Annual report [Section 13 and 15(d), not S-K Item 405]

Stock-based Compensation

v3.25.1
Stock-based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
The Company’s 2017 Stock Plan (the “2017 Plan”) provides for granting stock options and restricted stock awards to employees, directors, contractors and consultants of the Company. A total of 3,182,335 shares of common stock are authorized to be issued pursuant to the 2017 Plan. As of December 31, 2024, there were 2,739,261 shares available for future grants under the 2017 Plan. The Company has not since August 2019 granted, and in the future does not intend to grant, awards under the 2017 Stock Plan.
The Company’s 2019 Omnibus Stock Incentive Plan (the “2019 Plan”) provides for granting stock options and restricted stock awards to employees, directors, contractors and consultants of the Company. During 2024 and 2023, the Company amended the 2019 Plan by adding an additional 1.7 million and 2 million of shares authorized to be issued, respectively. A total of 5,760,778 shares of common stock are authorized to be issued pursuant to the 2019 Plan. On August 19, 2024, the Company's shareholders approved an amendment to the 2019 Plan that increased the share reserve of the 2019 Plan by 1,600,000 shares from 5,760,778 shares to 7,360,778 shares.
As of December 31, 2024, there were 365,914 shares available for future grants under the 2019 Plan.
Restricted Stock Awards
Shares Weighted Average
Grant Date
Fair Value
Nonvested at December 31, 2022 1,375,145 $ 14.23 
Granted 829,335 4.42 
Vested (323,654) (12.15)
Forfeited (114,409) (14.23)
Nonvested at December 31, 2023 1,766,417 $ 10.01 
Granted 590,002 2.40 
Vested (1,535,536) (9.33)
Forfeited (274,230) (7.97)
Nonvested at December 31, 2024 546,653 $ 4.72 
At December 31, 2024, the total unrecognized compensation related to unvested restricted stock awards granted was $0.6 million which the Company expects to recognize over a period of approximately one year.
Restricted Stock Units
Shares Weighted Average
Grant Date
Fair Value
Nonvested at December 31, 2022 392,564 $ 6.58 
Granted 2,004,147  4.67
Vested (31,321) (7.04)
Forfeited (174,093) (5.10)
Nonvested at December 31, 2023 2,191,297 $ 4.94 
Granted 2,049,983  2.02 
Vested (935,943) (4.95)
Forfeited (286,963) (4.25)
Nonvested at December 31, 2024 $ 3,018,374  $ 3.02 
During 2022, the Company commenced granting restricted stock units to employees and agents.
At December 31, 2024, the total unrecognized compensation related to unvested restricted stock units was granted was $3.3 million which the Company expects to recognize over a period of approximately 9 months.
Stock Option Awards
A summary of stock option activity under the 2017 and 2019 Plans are as follows:
Stock Options Options
Outstanding		 Weighted
Average
Exercise Price		 Weighted
Average
Remaining
Contractual
Term in
Years		 Aggregate
intrinsic value
(in thousands)
Balance at December 31, 2022 147,707 $ 11.87  9.32 $ — 
Granted —  —  —  — 
Exercised — —  — — 
Balance at December 31, 2023 147,707 $ 11.87  9.32 — 
Granted — —  —  — 
Exercised — —  —  — 
Balance at December 31, 2024 147,707 11.87  9.32 — 
Options exercisable at December 31, 2024 147,707 $ 11.87  9.32 $ — 
There were no options granted in the year ended December 31, 2024. At December 31, 2024, all stock option awards were vested and all related compensation expense had been recognized.
Stock based compensation related to the Company’s 2019 Plan is reported within the consolidated statement of operations as follows (amount in thousands):
Year Ended December 31,
2024 2023
Commission and service costs $ 3,739  $ 4,733 
General and administrative 4,918  7,857 
Marketing 182  404 
Total stock-based compensation $ 8,839  $ 12,994 
The Company capitalized $0.0 and $0.0 million of stock-based compensation expense associated with the cost of developing software for internal use during the years ended December 31, 2024 and 2023, respectively.