Annual report pursuant to Section 13 and 15(d)

COMPENSATION PLANS (Tables)

v3.24.2
COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Compensation Related Costs [Abstract]  
SCHEDULE OF EQUITY BASED COMPENSATION EXPENSE
                 
    For the year ended December 31,  
(in thousands)   2023     2022  
Stock options - Class A common stock   $ 36     $ 1,098  
Restricted shares - Class A common stock     37       517  
Restricted stock units (RSUs) - Class A common stock     —       11  
Total equity-based compensation expense   $ 73     $ 1,626  
SCHEDULE OF EQUITY BASED UNRECOGNIZED COMPENSATION EXPENSE

Total remaining unrecognized compensation expense as of December 31, 2023 was as follows:

 

    Remaining Unrecognized Compensation Expense December 31, 2023     Weighted Average Period over which Remaining Unrecognized Compensation Expense is Expected to be Recognized  
    (in thousands)     (in years)  
Stock options - Class A common stock   $ —       0  
Restricted shares - Class A common stock     19       0.85  
Total remaining unrecognized compensation expense   $ 19          
SCHEDULE OF STOCK OPTION AWARD GRANT DATE VALUATION MODEL

The fair value of the stock option awards granted during the year ended December 31, 2022 was determined on the grant date using the Black-Scholes valuation model based on the following ranges of weighted-average assumptions:

 

Expected volatility (1)     100% - 100%  
Expected dividend yield (2)     —  
Expected term (3)     5.88 - 6.05 years  
Risk-free interest rate (4)     1.62% - 3.31%  

 

(1) Expected volatility is based on the historical volatility of a selected peer group over a period equivalent to the expected term.

 

(2) We assumed a dividend yield of zero as management has no plans to declare dividends in the foreseeable future.

 

(3) Expected term represents the estimated period of time until an award is exercised and was determined using the simplified method.

 

(4) The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.
SUMMARY OF STOCK OPTION ACTIVITY

A summary of stock option activity for the years ended December 31, 2023 and 2022 is as follows:

 

    Stock Options  
    Number of Options     Weighted-Average
Exercise Price		  
Outstanding as of December 31, 2021     265,947     $ 71.80  
Granted     129,106       9.34  
Exercised     —       —  
Forfeited     (167,201 )     17.59  
Outstanding as of December 31, 2022     227,852     $ 58.88  
Granted     —       —  
Exercised     —       —  
Forfeited     (83,044 )     —  
Outstanding as of December 31, 2023     144,808     $ 57.64