Stock-Based Compensation and Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of stock options

Stock option activity for the years ended December 31, 2023 and 2022, are as follows:

	Shares	Weighted-Average Exercise Price		Weighted-Average Fair Value
Outstanding as of December 31, 2021	713,650
Granted	—	$	—	$	—
Exercised	—	—		—
Forfeited	—	—		—
Expired	(20,000)	4.32		0.60
Outstanding as of December 31, 2022	693,650
Granted	190,728	3.42		2.57
Exercised	—	—		—
Forfeited	(457,815)	7.10		7.28
Expired	(130,000)	$	7.97	$	5.94
Outstanding as of December 31, 2023	296,563
Vested or expected to vest at December 31, 2023	252,891

The below table shows the aggregate intrinsic value and weighted average remaining contractual term of share options outstanding, currently exercisable and vested or expected to vest.

	Share Options Outstanding		Share Options Currently Exercisable		Share Options Vested or Expected to Vest
Number	296,563		10,000		252,891
Weighted-average exercise price	$	4.42	$	4.32	$	4.56
Aggregate intrinsic value ($000’s)	95		—		78
Weighted-average remaining contractual term in years	8.7		1.59		8.55

Schedule of valuation assumptions

The key inputs into the Black-Scholes Option Pricing Model used to estimate the fair value of the Pre-Funded Warrants as of the issuance on June 21, 2022 were as follows:

Risk-free interest rate	3.21%
Expected volatility	90.0%
Term until liquidation (years)	2.00
Stock price (pre-Reverse Stock Split)	$1.11
Strike price (exercise fee)	$4.5 million

The following table sets forth significant assumptions used in the Monte Carlo model for performance-based options to determine the fair value of the options awarded in June 2023 at the date of grant for the year ended December 31, 2023.

	June 7, 2023 Awards
Risk-free interest rate	3.79	%
Expected volatility of common stock	110.00	%
Expected life of options in years	10.0
Dividend yield	—	%

The following table sets forth significant assumptions used in the Black-Scholes model for market-based options to determine the fair value of the options awarded in December 2023 at the date of grant for the year ended December 31, 2023.

	December 5, 2023 Awards
Risk-free interest rate	4.13	%
Expected volatility of common stock	90.60	%
Expected life of options in years	6.5
Dividend yield	—	%

The key inputs to the Black-Scholes Model used to estimate the fair value of the vested equity awards, as of the date of the termination were as follows:

	January 19, 2023
Risk-free interest rate	3.79		%
Expected volatility of common stock	90.00		%
Expected life of options in years	6.92
Stock price (pre-Reverse Stock Split basis)	$	1.37
Strike Price	$	1.93

Schedule of restricted stock activity

Restricted stock share activity for the years ended December 31, 2023 and 2022, are as follows:

Restricted Stock Shares	Shares	Weighted- Average Fair Value at Date of Grant
Non-vested at December 31, 2021	294,485	$	9.86
Granted	256,746	7.89
Vested	(161,292)	10.60
Forfeited	(5,405)	10.16
Non-vested at December 31, 2022	384,534	8.23
Granted	146,204	4.52
Vested	(186,058)	7.81
Forfeited	(95,667)	9.25
Non-vested at December 31, 2023	249,013	$	5.97

Schedule of restricted stock unit activity

Restricted stock units activity for the years ended December 31, 2023 and 2022, are as follows:

Restricted Stock Units	Units	Weighted- Average Fair Value at Date of Grant
RSUs at December 31, 2021	128,348	$	11.45
Vested	(19,000)	11.58
Forfeited	(6,867)	11.52
RSUs at December 31, 2022	102,481	11.42
Granted	230,816	3.82
Vested	(82,730)	10.64
Forfeited	(38,000)	11.58
RSUs at December 31, 2023	212,567	$	3.44