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COMMON STOCK
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
COMMON STOCK

7.     COMMON STOCK

 

At September 30, 2025, the Company’s authorized capital stock was 150,000,000 shares of common stock, par value $0.001 per share, and 25,000,000 shares of preferred stock, par value $0.001 per share. On that date, the Company had 55,977,596 shares of common stock issued and 55,042,888 shares of common stock outstanding. There were no shares of preferred stock outstanding.

 

Stock-based compensation expense related to Company grants for the three and nine months ended September 30, 2025 was $1,265,591 and $2,892,309, respectively. Stock-based compensation expense related to Company grants for the three and nine months ended September 30, 2024 was $573,499 and $1,907,588, respectively.

 

2025 Transactions – During the three and nine months ended September 30, 2025, the Company issued 631,800 and 1,619,214 shares of common stock, respectively, for vested stock awards and the exercise of stock options. The Company received proceeds during the three and nine months ended September 30, 2025 of $69,120 and $660,654, respectively, for the exercise of stock options.

 

During the three months ended September 30, 2025, the Company granted 380,000 restricted stock awards; the weighted average grant date fair value was $5.54. The restricted stock awards granted vest over a period of one to five years. During the nine months ended September 30, 2025, the Company granted 6,356,000 restricted stock awards, of which 1,366,663 shares are subject to performance-based vesting and service requirements. For the stock awards granted, the weighted average grant date fair value was $2.55 and vest over a period of one to five years. Awards under performance conditions vest when the Company achieves specific defined earnings target and the employee provides service through each of the vesting periods. The Company expects it is probable that performance targets will be achieved. Compensation costs for performance awards would be reversed if the performance criteria are not met.

 

2024 Transactions – During the three and nine months ended September 30, 2024 the Company issued 542,000 and 872,000 shares of common stock, respectively, for vested stock awards and the exercise of stock options. The Company received proceeds during the three and nine months ended September 30, 2024 of $4,800 and $28,800, respectively, for the exercise of stock options.

 

During the three and nine months ended September 30, 2024 the Company repurchased 100,000 shares of its common stock at a cost of $360,495 or weighted average price of $3.60 per share.

 

The Company granted 140,000 restricted stock awards during the three months ended September 30, 2024; the weighted average grant date fair value was $4.30. The Company granted 620,000 restricted stock awards during the nine months ended September 30, 2024; the weighted average grant date fair value was $3.71. The restricted stock awards granted vest over a period of eight months to five years.