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Share Based Awards
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share Based Awards

Note 16 – Share Based Awards

 

The 2019 Equity Incentive Plan (the “2019 Plan”) and the 2024 Omnibus Equity Incentive Plan (the “2024 Plan”) (collectively, the “Plans”) allow us to incentivize key employees, consultants, and directors with long term compensation awards such as stock options, restricted stock, and restricted stock units (collectively, the “Awards”). The number of shares issuable in connection with Awards under the 2019 Plan were not to exceed 11,750,000. However, no shares are issuable under the 2019 Plan after the 2024 Plan became effective on October 15, 2024. The number of shares issuable in connection with Awards under the 2024 Plan may not exceed 24,603,000 plus any underlying forfeited 2019 Plan awards.

 

  A. Options

 

The range of assumptions used to calculate the fair value of options granted during the six months ended June 30, 2025 was:

 

Exercise Price   $6.73 – 8.56  
Stock price on date of grant   6.73 – 8.46  
Risk-free interest rate   3.94 – 4.44 %
Dividend yield   —  
Expected term (years)   5.87 – 5.97  
Volatility   177.58 – 191.15 %

 

A summary of options activity under the Plan since December 31, 2024 was:

 

   Shares  

Weighted-

Average

Exercise

Price

  

Weighted-

Average

Remaining

Contractual

Term

  

Aggregate

Intrinsic

Value

 
Outstanding as of December 31, 2024   5,645,325   $1.54    7.90   $59,779,836 
Granted   1,760,850    7.22           
Exercised   (1,875,862)   1.29           
Forfeited or expired   (213,253)   1.90           
Outstanding as of June 30, 2025   5,317,060    3.38    8.26    21,216,913 
Exercisable as of June 30, 2025   1,553,548   $1.33    5.54   $9,245,793 

 

The aggregate intrinsic value of outstanding options represents the excess of the stock price at the indicated date over the exercise price of each option. As of June 30, 2025, there was $14,303,166 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 1.62 years.

 

 

  B. Restricted Stock

 

A summary of restricted stock activity under the Plan since December 31, 2024 was:

 

   Shares   Weighted Average Grant-Date Fair Value Per Share 
Unvested and outstanding as of December 31, 2024   1,544,027   $3.84 
Granted   787,242    6.93 
Vested   —    — 
Forfeited   (321,428)   0.89 
Unvested and outstanding as of June 30, 2025   2,009,841   $5.53 

 

As of June 30, 2025, there was $8,798,089 of unrecognized stock-based compensation expense related to unvested restricted stock units which is expected to be recognized over the weighted average periods of 1.56 years.

 

  C. Stock Compensation

 

Stock compensation expense for the six months ended June 30 by functional operating expense was:

 

   2025   2024 
Research and development  $321,018   $267,459 
Sales and marketing   1,731,973    175,478 
General and administrative   1,581,042    1,321,105 
Total  $3,634,033   $1,764,042 

 

Stock compensation expense pertaining to options totaled $1,958,711 for the six months ended June 30, 2025. Stock compensation expense pertaining to restricted stock totaled $1,675,322 for the six months ended June 30, 2025. Stock compensation expense pertaining to options totaled $1,561,978 for the six months ended June 30, 2024. Stock compensation expense pertaining to restricted stock totaled $202,062 for the three months ended June 30, 2024.