilities for additional information.
(2)The non-derivative warrants were issued for consulting or other services, therefore, these compensatory warrants are accounted for as share-based payment arrangements.
(3)Derivative warrants were issued to the Second Lien Notes Holders and the Acquisition Facility Lender. Refer to Note 13 - Derivative Liabilities for more information.
(4)On November 15, 2023, the Company cancelled warrants to purchase 200,000 SVS at an exercise price of $1.75 held by the Company’s Chief Financial Officer, that were originally issued on December 9, 2022, and reissued warrants to purchase 200,000 SVS at an exercise price of $0.55 and an expiration date of December 17, 2028.
Schedule of Share-Based Payment Award, Warrants, Valuation Assumptions The following assumptions were used for the calculations at date of issuance.
Year Ended December 31,
2023 2022 2021
Weighted average stock price $0.55 $1.74 $4.18
Weighted average expected stock price volatility 77% 81% 73%
Expected annual dividend yield —% —% —%
Weighted average expected life of warrants 5.1 years 5.0 years 3.5 years
Weighted average risk-free annual interest rate 3.94% 3.48% 1.06%
Weighted average grant date fair value $0.28 $1.13 $2.14
Summary of Stock Options Outstanding
The following table summarizes the status of stock options and related transactions for each of the presented years:
Stock Options Weighted Average Exercise Price per Stock Options Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (in Years)
Balance, January 1, 2022
 20,429,120  $ 3.20  $ 11,583  8.7
Granted 13,686,806  $ 1.95 
Exercised (324,998) $ 1.67  $ 620 
Forfeited/expired (3,038,669) $ 4.02 
Balance, December 31, 2022
30,752,259  $ 2.58  $ —  8.5
Granted 11,507,429  $ 0.54 
Forfeited/expired (14,606,504) $ 3.20 
Balance, December 31, 2023
 27,653,184  $ 1.40  $ —  8.2
Exercisable, December 31, 2023
 12,536,225  $ 1.89  $ —  6.7
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The following assumptions were used for the calculation at date of grant:
Year Ended December 31,
2023 2022 2021
Weighted average stock price $0.53 $1.95 $4.16
Weighted average expected stock price volatility 76.6% 74.1% 73.0%
Expected annual dividend yield —% —% —%
Weighted average expected life 5.9 years 5.7 years 6.0 years
Weighted average risk-free annual interest rate 3.81% 2.88% 1.23%
Weighted average grant date fair value $0.30 $1.35 $2.61
Summary of Restricted Stock Activity The following table summarized the status of restricted stock and related transactions for each presented years:
Unvested Restricted Stock Weighted-Average Grant-date Fair Value Price per Restricted Stock Average Intrinsic Value Weighted Average Remaining Vesting Term
(in Years)
Issued and Outstanding as of January 1, 2022
 2,859,151 $ 2.13  $ 9,292  1.2
Granted 86,952 $ 2.05 
Vested and Released (1,789,784) $ 1.96  $ 3,601 
Issued and Outstanding as of December 31, 2022
 1,156,319 $ 2.45  $ 881  0.3
Cancelled
 (54,774) $ 2.43 
Vested and Released (1,099,684) $ 2.45  $ 526 
Issued and Outstanding as of December 31, 2023
 1,861  $ 4.05  $ 1  0.7
Components of Share-based Compensation Expense
As of December 31, 2023, the Company had $5,203 of unrecognized share-based compensation cost related to unvested stock options, restricted stocks and warrants and is expected to be recognized as share-based compensation cost over a weighted average period of 1.2 years as follows:

2024 $ 4,063 
2025 904 
2026 217 
2027 19 
$ 5,203