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Equity Compensation Plan (Tables)

12 Months Ended

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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- References

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- Definition

Tabular disclosure of the changes in outstanding nonvested restricted stock units.

+ 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)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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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

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