Share-Based Compensation Expense (Tables)
|
12 Months Ended |
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 | |
| - | | |
$ | - | | |
| - | |
|