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Shareholders' Equity and Share Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | Stock option activity for the nine months ended September 30, 2025 was as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2024 |  |  | 6,968,409 |  |  | $ | 3.30 |  |  |  | 6.79 |  |  | $ | 90 |
Granted |  |  | 450,000 |  |  | $ | 0.76 |  |  |  | 4.55 |  |  | $ | — |
Exercised |  |  | (431,831 | ) |  | $ | 0.97 |  |  |  |  |  |  |
Forfeited/expired |  |  | (93,834 | ) |  | $ | 3.39 |  |  |  |  |  |  |
Outstanding at September 30, 2025 |  |  | 6,892,744 |  |  | $ | 3.28 |  |  |  | 5.75 |  |  | $ | 9,535 |
Exercisable at September 30, 2025 |  |  | 4,592,752 |  |  | $ | 4.44 |  |  |  | 5.42 |  |  | $ | 4,558 |
Summary of Restricted Shares Activity | Restricted shares activity for the nine months ended September 30, 2025 was as follows:
|  | Number of Restricted Stock Grants |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2024 |  |  | 700,860 |  |  | $ | 0.86 |
Granted |  |  | 2,812,740 |  |  |  | 0.67 |
Vested and issued |  |  | (306,120 | ) |  |  | 0.37 |
Forfeited |  |  | (73,566 | ) |  |  | 0.60 |
Outstanding at September 30, 2025 |  |  | 3,133,914 |  |  | $ | 0.68 |
Exercisable at September 30, 2025 |  |  | — |  |  | $ | - |
Share buyback program On September 29, 2025, the Board of Directors authorized a $10 million share repurchase for up to 5,687,000 of the Company’s outstanding common stock. Such purchases may be made on the open market, in private transactions and/or pursuant to purchase plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. As of September 30, 2025, there have been no shares purchased since the authorization of the share buyback program. Warrants Warrant activity for the nine months ended September 30, 2025 was as follows:
|  | Number of Shares Underlying the Warrants |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |
Outstanding at December 31, 2024 |  |  | 18,350,000 |  |  | $ | 1.65 |  |  |  | 3.50 |
Exercised |  |  | (1,895,100 | ) |  | $ | 1.65 |  |  |  |
Issued |  |  | — |  |  | $ | - |  |  |  | - |
Expired |  |  | — |  |  | $ | - |  |  |  | - |
Outstanding at September 30, 2025 |  |  | 16,454,900 |  |  | $ | 1.65 |  |  |  | 2.75 |
Summary of Warrant Activity | Warrant activity for the nine months ended September 30, 2025 was as follows:
|  | Number of Shares Underlying the Warrants |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |
Outstanding at December 31, 2024 |  |  | 18,350,000 |  |  | $ | 1.65 |  |  |  | 3.50 |
Exercised |  |  | (1,895,100 | ) |  | $ | 1.65 |  |  |  |
Issued |  |  | — |  |  | $ | - |  |  |  | - |
Expired |  |  | — |  |  | $ | - |  |  |  | - |
Outstanding at September 30, 2025 |  |  | 16,454,900 |  |  | $ | 1.65 |  |  |  | 2.75 |

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
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