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EQUITY BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
EQUITY BASED COMPENSATION EQUITY BASED COMPENSATION
Equity Incentive Plans
In February 2021, Greenidge adopted an equity incentive plan and reserved 383,111 shares of Class A common stock for issuance under the plan (as amended and restated, the “2021 Equity Plan”), applicable to employees and non-employee directors. In April 2023, the stockholders approved an amendment and restatement of the 2021 Equity Plan to increase the maximum aggregate number of shares of Class A common stock that may be issued for all purposes under the Plan by 500,000 shares of Class A common stock from 383,111 to 883,111 shares of Class A common stock and to remove the counting of shares of Class A common stock granted in connection with awards other than stock options and stock appreciation rights against the total number of shares available under the Plan as two shares of Class A common stock for every one share of Class A common stock granted in connection with such award. In November 2024, the stockholders approved an amendment and restatement of the 2021 Equity Plan to increase the maximum aggregate number of shares
of Class A common stock that may be issued for all purposes under the 2021 Equity Plan by 700,000 shares of Class A common stock from 883,111 to 1,583,111 shares of Class A common stock. In October 2022, the Company registered 307,684 shares of Class A common stock, outside of the 2021 Equity Plan, that were reserved for issuance upon the vesting and exercise of non-qualified stock option inducement grants.
RSAs and RSUs
During the year ended December 31, 2024, the Company awarded 392,028 restricted stock awards ("RSAs") and restricted stock units ("RSUs") under the 2021 Equity Plan. RSAs and RSUs are generally granted with an eligible vesting range from upon grant to over a two-year period.
The Company’s unvested RSA and RSU award activity for the year ended December 31, 2024 is summarized below:
RSAs & RSUsWeighted Average
Grant Date
Fair Value
Unvested at December 31, 20239,116$62.99 
Granted392,028$3.88 
Vested(265,451)$6.85 
Forfeited(4,346)$3.74 
Unvested at December 31, 2024131,347$3.31 
The value of RSA and RSU grants is measured based on their fair market value on the date of grant and amortized over their requisite service periods. The fair market value of the awards granted totaled $1.5 million and $0.2 million during the years ended December 31, 2024 and 2023, respectively. There was $0.3 million of total unrecognized compensation cost related to unvested restricted stock rights as of December 31, 2024, which is expected to be recognized over a remaining weighted-average vesting period of less than 1 year.
Common Stock Options
During the year ended December 31, 2024, the Company awarded 25,000 options that vest over a two-year period at a rate of 50% per year and are subject to forfeiture restrictions which lapse over time. These were issued from the 2021 Equity Plan. Options granted to officers, employees and consultants expire ten years after the date of grant.
The Company’s stock options activity for the year ended December 31, 2024 is summarized below:
Options Weighted Average
Exercise Price
Per Share		Weighted Average
Remaining
Contractual Life
(in years)		Aggregate
Intrinsic
Value
Outstanding at December 31, 2023458,982$16.59 -
Granted25,000$3.00 
Forfeited(266)$62.50 
Expired(1,224)$63.52 
Outstanding at December 31, 2024482,492$15.75 7.9$— 
Exercisable as of December 31, 2024335,316$19.07 7.6$— 
The value of common stock option grants is measured based on their fair market value on the date of grant and amortized over their requisite service periods. During the year ended December 31, 2024 and 2023, the fair market value of the awards granted totaled $0.1 million and $0.5 million, respectively. As of December 31, 2024, there was $0.8 million of total unrecognized compensation cost related to unvested options, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.4 years.
We determine the fair value of each grant using the Black-Scholes-Merton option pricing model. The weighted average assumptions relating to the valuation of stock options granted for the year ended December 31, 2024 and 2023 were as follows:
2024
2023
Weighted average exercise price of options granted$3.00 $4.94 
Expected volatility109 %211 %
Expected term (years)5.610.0
Risk-free interest rate4.5 %4.5 %
Expected dividend yield0.0 %0.0 %
On April 26, 2024, the Company entered into a Release Agreement with a former executive officer to allow for an acceleration of vesting of remaining unvested options and extended post termination exercise period. The stock option modification resulted in $0.2 million of incremental compensation cost during the year ended December 31, 2024, which was calculated using the Black-Scholes option-pricing model. The following assumptions were used for the Black-Scholes valuation: risk-free rate of 4.67%, expected life of 8.46 years, exercise price of $13.20, annualized volatility of 133.96%, and a dividend rate of 0.0%.
Stock-based Compensation
The Company recognized stock-based compensation expense of $2.2 million and $2.3 million during the years ended December 31, 2024 and 2023, respectively. Stock-based compensation expense is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss.