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EQUITY-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
Equity Incentive Plans
The Company has granted options to employees, directors, and consultants under the 2015 Equity Incentive Plan (the "2015 Plan"). The 2015 Plan provides for the grant of incentive stock options ("ISOs"), nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance-based stock awards and other stock-based awards. Additionally, the 2015 Plan provides for the grant of performance-based cash awards. ISOs may be granted only to the Company's employees. All other awards may be granted to the Company's employees, including officers, and to non-employee directors and consultants. As of March 31, 2024, there were approximately 99,258 shares remaining available for grant awards under the 2015 Plan.
During the three-month periods ended March 31, 2024 and 2023, the Company awarded 148,500 and 0 stock options to its employees and directors, pursuant to the plan described above. Stock options generally vest over one to four years and have a contractual term of ten years. Stock options are valued using the Black-Scholes option pricing model and compensation cost is recognized based on the resulting value over the service period. Expected volatilities utilized in the model are based on implied volatilities from traded stocks of peer companies. Similarly, the dividend yield is based on historical experience and the estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The expected term of the options is based on the average period the stock options are expected to remain outstanding. The fair value of the option grants awarded during the three - month period ended March 31, 2024 was $0.1 million, which has been estimated with the following assumptions on the grant date.

Three Months Ended March 31
2024
Risk-free interest rate
4.25%-4.27%
Volatility    
123.31%
Expected life (years)    
5.00-6.00
Expected dividend yield    0%
During the three months ended March 31, 2023, the Company awarded 12,220 restricted stock units to its employees and 36,640 restricted stock awards to its officers and directors, pursuant to the plan described above. Both the restricted stock units and restricted stock awards are valued at the closing price $1.57 of the Company's common stock on the grant date, and generally vest over one to four years. Total fair value of the restricted stock awards and restricted stock units awarded during the three - month period ended March 31, 2023 is $76,679.
The following table summarizes stock option activity for employees and non-employees for the three months ended March 31, 2024 and 2023:
 SharesWeighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual
Term (in years)
Outstanding at December 31, 2022107,128 $23.67 8.29
Granted— 
Exercised— 
Forfeited— 
Expired— 
Outstanding at March 31, 2023107,128 $23.75 8.04
Exercisable at March 31, 202359,870 $28.30 7.83
Outstanding at December 31, 202389,304 $23.78 7.26
Granted148,500 $0.57 
Exercised— 
Forfeited5,882 
Expired— 
Outstanding at March 31, 2024231,922 $9.04 8.86
Exercisable at March 31, 202465,769 $26.66 6.88

As of March 31, 2024 and 2023, there was approximately $0.3 million and $0.7 million, respectively, of total unrecognized compensation cost related to unvested stock options. Total unrecognized compensation cost will be adjusted for future changes in employee and non-employee forfeitures, if any. The Company expects to recognize that cost over a remaining weighted-average period of 1.25 years.