XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.25.3

STOCK-BASED COMPENSATION | 9 Months Ended
--- | ---
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK- BASED COMPENSATION Long-term Incentive Plan The Company awards restricted stock units (“RSUs”) to executives, employees, and directors as part of the Company’s Long-Term Equity Compensation Incentive Plan (“Long-term Incentive Plan”). This plan provides that equity-based awards, including RSUs, performance stock units (“PSU”), stock options, and unrestricted shares of common stock, may be granted to officers, employees, and directors of the Company. The Company has granted RSUs that provide the right to receive, subject to service based vesting conditions, shares of common stock pursuant to the Long-term Incentive Plan. The expense associated with these awards will be based on the fair value of the stock as of the grant date, where the Company elected to use the straight line recognition over the vesting period, which is three years. Under the approved Long-term Incentive Plan, generally, each RSU entitles the unit holder to one share of common stock when the restriction expires. After satisfying the above vesting conditions, the participants will be fully entitled to their shares of common stock. Shares that are issued upon vesting are newly issued shares from the Long-term Incentive Plan and are not issued from treasury stock. Forfeitures are recorded as they occur and are made available for subsequent awards. After the approved amendment to the Long-Term Incentive Plan, 5,606,878 shares of common stock remained available for issuance. The following table shows a summary of the unvested restricted stock under the 2023 Long-Term Equity Compensation Incentive Plan as of September 30, 2025 as well as activity during the year:
|  | Number of shares |  | Weighted Average Grant Date Fair Value
Restricted stock units, unvested, December 31, 2024 |  | 3,475,760 |  |  | $ | 6.98 |
Granted |  | 3,460,475 |  |  | 7.96 |
Vested |  | (1,571,391) |  |  | 6.32 |
Forfeited |  | (4,713) |  |  | 7.01 |
Restricted stock units, unvested, September 30, 2025 |  | 5,360,131 |  |  | $ | 7.80 |
Black-Scholes option-pricing model assumptions and the resulting fair value of options are presented in the following table:
| Stock Options on Grant Date
Dividend yield | — | %
Expected volatility | 23.00 | %
Risk-free interest rate | 3.98 | %
Expected option life | 5.81 years
Weighted average fair value of stock options | $ | 3.91 |
The Company does not intend to pay dividends for the foreseeable future. The expected volatility reflects the Company’s past daily common stock price volatility. The risk-free interest rate is derived using the term matched U.S. Treasury constant maturity yields. The expected stock option life is based on the average of the average time to vest and the remaining contractual term. The following table shows the status of, and changes in, common stock options:
| Number of Stock Options |  | Weighted Average Exercise Price
Options outstanding, December 31, 2024 | 345,263 |  |  | $ | 12.37 |
Granted | — |  |  | — |
Exercised | — |  |  | — |
Expired or cancelled | — |  |  | — |
Options exercisable, September 30, 2025 | 345,263 |  |  | $ | 12.37 |
Compensation costs recognized for RSUs and stock options were $4,527,358 and $1,832,746 for the three months ended September 30, 2025 and 2024, respectively. The three months ended September 30, 2024 included $4,583,632 of CEO Restricted Stock that was fully vested on November 21, 2024. Compensation costs recognized for RSUs and stock options were $10,369,582 and $4,924,312 for the nine months ended September 30, 2025 and 2024, respectively. The nine months ended September 30, 2024 included $13,750,896 of CEO Restricted Stock that was fully vested on November 21, 2024. For the three months ended September 30, 2025, $485,319 and $4,042,039 of the compensation costs is recorded in cost of revenue (including stock-based compensation) and in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive income (loss), respectively. For the nine months ended September 30, 2025, $1,455,958 and $8,913,624 of the compensation costs is recorded in cost of revenue (including stock-based compensation) and in general and administrative expense (including stock-based compensation) in the consolidated statements of operations and comprehensive income (loss), respectively. As of September 30, 2025, there was approximately $24,550,891 of unrecognized compensation costs related to RSUs and stock options which the Company expects to recognize over the next 2 years.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration