Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS AND WARRANTS (Tables)

v3.23.3
STOCK OPTIONS AND WARRANTS (Tables)
 9 Months Ended
Sep. 30, 2023
Summary of option award activity and awards outstanding
The following tables show option award activity for service-based options for the nine months ended September 30, 2023 and 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
 
 
1,753,453
 
 
 
0.51
 
 
 
        
-
 
Exercised
 
 
(55,200
)
 
 
0.12
 
 
 
        
3,727
 
Forfeited
 
 
(196,325
)
 
 
2.21
 
 
 
        
-
 
Expired
 
 
(469,761
)
 
 
1.19
 
 
 
            
 
 
 
                            
Outstanding at September 30, 2023
 
 
22,583,743
 
 
$
0.60
 
 
 
1.66
 
 
$
12,519,054
 
 
 
 
                            
Vested and expected to vest at September 30, 2023
 
 
22,583,743
 
 
$
0.60
 
 
 
1.66
 
 
$
12,519,054
 
 
 
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
 
 
3,081,203
 
 
 
2.89
 
 
 
        
-
 
Exercised
 
 
(310,500
)
 
 
0.41
 
 
 
        
1,202,500
 
Forfeited
 
 
(133,701
)
 
 
2.67
 
 
 
        
-
 
Expired
 
 
(1,500
)
 
 
0.66
 
 
 
        
-
 
 
 
 
                            
Outstanding at September 30, 2022
 
 
22,183,022
 
 
$
0.64
 
 
 
1.71
 
 
$
30,621,739
 
 
 
 
                            
Vested and expected to vest at September 30, 2022
 
 
19,857,932
 
 
$
0.35
 
 
 
1.36
 
 
$
30,493,059
 
Schedule of Company's non-vested stock options
The following tables show the status of the Company’s non-vested stock options for the nine months ended September 30, 2023 and 2022:
 
 
 
Shares Under Option
 
 
Weighted Average Grant
Date Fair Value
 
 
 
 
 
 
 
 
 
Non-vested at December 31, 2022
 
 
1,989,945
 
 
$
1.78
 
 
 
 
            
Granted
 
 
2,228,453
 
 
 
3.14
 
Vested
 
 
(855,246
)
 
 
0.89
 
Forfeited
 
 
(196,325
)
 
 
1.58
 
 
 
 
            
Non-vested at September 30, 2023
 
 
3,166,827
 
 
$
2.99
 
 
 
 
 
 
 
 
 
 
 
 
Shares Under Option
 
 
Weighted Average Grant
Date Fair Value
 
 
             
 
 
 
 
 
 
 
 
 
Non-vested at December 31, 2021
 
 
518,764
 
 
$
3.00
 
 
 
 
            
Granted
 
 
1,973,942
 
 
 
3.76
 
Vested
 
 
(507,925
)
 
 
2.61
 
Forfeited
 
 
(2,865
)
 
 
4.21
 
 
 
 
            
Non-vested at September 30, 2022
 
 
1,981,916
 
 
$
3.75
 
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 The following table is a summary of the ranges used in the inputs of the Black-Sholes option pricing model assumptions:

Expected Term (in Years)
 
 
5.25 - 5.9
 
GCEH Warrant Volatility
 
 
80% - 125
%
 
Risk Free Rate
 
 
3.59% - 4.57
%
 
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 nine months ended September 30, 2023 and 2022:
 
 
 
September 30, 2023
 
 
September 30, 2022
 
Expected Term (in Years)
 
 
3.2
 
 
 
 
 
3.2
 
Volatility
 
 
87.67
%
 
 
86.89
%
Risk Free Rate
 
 
3.83
%
 
 
2.84
%
Dividend Yield
 
 
0
 
 
 
 
 
0
 
Aggregate Grant Date Fair Value
 
$
0.51
 
 
 
$
1.72
 
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 nine months ended September 30, 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
 
 
 
0.00
 
 
$
1,286,000
 
 
 
 
                            
Granted
 
 
-
 
 
 
-
 
 
 
        
-
 
Exercised
 
 
-
 
 
 
-
 
 
 
        
-
 
Forfeited
 
 
-
 
 
 
-
 
 
 
        
-
 
Expired
 
 
-
 
 
 
-
 
 
 
            
 
 
 
                            
Outstanding at September 30, 2023
 
 
600,000
 
 
$
2.14
 
 
 
1.40
 
 
$
1,138,410
 
 
 
 
                            
Vested and expected to vest at September 30, 2023
 
 
600,000
 
 
$
2.14
 
 
 
1.40
 
 
$
1,138,410