Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS AND WARRANTS (Tables)

v3.23.2
STOCK OPTIONS AND WARRANTS (Tables)
 6 Months Ended
Jun. 30, 2023
Summary of option award activity and awards outstanding
The following tables show option award activity for service based options for the six months ended June 30, 2
02
3 and June 30, 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
 
 
1,666,453
 
 
 
0.50
 
 
 
-
 
Exercised
 
 
(55,200
)
 
 
0.12
 
 
 
3,727
 
Forfeited
 
 
(162,435
)
 
 
1.46
 
 
 
-
 
Expired
 
 
(203,511
)
 
 
1.92
 
 
 
 
 
 
Outstanding at June 30, 2023
 
 
22,796,883
 
 
$
0.62
 
 
 
1.37
 
 
$
15,180,980
 
 
 
 
Vested and expected to vest at June 30, 2023
 
 
22,796,883
 
 
$
0.62
 
 
 
1.37
 
 
$
15,180,980
 

 
 
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
 
 
1,688,728
 
 
 
3.76
 
 
 
-
 
Exercised
 
 
(320,916
)
 
 
0.41
 
 
 
1,202,500
 
Forfeited
 
 
(2,865
)
 
 
4.21
 
 
 
-
 
Expired
 
 
-
 
 
 
-
 
 
 
-
 
 
 
 
Outstanding at June 30, 2022
 
 
20,912,467
 
 
$
0.63
 
 
 
1.85
 
 
$
43,341,114
 
 
 
 
Vested and expected to vest at June 30, 2022
 
 
20,912,467
 
 
$
0.63
 
 
 
1.85
 
 
$
43,341,114
 
Schedule of Company's non-vested stock options
The following tables show the status of the Company’s non-vested stock options for the six months ended June 30, 2023 and June 30, 2022:

 

 
 
Shares Under Option
 
 
Weighted Average Grant
Date Fair Value
 
 
 
 
 
 
 
 
Non-vested at December 31, 2022
 
 
1,989,945
 
 
$
1.78
 
 
 
 
Granted
 
 
2,141,453
 
 
 
3.24
 
Vested
 
 
(275,631
)
 
 
1.70
 
Forfeited
 
 
(162,435
)
 
 
1.47
 
 
 
 
Non-vested at June 30, 2023
 
 
3,693,332
 
 
$
2.95
 
 
 
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 June 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 Company valued this consideration, using the Black-Scholes option pricing model with the following assumptions:


Expected Term (in Years)
 
 
5.8
 
GCEH Warrant Volatility
 
 
123
%
Risk Free Rate
 
 
3.73
%
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 six months ended June 30, 2023 and June 30, 2022:

 
June 30, 2023
 
 
June 30, 2022
 
Expected Term (in Years)
 
 
3.2
 
 
 
3.8
 
Volatility
 
 
87.67
%
 
 
84.17
%
Risk Free Rate
 
 
3.83
%
 
 
2.53
%
Dividend Yield
 
 
0
 
 
 
0
 
Aggregate Grant Date Fair Value
 
$
0.50
 
 
$
2.20
 
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 six months ended June 30, 2023:


 
 
Shares Under
Option
 
 
Weig
ht
ed
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 June 30, 2023
 
 
600,000
 
 
$
2.14
 
 
 
2.01
 
 
$
1,286,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and expected to vest at June 30, 2023
 
 
600,000
 
 
$
2.14
 
 
 
2.01
 
 
$
1,286,000