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EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Warrants Outstanding and Exercisable

The following table summarizes the status of our warrants and related transactions for each of the presented years:


	Non-Derivative Warrants	Derivative Warrants (1)	Total Number of Warrants	Weighted - Average Exercise Price Per Warrant		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
Balance, January 1, 2022	29,156,048	40,124,355	69,280,403	$	1.19	$	142,791	4.7
Granted (2)(3)	1,600,000	19,512,280	21,112,280	$	2.06
Exercised	(82,413)	(4,261,433)	(4,343,846)	$	1.26	$	9,746

Balance, December 31, 2022	30,673,635	55,375,202	86,048,837	$	1.40	$	1,081	3.9
Granted (2)(4)	2,970,221	—	2,970,221	$	0.63
Cancelled (4)	(2,087,500)	—	(2,087,500)	$	2.18
Reclassified	17,512,280	(17,512,280)	—
Balance, December 31, 2023	49,068,636	37,862,922	86,931,558	$	1.12	$	—	3.0
Exercisable, December 31, 2023	46,108,636	37,862,922	83,971,558	$	1.11	$	—	3.0

(1)In June 2023, 5,890,922 warrants were repriced from $1.25 to $1.00. Additionally, 17,512,280 warrants were reclassified from derivative liability warrants to non-derivative (equity) warrants and repriced from $2.086 to $1.00. Refer to Note 13 - Derivative Liabilities for additional information.

(2)The non-derivative warrants were issued for consulting or other services, therefore, these compensatory warrants are accounted for as share-based payment arrangements.

(3)Derivative warrants were issued to the Second Lien Notes Holders and the Acquisition Facility Lender. Refer to Note 13 - Derivative Liabilities for more information.

(4)On November 15, 2023, the Company cancelled warrants to purchase 200,000 SVS at an exercise price of $1.75 held by the Company’s Chief Financial Officer, that were originally issued on December 9, 2022, and reissued warrants to purchase 200,000 SVS at an exercise price of $0.55 and an expiration date of December 17, 2028.

Schedule of Share-Based Payment Award, Warrants, Valuation Assumptions

The following assumptions were used for the calculations at date of issuance.


	Year Ended December 31,
	2023	2022	2021

Weighted average stock price	$0.55	$1.74	$4.18
Weighted average expected stock price volatility	77%	81%	73%
Expected annual dividend yield	—%	—%	—%
Weighted average expected life of warrants	5.1 years	5.0 years	3.5 years
Weighted average risk-free annual interest rate	3.94%	3.48%	1.06%
Weighted average grant date fair value	$0.28	$1.13	$2.14

Summary of Stock Options Outstanding

The following table summarizes the status of stock options and related transactions for each of the presented years:


	Stock Options	Weighted Average Exercise Price per Stock Options		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
Balance, January 1, 2022	20,429,120	$	3.20	$	11,583	8.7
Granted	13,686,806	$	1.95
Exercised	(324,998)	$	1.67	$	620
Forfeited/expired	(3,038,669)	$	4.02
Balance, December 31, 2022	30,752,259	$	2.58	$	—	8.5
Granted	11,507,429	$	0.54

Forfeited/expired	(14,606,504)	$	3.20
Balance, December 31, 2023	27,653,184	$	1.40	$	—	8.2
Exercisable, December 31, 2023	12,536,225	$	1.89	$	—	6.7

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following assumptions were used for the calculation at date of grant:


	Year Ended December 31,
	2023	2022	2021

Weighted average stock price	$0.53	$1.95	$4.16
Weighted average expected stock price volatility	76.6%	74.1%	73.0%
Expected annual dividend yield	—%	—%	—%
Weighted average expected life	5.9 years	5.7 years	6.0 years
Weighted average risk-free annual interest rate	3.81%	2.88%	1.23%
Weighted average grant date fair value	$0.30	$1.35	$2.61

Summary of Restricted Stock Activity

The following table summarized the status of restricted stock and related transactions for each presented years:


	Unvested Restricted Stock	Weighted-Average Grant-date Fair Value Price per Restricted Stock		Average Intrinsic Value		Weighted Average Remaining Vesting Term (in Years)
Issued and Outstanding as of January 1, 2022	2,859,151	$	2.13	$	9,292	1.2
Granted	86,952	$	2.05
Vested and Released	(1,789,784)	$	1.96	$	3,601

Issued and Outstanding as of December 31, 2022	1,156,319	$	2.45	$	881	0.3
Cancelled	(54,774)	$	2.43
Vested and Released	(1,099,684)	$	2.45	$	526
Issued and Outstanding as of December 31, 2023	1,861	$	4.05	$	1	0.7

Components of Share-based Compensation Expense

As of December 31, 2023, the Company had $5,203 of unrecognized share-based compensation cost related to unvested stock options, restricted stocks and warrants and is expected to be recognized as share-based compensation cost over a weighted average period of 1.2 years as follows:


2024	$	4,063
2025	904
2026	217
2027	19
	$	5,203