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Stockholders’ Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Purchases of Common Stock

The following table sets forth information regarding purchases of the Company’s common stock during the three months ended September 30, 2025:

 

Period  Total Number of Shares Purchased   Average Price Paid per Share   Total Number of Shares Purchased as Part of Publicly Announced Program   Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program 
July 1 – July 31, 2025 (1)   0    N/A    0   $50,000,000 
August 1 – August 31, 2025 (1)   0    N/A    0   $50,000,000 
September 1 – September 30, 2025 (1)   652,020   $4.60    652,020   $47,000,000 
Total for Quarter Ended September 30, 2025   652,020   $4.60    652,020   $47,000,000 

 

(1)The Company’s share repurchase program commenced on September 4, 2025. No shares were repurchased prior to that date.
Summary of Option Activity

A summary of stock option activity under the Company’s 2021 Equity Incentive Plan for the nine months ended September 30, 2025 and 2024 is presented below:

   

  

Number

of

Shares

   Weighted Average Exercise Price   Total Intrinsic Value   Weighted Average Remaining Contractual Life (in years) 
Options outstanding as of December 31, 2024   1,302,500   $1.96   $804,300    1.7 
Employee options granted   1,808,053    2.75    208,521    6.4 
Employee options exercised   (1,100,000)   1.90    -    - 
Employee options expired   (68,158)   2.47    -    - 
Employee options forfeited   (50,000)   1.40    -    - 
Options outstanding as of September 30, 2025   1,892,395   $2.75   $475,750    3.8 
Options vested and exercisable as of September 30, 2025   1,325,160   $2.53   $372,913    3.8 

 

  

Number

of

Shares

   Weighted Average Exercise Price   Total Intrinsic Value   Weighted Average Remaining Contractual Life (in years) 
Options outstanding as of December 31, 2023   1,200,000   $2.12   $8,700    2.4 
Employee options granted   120,000    1.52    -    4.6 
Employee options expired   (17,500)   10.30    -    - 
Options outstanding as of September 30, 2024   1,302,500   $1.96   $1,650    1.9 
Options vested and exercisable as of September 30, 2024   1,127,500   $2.03   $-    1.5 
Schedule of Restricted Stock Units

    

Market Cap Vesting Thresholds

$ 100

million

 

$ 150

million

  

$ 300

million

 
50,000   50,000    50,000 
Summary of Restricted Stock

The following table summarizes RSU activity under the 2021 Plan for the nine months ended September 30, 2025:

   

   Number of
Restricted
Stock Units		   Weighted
Average Grant
Date Fair Value		 
Nonvested as of December 31, 2024   1,140,971   $3.27 
Granted   150,000    2.47 
Vested   -    - 
Vested and converted to restricted common shares   (1,170,834)   3.05 
Forfeited   (120,137)   4.37 
Nonvested as of September 30, 2025   -   $- 
Schedule of Stock-based Compensation Expense

Stock-based compensation expenses are allocated among general and administrative expenses, compensation expenses and cost of revenues. Stock-based compensation expense for the nine months ended September 30, 2025 and 2024 was as follows:

   

             
   For the Three Months Ended September 30,   For the Nine Months Ended September 30, 
   2025   2024   2025   2024 
Employee stock option awards  $180,697   $34,601   $291,432   $66,594 
Employee restricted stock awards   337,326    244,409    642,930    725,307 
Forfeiture of employee restricted stock unit and share awards   (549,840)   -    (811,898)   - 
Employee share-based salary payments   -    

75,468

    

-

    

75,468

 
Non-employee restricted stock awards   37,500    66,929    112,504    127,509 
Total stock-based compensation  $5,683   $421,407   $234,968   $994,878 
Summary of Warrant Activity

The following is a summary of warrant activity for the three months ended September 30, 2025:

   

  

Number of

Warrants

 
Outstanding as of December 31, 2024   712,500 
Issuance of warrants in connection with convertible note   2,781,291 
Exercised   (1,369,725)
Outstanding as of September 30, 2025   2,124,066 
Common Stock [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Summary of Restricted Stock

The following table summarizes restricted Common Stock activity under the 2021 Plan for the nine months ended September 30, 2025:

   

  

Number of

Restricted Shares

of Common Stock

 
Outstanding and nonvested as of December 31, 2024   270,794 
Converted from restricted stock units   1,170,834 
Vested   (413,888)
Forfeited   (462,660)
Outstanding and nonvested as of September 30, 2025   565,080 
Restricted Stock [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

  

   January 1, 2025 
Vesting Hurdle Price   $ 5.26 - $15.79 
Term (years)   2.00 
Expected stock price volatility   92.70%
Risk-free rate of interest   4.25%
2021 Equity Incentive Plan [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

The following weighted-average assumptions were used to estimate the fair value of options granted during the nine months ended September 30, 2025 and 2024, using the Black-Scholes option pricing model:

   

   For the Nine Months Ended September 30, 
   2025   2024 
Exercise price  $2.70   $1.55 
Term (years)   6.75    5.00 
Expected stock price volatility   116.94%   144.57%
Risk-free rate of interest   4.10%   4.31%