EQUITY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule of Warrants Outstanding and Exercisable |
The following table summarizes the status of warrants and related transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Derivative (Equity) Warrants (1)
|
|
Derivative Liabilities Warrants |
|
Total Number of Warrants |
|
Weighted - Average Exercise Price |
Balance as of January 1, 2024 |
49,068,636 |
|
37,862,922 |
|
86,931,558 |
|
$ |
1.12 |
|
| Granted |
2,050,000 |
|
|
— |
|
|
2,050,000 |
|
|
$ |
0.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2024 |
51,118,636 |
|
37,862,922 |
|
88,981,558 |
|
$ |
1.12 |
|
Exercisable as of March 31, 2024 |
49,083,636 |
|
37,862,922 |
|
86,946,558 |
|
$ |
1.12 |
|
|
| Schedule of Share-Based Payment Award, Warrants, Valuation Assumptions |
The following assumptions were used for the calculation at date of issuance:
|
|
|
|
|
|
| Weighted average stock price |
$0.93 |
| Weighted average expected stock price volatility |
76.5% |
| Expected annual dividend yield |
0% |
Weighted average expected life of warrants |
3.1 years |
| Weighted average risk-free annual interest rate |
4.1% |
| Weighted average grant date fair value |
$0.48 |
|
| Summary of Stock Options Outstanding |
The following table summarizes the status of stock options and related transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Stock Options |
|
Weighted-Average Per Share Exercise Price |
| Issued and Outstanding as of January 1, 2024 |
27,653,184 |
|
|
$ |
1.40 |
|
| Granted |
1,220,000 |
|
|
$ |
0.70 |
|
Exercised |
(3,333) |
|
|
$ |
0.60 |
|
| Cancelled/forfeited/expired |
(273,166) |
|
|
$ |
1.77 |
|
| Issued and Outstanding as of March 31, 2024 |
28,596,685 |
|
|
$ |
1.36 |
|
| Exercisable as of March 31, 2024 |
15,966,391 |
|
|
$ |
1.75 |
|
|
| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
The following assumptions were used for the calculation at date of grant:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
| Weighted average stock price |
$0.70 |
|
$0.60 |
| Weighted average expected stock price volatility |
77.1% |
|
77.4% |
| Expected annual dividend yield |
0% |
|
0% |
| Weighted average expected life |
5.1 years |
|
6.2 years |
| Weighted average risk-free annual interest rate |
4.3% |
|
3.7% |
| Weighted average grant date fair value |
$0.46 |
|
$0.42 |
|
| Nonvested Restricted Stock Shares Activity |
The following table summarizes the status of restricted stock and related transactions:
|
|
|
|
|
|
|
Number of Restricted Subordinate Voting Shares |
| Unvested restricted stock as of January 1, 2024 |
1,861 |
|
|
|
|
|
|
| Unvested restricted stock as of March 31, 2024 |
1,861 |
|
| Components of Share-based Compensation Expense |
The components of share-based compensation expense are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
| Stock options |
$ |
1,355 |
|
|
$ |
1,596 |
|
| Restricted stock |
1 |
|
|
200 |
|
| Warrants |
168 |
|
|
515 |
|
| Total share-based compensation expense |
$ |
1,524 |
|
|
$ |
2,311 |
|
|