STOCK-BASED COMPENSATION - (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Stock Based Compensation Activity |
The following table summarizes stock-based compensation expense for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Stock options | $ | 242,243 | | | $ | 242,571 | | | $ | 484,468 | | | $ | 483,109 | | | Restricted stock awards | 1,887,501 | | | 2,505,234 | | | 3,874,151 | | | 4,567,072 | | | Restricted stock units | (82,221) | | | — | | | 139,675 | | | — | | | Performance-based restricted stock awards | 848,689 | | | 1,029,291 | | | 1,768,122 | | | 1,751,304 | | | Total stock-based compensation expense | $ | 2,896,212 | | | $ | 3,777,096 | | | $ | 6,266,416 | | | $ | 6,801,485 | |
|
| Schedule of Stock Option Activity |
A summary of stock option activity for the six months ended June 30, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | Number of Options | | Weighted
Average
Exercise Price
per Option | | Weighted
Average
Remaining
Contractual Life
(Years) | | Balance, December 31, 2023 | 14,822 | | | $ | 205.4 | | | 7.5 | | Exercised | — | | | — | | | — | | | | | | | | | Balance, June 30, 2024 | 14,822 | | | $ | 205.4 | | | 7.5 | | | | | | | | Number of options exercisable at June 30, 2024 | 12,352 | | | $ | 205.4 | | | 7.5 |
|
| Schedule of Restricted Stock Activity , Restricted stock units |
A summary of restricted stock award activity for the six months ended June 30, 2024 is as follows:
| | | | | | | | | | | | | Number of Unvested Shares | | Weighted Average Grant Date Fair Value per Share | | Balance, December 31, 2023 | 256,416 | | | $ | 52.3 | | | Granted | — | | | — | | | Vested | (96,976) | | | 59.1 | | | Forfeited | (9,177) | | | 50.0 | | Balance, June 30, 2024 | 150,263 | | | $ | 48.0 | |
A summary of restricted stock unit activity for the six months ended June 30, 2024 is as follows:
| | | | | | | | | | | | | Number of Unvested Shares | | Weighted Average Grant Date Fair Value per Share | | Balance, December 31, 2023 | — | | | $ | — | | | Granted | 759,120 | | | 6.34 | | | Vested | — | | | — | | | Forfeited | (9,484) | | | — | | | Balance, June 30, 2024 | 749,636 | | | $ | 6.34 | |
|
| Schedule of Nonvested Performance-Based Units Activity |
A summary of the activity for PSU awards with total shareholder return performance objectives for the six months ended June 30, 2024 is as follows: | | | | | | | | | | | | | | | | Number of Unvested Shares | | Weighted Average Grant Date Fair Value per Share | | | Balance, December 31, 2023 | 83,598 | | | $ | 88.00 | | | | Granted | — | | | — | | | | Forfeited | (1,369) | | | 37.60 | | | Balance, June 30, 2024 | 82,229 | | | $ | 88.93 | | | | | | | |
A summary of the PSU awards with cumulative adjusted EBITDA targets for the three months ended June 30, 2024 is as follows: | | | | | | | Number of Unvested Shares | | Balance, December 31, 2023 | 68,288 | | | Granted | — | | | Forfeited | (1,369) | | | Balance, June 30, 2024 | 66,919 | |
|