STOCK-BASED COMPENSATION |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK-BASED COMPENSATION |
Restricted Stock Units The Company adopted the 2022 Stock Incentive Plan, (the “2022 Plan”), approved by its Board of Directors on July 25, 2022 and its stockholders on September 20, 2022. The 2022 Plan provides for the grant of any or all of the following types of awards: (a) stock options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted stock units. As of September 30, 2024, there were 70,000 shares of common stock subject to outstanding awards under the 2022 Plan and shares of common stock available for issuance under the 2022 Plan. In addition, there were 425,000 shares of common stock subject to outstanding awards under the 2013 Plan. A summary of restricted stock unit activity for the nine months ended September 30, 2024 is as follows (each restricted stock unit issued by the Company represents the right to receive one share of the Company’s common stock):
Restricted stock unit compensation expense was $ and $ for the three months ended September 30, 2024 and 2023, respectively. Restricted stock unit expense was $ and $ for the nine months ended September 30, 2024 and 2023, respectively. Stock-based compensation expense is included in general and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company had an aggregate of $ of unrecognized restricted stock unit compensation as of September 30, 2024 to be expensed over a weighted average period of years. All of the Company’s outstanding (unvested) restricted stock units have dividend equivalent rights. During the three and nine months ended September 30, 2024, the Company paid a total of $0 and $37,000, respectively, of such dividend equivalent rights. As of September 30, 2024 and December 31, 2023, there was $121,000 and $99,000, respectively, accrued for dividend equivalent rights which were included in other accrued expenses. |
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