STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

STOCKHOLDERS' EQUITY

Schedule of BSM using weighted-average assumptions

These fair values were derived using the BSM with the following weighted-average assumptions:

	For the Years Ended December 31,
	2023		2022
Average risk-free interest rate	4.18	%	2.79	%
Expected dividend yield	—	%	—	%
Expected lives	5.59 years		5.69 years
Expected volatility	53.14	%	79.92	%

Schedule of transaction and other information relating to stock options

Transactions and other information relating to stock options of Class D common stock for the years ended December 31, 2023 and 2022 are summarized below:

				Weighted-Average
				Remaining	Aggregate
	Number of	Weighted-Average		Contractual Term	Intrinsic
	Options	Exercise Price		(In Years)	Value
Outstanding at December 31, 2021	3,770,913	$	2.18	5.68	$	4,659,601
Grants	884,061		4.22	—		—
Exercised	(60,240)		0.83	—		315,620
Forfeited/cancelled/expired/settled	—		—	—		—
Outstanding at December 31, 2022	4,594,734	$	2.59	5.72	$	5,871,492
Grants	649,453		5.20	—		—
Exercised	—		—	—		—
Forfeited/cancelled/expired/settled	(20,051)		4.75	—		—
Outstanding at December 31, 2023(1)	5,224,136		2.90	5.28	$	5,021,952
Vested and expected to vest at December 31, 2023	5,171,594		2.89	5.24		5,021,952
Unvested at December 31, 2023	452,524		4.71	9.19		—
Exercisable at December 31, 2023	4,771,612		2.73	4.91		5,021,952

(1) The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the year ended December 31, 2023, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on December 31, 2023. This amount changes based on the fair market value of the Company’s stock.
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Schedule of transaction and other information relating to restricted stock grants

Transactions and other information relating to grants of restricted shares of Class D common stock for the years ended December 31, 2023 and 2022 are summarized below:

		Average
		Fair Value
		at Grant
	Shares	Date
Unvested at December 31, 2021	76,056	$	3.90
Grants	1,357,687		4.27
Vested	(999,479)		4.25
Forfeited/cancelled/expired	—		—
Unvested at December 31, 2022	434,264	$	4.27
Grants	895,520		5.17
Vested	(1,001,667)		4.92
Forfeited/cancelled/expired	(15,000)		4.12
Unvested at December 31, 2023	313,117	$	4.77