Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS AND WARRANTS (Tables)

v3.23.1
STOCK OPTIONS AND WARRANTS (Tables)
 3 Months Ended
Mar. 31, 2023
Summary of option award activity and awards outstanding
The
 
following tables shows options award activity for service based options for the three months ended March 31, 2023 and March 31, 2022:

 
 
Shares Under
Option
 
 
Weighted Average
Exercise Price
 
 
Weighted Average
Remaining
Contractual Life
(Years)
 
 
Aggregate
Intrinsic Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2022
 
 
21,551,576
 
 
$
0.63
 
 
 
1.45
 
 
$
17,347,879
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
125,000
 
 
 
1.39
 
 
 
 
 
 
 
-
 
Exercised
 
 
(5,200
 )
 
 
0.88
 
 
 
 
 
 
 
2,835
 
Forfeited
 
 
(152,283
 )
 
 
2.38
 
 
 
 
 
 
 
-
 
Expired
 
 
(18,761
 )
 
 
1.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at March 31, 2023
 
 
21,500,332
 
 
$
0.62
 
 
 
1.18
 
 
$
10,251,576
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and expected to vest at March 31, 2023
 
 
19,806,010
 
 
$
0.42
 
 
 
0.92
 
 
$
10,251,278
 
 
 
 
Shares Under
Option
 
 
Weighted Average
Exercise Price
 
 
Weighted Average
Remaining
Contractual Life
(Years)
 
 
Aggregate
Intrinsic Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2021
 
 
19,547,520
 
 
$
0.36
 
 
 
2.11
 
 
$
87,636,744
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
285,000
 
 
 
4.21
 
 
 
 
 
 
 
-
 
Exercised
 
 
(210,500
)
 
 
0.37
 
 
 
 
 
 
 
915,850
 
Forfeited
 
 
(1,000
)
 
 
4.60
 
 
 
 
 
 
 
-
 
Expired
 
 
-
 
 
 
-
 
 
 
 
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at March 31, 2022
 
 
19,621,020
 
 
$
0.42
 
 
 
1.90
 
 
$
72,953,650
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and expected to vest at March 31, 2022
 
 
 
18,755,261
 
 
$
0.27
 
 
 
1.80
 
 
$
71,871,914
 
Schedule Of Significant Unobervable Inputs Used In The Measurement Of Fair Value Warrants The Company valued this consideration in accordance with ASC 718,
Compensation – Stock Compensation
, using the Black-Scholes option pricing model with the following assumptions:
 
Expected Term (in Years)
 
 
6.4
 
GCEH Warrant Volatility
 
 
115
%
SusOils Warrant Volatility
 
 
65
%
Risk Free Rate
 
 
2.89
%
Dividend Yield
 
 
0
%
Schedule of Company's non-vested stock options
The following table
s
 shows the status of the Company’s non-vested stock options for the 
three months
ended March 31, 2023 and March 31, 2022:
 
 
 
Shares Under
Option
 
 
Weighted Average
Grant Date Fair Value
 
 
 
 
 
 
    
Non-vested at December 31, 2022
 
 
1,989,945
 
 
$
1.78
 
 
 
 
 
 
 
 
    
Granted
 
 
125,000
 
 
 
3.24
 
Vested
 
 
(268,340
)
 
 
1.70
 
Forfeited
 
 
(152,283
)
 
 
1.47
 
 
 
 
 
 
 
 
    
Non-vested at March 31, 202
3
 
 
1,694,322
 
 
$
2.95
 
 
 
 
Shares
Under Option
 
 
Weighted Average
Grant Date Fair Value
 
 
 
 
 
 
 
 
Non-vested at December 31, 2021
 
 
518,764
 
 
$
4.21
 
 
 
 
 
 
 
 
Granted
 
 
285,000
 
 
 
4.21
 
Vested
 
 
(167,218
)
 
 
4.60
 
Forfeited
 
 
(1,000
)
 
 
2.95
 
 
 
 
 
 
 
 
    
Non-vested at March 31, 202
2
 
 
635,546
 
 
$
4.54
 
Schedule Of Fair Value Measurement Inputs and Valuation Techniques
The fair value of stock option grants with market based conditions for vesting is estimated on the grant date using a Monte-Carlo simulation under a risk-neutral framework and using the average value over 100,000 model iterations. The following table illustrates the assumptions used in estimating the fair value of options
 granted during the year ended December 31, 2022:
 
Expected Term (in Years)
 
 
2.0
 
Volatility
 
 
88.00
%
Risk Free Rate
 
 
2.80
%
Dividend Yield
 
 
0
 
Aggregate Grant Date Fair Value
 
$
2.14
 
Amendment Number Ten To The Senior Secured Credit Agreement [Member] | Tranche C Senior Credit Facility [Member]  
Schedule Of Significant Unobervable Inputs Used In The Measurement Of Fair Value Warrants T
he Company valued this consideration, using the Black-Scholes option pricing model with the following assumptions:
 
Expected Term (in
Years)
 
 
5.9
 
GCEH Warrant Volatility
 
 
120
%
Risk Free Rate
 
 
3.59
%
Dividend Yield
 
 
0
%
Continuous Service Based Vesting Condition [Member]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of stock option grants with only continued service conditions for vesting is estimated on the grant date using a Black-Scholes option pricing model. The following table illustrates the assumptions used in estimating the fair value of options granted during the three months ended March 31, 2023
 and March 31, 2022:
 
 

 
 
March 31, 2023

 
 
March 31, 2022
 
Expected Term (in Years)
 
 
3.8
 
 
 
 
 
3.0
 
Volatility
 
 
85.42
%
 
 
87.71
%
Risk Free Rate
 
 
4.32
%
 
 
1.41
%
Dividend Yield
 
 
0
 
 
 
 
 
0
 
Aggregate Grant Date Fair Value
 
$
0.87
 
 
 
$
2.41
 
Market Based Vesting Condition [Member]  
Summary of option award activity and awards outstanding
The following table shows options award activity for market based options for the three months ended March 31,2023:
 
 
 
Shares
Under Option
 
 
Weighted Average
Exercise Price
 
 
Weighted Average
Remaining
Contractual Life
(Years)
 
 
Aggregate
Intrinsic Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2022
 
 
600,000
 
 
$
2.14
 
 
 
 
 
$
1,286,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
-
 
 
 
-
 
 
 
 
 
 
-
 
Exercised
 
 
-
 
 
 
-
 
 
 
 
 
 
-
 
Forfeited
 
 
-
 
 
 
-
 
 
 
 
 
 
-
 
Expired
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at March 31, 2023
 
 
600,000
 
 
$
2.14
 
 
 
2.01
 
 
$
1,286,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and expected to vest at March 31, 2023
 
 
-
 
 
$
-
 
 
 
-
 
 
$
-