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STOCK BASED COMPENSATION AND WARRANTS
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION AND WARRANTS STOCK BASED COMPENSATION AND WARRANTS
The stock based compensation cost that has been charged against income by the Company was $2.3 million, $1.6 million and $0.9 million for the years ended December 31, 2023, 2022 and 2021, respectively, for options awarded by the Company.
On June 19, 2023, the Board of Directors granted five members of the Board of Directors 113.0 thousand shares of restricted common stock at an effective price of $5.75 per share, of which the first half of such shares vested on December 31, 2023 and second half of such shares vested on January 4, 2024. The grant date fair value is $650 thousand which amount was expensed on December 31, 2023.
Restricted stock activity for the years ended December 31, 2023 is as follows:
Restricted stock issued for Compensation:Shares
 (in thousands)		Effective Stock PriceWeighted Average Remaining Contractual Life
(in Years)
Grant Date
Fair Value
 (in thousands)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022— $— — $— $— 
Restricted stock issued113 5.75 0.01650 — 
Outstanding at December 31, 2023113 $5.75 0.01$650 $— 
Unvested at December 31, 202357 $5.75 0.01$325 $— 
Stock option activity for the years ended December 31, 2023, 2022 and 2021 is summarized as follows:
OPTIONS ISSUED FOR COMPENSATION:Shares
 (in thousands)		Weighted Average Exercise PriceWeighted Average Remaining Contractual Life
(in Years)
Grant Date
Fair Value
 (in thousands)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 20205,104 $1.80 5.55$4,902 $1,433 
Options granted1,321 1.93 9.002,067 
Options exercised(2,042)1.50 — (2,140)
Options cancelled/forfeited/expired(189)1.40 — (147)
Outstanding at December 31, 20214,194 $1.73 6.37$4,682 $15,951 
Exercisable at December 31, 20211,716 $1.98 4.84$1,707 $15,951 
Outstanding at December 31, 20214,194 $1.73 6.37$4,682 $15,951 
Options granted305 10.03 7.252,982 
Options exercised(653)1.65 6.20(756)
Options cancelled/forfeited/expired(214)1.48 — (294)
Outstanding at December 31, 20223,632 $2.46 5.62$6,614 $19,069 
Exercisable at December 31, 20221,922 $1.87 3.94$2,138 $19,069 
Outstanding at December 31, 20223,632 $2.46 5.62$6,614 $19,069 
Options granted433 6.46 9.352,373 
Options exercised(561)1.68 3.45(563)
Options cancelled/forfeited/expired(291)2.36 — (663)
Outstanding at December 31, 20233,213 $3.14 5.62$7,761 7,681 
Exercisable at December 31, 20231,897 $2.13 4.11$2,621 $7,681 
On November 16, 2023, the Board of Directors accelerated the vesting in full of options to purchase 15.0 thousand shares of common stock at an exercise price of $1.45 per share and 45,000 shares of common stock at an exercise price of $1.92 per
share, which was part of the severance payable to a deceased director. The grant date fair value is $94.0 thousand which amount was expensed on December 31, 2023.
On May 14, 2023, the Board of Directors granted 15 employees and 1 officer/director (Benjamin P. Cowart, the Company’s Chief Executive Officer) options to purchase an aggregate of 234.6 thousand and 48.6 thousand shares of common stock, respectively, at an exercise price of $6.46 per share, with a ten year term (subject to continued employment/directorship), vesting at the rate of 1/4th of such options per year on the first 4 anniversaries of the grant date, under our 2019 Equity Incentive Plan, in consideration for services rendered and to be rendered to the Company. The grant date fair value is $1.4 million which amount is being amortized at the rate of $28.9 thousand per month.
On April 17, 2023, the Board of Directors granted 1 employee options to purchase an aggregate of 150.0 thousand shares of common stock, at an exercise price of $6.46 per share, with a ten year term (subject to continued employment/directorship), vesting at the rate of 1/4th of such options per year on the first 4 anniversaries of the grant date, under our 2020 Equity Incentive Plan, in consideration for services rendered and to be rendered to the Company. The grant date fair value is $1.0 million which amount is being amortized at the rate of $20.5 thousand per month.
On December 31, 2022, the Board of Directors accelerated the vesting in full of options to purchase 15,000 shares of common stock at an exercise price of $1.45 per share and 45,000 shares of common stock at an exercise price of $1.92 per share, which was part of the severance payable to a resigning director. The grant date fair value is $349.8 thousand which amount was expensed on December 31, 2022.
On May 12, 2022, the Board of Directors granted 27 employees and 1 officer/director (Benjamin P. Cowart, the Company’s Chief Executive Officer) options to purchase an aggregate of 212,021 and 28,813 shares of common stock, respectively, at an exercise price of $11.90 and $13.09 per share, respectively, with a ten year and five year term, respectively (subject to continued employment/directorship), vesting at the rate of 1/4th of such options per year on the first 4 anniversaries of the grant date, under our 2019 Equity Incentive Plan, in consideration for services rendered and to be rendered to the Company. The grant date fair value is $2,586.8 thousand which amount is being amortized at the rate of $53.9 thousand per month.
On May 14, 2021, the Board of Directors granted 21 employees, 1 officer/director (Benjamin P. Cowart, the Company’s Chief Executive Officer), and 5 board members options to purchase an aggregate of 924,720, 96,520 and 300,000 shares of common stock, respectively, at an exercise price of $1.92, $2.12, and $1.92 per share, respectively, with a ten year, five year, and ten year term, respectively (subject to continued employment/directorship), vesting at the rate of 1/4th of such options per year on the first 4 anniversaries of the grant date, under our 2019 Equity Incentive Plan, in consideration for services rendered and to be rendered to the Company. The grant date fair value is $2,066,590 which amount is being amortized at the rate of $18,223 per month.
As of December 31, 2023, there was $4.1 million of total unrecognized compensation cost. This cost is expected to be recognized over a weighted average period of 2.68 years.
A summary of the Company’s stock warrant activity and related information for the years ended December 31, 2023, 2022 and 2021 is as follows:
Warrants
(in thousands)		Weighted Average Exercise PriceWeighted Average Remaining Contractual Life
(in Years)		Grant Date
Fair Value
(in thousands)
Outstanding at December 31, 20201,500 $2.25 7.70$1,496 
Warrants granted— — — — 
Warrants exercised— — — — 
Warrants canceled/forfeited/expired— — — — 
Warrants at December 31, 20211,500 $2.25 6.70$1,496 
Exercisable at December 31, 2021— $— 6.70$— 
Outstanding at December 31, 20211,500 $2.25 6.70$1,496 
Warrants granted3,000 5.30 4.7725,670 
Warrants exercised(1,665)2.47 — (2,865)
Warrants canceled/forfeited/expired— — — — 
Warrants at December 31, 20222,835 $5.35 4.27$24,301 
Exercisable at December 31, 20222,835 $5.35 4.27$24,301 
Outstanding at December 31, 20222,835 $5.35 4.27$24,301 
Warrants granted3,835 3.00 3.7510,368 
Warrants exercised/exchanged— — $— — 
Warrants canceled/forfeited/expired(2,835)5.35 $— (24,301)
Warrants at December 31, 20233,835 $3.00 3.75$10,368 
Exercisable at December 31, 20233,835 $3.00 3.75$10,368 

See "Note 15. Financing Agreements" for a description of the warrants that were granted in conjunction with our Term loan.