v3.25.4

Share-Based Compensation Expense (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of Share-Based Compensation Expenses | Share-based compensation expenses are summarized as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Restricted stock units |  | $ | 11,789,134 |  |  | $ | 16,902,835 |
Stock options |  |  | 11,972,109 |  |  |  | 6,076,216 |
Rights to contingent consideration |  |  | - |  |  |  | 835,712 |
Employee stock purchase plan |  |  | 75,538 |  |  |  | - |
|  | $ | 23,836,781 |  |  | $ | 23,814,763 |
Schedule of Fair Value of the Assumptions Made | The fair value of the restricted stock units with market conditions was determined using a Monte Carlo simulation methodology that included simulating the stock price using a risk-neutral Geometric Brownian Motion-based pricing model. The following table reflects the assumptions made:
|  | Year Ended December 31, |
|  | 2025 |  | 2024 |
Share price |  | N/A |  | $ | 5.95-$7.24 |
Exercise price |  | N/A |  |  | 4.08%-5.03 | %
Risk-free interest rate |  | N/A |  |  | 65 | %
Volatility |  | N/A |  |  | 1.00-2.00 years |
Expected life |  | N/A |  |  | 0.00 | %
Dividend rate |  | N/A |  | $ | 5.95-$7.24 |
The fair value of the stock options was determined using a Black-Scholes option pricing model. The following table reflects the assumptions made:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Share price |  |  | $7.15-$8.80 |  |  |  | $5.61-$7.13 |
Exercise price |  |  | $7.15-$8.80 |  |  |  | $5.61-$7.13 |
Risk-free interest rate |  |  | 3.82%-4.28 | % |  |  | 3.81%-4.35 | %
Volatility |  |  | 63%-65 | % |  |  | 62%-64 | %
Expected life |  |  | 6.00-6.25 years |  |  |  | 5.00-6.25 years |
Dividend rate |  |  | 0.00 | % |  |  | 0.00 | %
The fair value of the shares granted under the Employee Stock Purchase Plan was determined using the Black-Scholes option pricing model. The following table reflects the assumptions made:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Share price |  |  | $9.16-$12.40 |  |  |  | N/A |
Exercise price |  |  | 4.25%-4.29 | % |  |  | N/A |
Risk-free interest rate |  |  | 53%-65 | % |  |  | N/A |
Volatility |  |  | 0.50 years |  |  |  | N/A |
Expected life |  |  | 0 | % |  |  | N/A |
Dividend rate |  |  | $9.16-$12.40 |  |  |  | N/A |
Schedule of Unvested Restricted Stock Units (“RSUs”) Transactions | The following tables reflect the continuity of unvested restricted stock units (“RSUs”) transactions:
|  | Service Conditions |
|  | Number |  |  | Weighted Average Grant Date Fair Value |
Outstanding, December 31, 2024 |  |  | 2,226,775 |  |  | $ | 8.24 |
Granted |  |  | 999,831 |  |  |  | 7.93 |
Vested |  |  | (1,253,891 | ) |  |  | 9.86 |
Forfeited/ Cancelled |  |  | (121,515 | ) |  |  | 7.12 |
Outstanding, December 31, 2025 |  |  | 1,851,200 |  |  | $ | 7.36 |
During December 31, 2025, the Company modified the terms of RSU awards by accelerating vesting of all unvested RSUs for certain officers and directors. The Company recorded an incremental share-based compensation expense of $1,053,989 and $nil for the years ended December 31, 2025 and 2024, respectively.
|  | Market Conditions |
|  | Number |  |  | Weighted Average Grant Date Fair Value |
Outstanding, December 31, 2024 |  |  | 676,243 |  |  | $ | 2.48 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Forfeited/ Cancelled |  |  | (276,243 | ) |  |  | 2.10 |
Outstanding, December 31, 2025 |  |  | 400,000 |  |  | $ | 2.74 |
As of December 31, 2025, the Company has outstanding RSUs that have market-based vesting conditions if the closing price of the Company’s Class A Common Stock is greater than or equal to a specified price for a period of 20 trading days during any 30 trading-day period.
|  | Performance Conditions |
|  | Number |  |  | Weighted Average Grant Date Fair Value |
Outstanding, December 31, 2024 |  |  | - |  |  | $ | - |
Granted |  |  | 161,551 |  |  |  | 8.51 |
Vested |  |  | - |  |  |  | - |
Forfeited/ Cancelled |  |  | - |  |  |  | - |
Outstanding, December 31, 2025 |  |  | 161,551 |  |  | $ | 8.51 |
Schedule of Additional Information Related to RSUs | The following table reflects additional information related to RSUs activity:
|  | As of December 31, 2025 |
|  | Service Conditions |  |  | Market Conditions |  |  | Performance Conditions |
Unrecognized compensation cost |  | $ | 7,475,361 |  |  | $ | 311,717 |  |  | $ | 1,374,799 |
Weighted-average service period for unrecognized compensation cost |  |  | 0.98 years |  |  |  | 0.46 years |  |  |  | - |
Grant date fair value of RSUs |  | $ | 13,620,727 |  |  | $ | 1,097,541 |  |  | $ | 1,374,799 |
The following table reflects additional information related to options activity:
|  | As of December 31, 2025 |
|  | Service Conditions |  |  | Performance Conditions |
Unrecognized compensation cost |  | $ | 18,715,459 |  |  | $ | - |
Weighted average service period for unrecognized compensation cost |  |  | 0.38 years |  |  |  | - |
Grant date fair value of options |  | $ | 1.05 |  |  | $ | - |
Schedule of Stock Option Transactions | The following tables reflect the continuity of stock option transactions:
|  | Service Conditions |
|  | Number |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |
Outstanding, December 31, 2024 |  |  | 62,285,572 |  |  | $ | 0.80 |  |  |  |  |
Granted |  |  | 2,511,539 |  |  |  | 4.73 |  |  |  |  |
Exercised |  |  | (21,260,572 | ) |  |  | 0.14 |  |  |  |  |
Forfeited |  |  | (283,415 | ) |  |  | 7.24 |  |  |  |  |
Cancelled |  |  | (25,286 | ) |  |  | 9.25 |  |  |  |  |
Outstanding, December 31, 2025 |  |  | 43,227,838 |  |  | $ | 1.48 |  |  |  | 13.44 |
Vested and exercisable, December 31, 2025 |  |  | 37,865,399 |  |  | $ | 0.67 |  |  |  | 14.11 |
The Company recorded an incremental share-based compensation expense of $2,805,952 and $nil for the years ended December 31, 2025 and 2024, respectively.
|  | Performance Conditions |
|  | Number |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |
Outstanding, December 31, 2024 |  |  | 580,139 |  |  | $ | 7.13 |  |  |  |  |
Granted |  |  | - |  |  |  | - |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |
Forfeited |  |  | (580,139 | ) |  |  | 7.13 |  |  |  |  |
Cancelled |  |  | - |  |  |  | - |  |  |  |  |
Outstanding, December 31, 2025 |  |  | - |  |  | $ | - |  |  |  | - |
Vested and exercisable, December 31, 2025 |  |  | - |  |  | $ | - |  |  |  | - |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Line items represent financial concepts included in a table. 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