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Equity Compensation Plan (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-based Payment Arrangement [Abstract] |
Summary of Nonvested Restricted Shares | A summary of the status of the Company’s non-vested restricted shares as of December 31, 2022, 2023 and 2024, is presented below:
|  | Number of restricted shares |  |  | Weighted average grant date fair value per non- vested share |
Non-vested, January 1, 2022 |  |  | 343,744 |  |  |  | 2.99 |
Vested |  |  | (171,872 | ) |  |  | 2.99 |
Non-vested, December 31, 2022 |  |  | 171,872 |  |  |  | 2.99 |
Granted |  |  | 1,566,000 |  |  |  | 4.83 |
Vested |  |  | (620,872 | ) |  |  | 5.80 |
Non-vested, December 31, 2023 |  |  | 1,117,000 |  |  |  | 5.52 |
Granted |  |  | 825,247 |  |  |  | 6.33 |
Vested |  |  | (558,500 | ) |  |  | 5.52 |
Non-vested, December 31, 2024 |  |  | 1,383,747 |  |  |  | 4.51 |
Summary of the Company's non-vested stock option activity | A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2022, 2023 and 2024, is as follows:
|  | Option shares # |  |  | Weighted-Average Exercise Price $ |
Outstanding – January 31, 2022 |  |  | 250,000 |  |  |  | 2.99 |
Exercisable – January 31, 2022 |  |  | — |  |  |  | — |
Granted |  |  | — |  |  |  | — |
Outstanding – December 31, 2022 |  |  | 250,000 |  |  |  | 2.99 |
Exercisable – December 31, 2022 |  |  | 125,000 |  |  |  | 2.99 |
Unvested-December 31, 2022 |  |  | 125,000 |  |  |  | 2.99 |
Granted |  |  | 250,000 |  |  |  | 2.85 |
Granted |  |  | 299,000 |  |  |  | 6.43 |
Exercised |  |  | (250,000 | ) |  |  | 2.99 |
Outstanding – December 31, 2023 |  |  | 549,000 |  |  |  | 4.80 |
Exercisable – December 31, 2023 |  |  | — |  |  |  | — |
Unvested – December 31, 2023 |  |  | 549,000 |  |  |  | 4.80 |
Granted |  |  | 123,000 |  |  |  | 6.01 |
Granted |  |  | 100,000 |  |  |  | 6.89 |
Exercised |  |  | (125,000 | ) |  |  | 2.85 |
Outstanding – December 31, 2024 |  |  | 647,000 |  |  |  | 5.73 |
Exercisable – December 31, 2024 |  |  | 149,500 |  |  |  | 6.43 |
Unvested – December 31, 2024 |  |  | 497,500 |  |  |  | 5.52 |

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