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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Schedule of Nonvested Restricted Shares | A summary of the Company’s non-vested restricted shares as of December 31, 2024 and 2023, and changes during the years then ended is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2024 |  |  | 2023 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Grant Date |  |  |  |  |  | Grant Date |
|  |  |  |  | Fair Value |  |  |  |  |  | Fair Value |
|  | Shares |  |  | (per share) |  |  | Shares |  |  | (per share) |
Non-vested at the beginning of the year |  |  | 857,583 |  |  | $ | 3.44 |  |  |  | 689,862 |  |  | $ | 3.20 |
Granted |  |  | 774,795 |  |  |  | 2.98 |  |  |  | 453,258 |  |  |  | 3.06 |
Vested |  |  | (283,282 | ) |  |  | 3.25 |  |  |  | (285,537 | ) |  |  | 2.24 |
Forfeited |  |  | (106,789 | ) |  |  | 3.19 |  |  |  | - |  |  |  | - |
Non-vested at the end of the year |  |  | 1,242,307 |  |  | $ | 3.22 |  |  |  | 857,583 |  |  | $ | 3.44 |
Expected to vest |  |  | 1,242,307 |  |  | $ | 3.44 |  |  |  | 857,583 |  |  | $ | 3.44 |
Time-Vested Stock Options [Member] |
Schedule of Valuation Assumptions, Options | Grant date fair values of time-vested stock option awards were estimated using the Black-Scholes option valuation model with the following assumptions:
|  |  |  |  |  |  |  | Expected |  | Risk Free |  | Grant Date |
|  |  |  |  |  | Expected |  | Dividend |  | Interest |  | Fair Value |
Grant Year |  | Grant Date |  | Expected Life |  | Volatility |  | Yield |  | Rate |  | Per Award |
2024 |  | 1/4/2024 |  | 6 years |  | 77.71% |  | 0.00% |  | 3.97% |  | $ | 1.94 |
2024 |  | 4/12/2024 |  | 6 years |  | 77.71% |  | 0.00% |  | 4.53% |  | $ | 2.57 |
2024 |  | 5/1/2024 |  | 6 years |  | 78.00% |  | 0.00% |  | 4.64% |  | $ | 2.50 |
2024 |  | 8/12/2024 |  | 6 years |  | 78.00% |  | 0.00% |  | 3.78% |  | $ | 2.51 |
2024 |  | 10/2/2024 |  | 6 years |  | 78.00% |  | 0.00% |  | 3.60% |  | $ | 7.64 |
2024 |  | 10/22/2024 |  | 6 years |  | 78.00% |  | 0.00% |  | 4.04% |  | $ | 8.86 |
Schedule of Option Activity | A summary of the Company’s time-vested stock options activity and related information as of December 31, 2024 and 2023, and changes during the years then ended, is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2024 |  |  | 2023 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | Options |  |  | Price |  |  | Options |  |  | Price |
|  | Outstanding |  |  | (per share) |  |  | Outstanding |  |  | (per share) |
Outstanding at the beginning of the year |  |  | 1,330,381 |  |  | $ | 4.33 |  |  |  | 898,814 |  |  | $ | 5.12 |
Granted |  |  | 829,012 |  |  |  | 3.07 |  |  |  | 503,417 |  |  |  | 3.20 |
Exercised |  |  | (105,839 | ) |  |  | 4.48 |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (173,391 | ) |  |  | 3.96 |  |  |  | (71,850 | ) |  |  | 6.27 |
Outstanding at the end of the year |  |  | 1,880,163 |  |  | $ | 3.80 |  |  |  | 1,330,381 |  |  | $ | 4.33 |
Exercisable at the end of the year |  |  | 696,649 |  |  | $ | 4.80 |  |  |  | 448,880 |  |  | $ | 5.88 |
Schedule of Shares Outstanding | A summary of the Company’s time-vested stock options outstanding as of December 31, 2024 is presented below:
|  |  |  |  | Weighted- |  |  |  |  |  |  |
|  |  |  |  | Average |  |  | Weighted- |  |  |  |
|  |  |  |  | Remaining |  |  | Average |  |  |  |
|  |  |  |  | Contractual |  |  | Exercise |  |  | Aggregate |
|  | Options |  |  | Term |  |  | Price |  |  | Intrinsic |
|  | Outstanding |  |  | (in years) |  |  | (per share) |  |  | Value |
Options outstanding |  |  | 1,880,163 |  |  |  | 7.9 |  |  | $ | 3.80 |  |  | $ | 10,029 |
Vested or expected to vest |  |  | 1,880,163 |  |  |  | 7.9 |  |  | $ | 3.80 |  |  | $ | 10,029 |
Options exercisable |  |  | 696,649 |  |  |  | 6.5 |  |  | $ | 4.80 |  |  | $ | 3,172 |
Stock Appreciation Rights (SARs) |
Schedule of Shares Outstanding | December 31, 2024, the Company had 1,644,815 SARS outstanding, vested or expected to vest, and exercisable with a weighted average remaining contractual term of 5.7 years, a weighted average exercise price of $2.17 per share, and an aggregate intrinsic value of $11,166.
Schedule of Valuation Assumptions | The estimated fair value of the stock appreciation rights immediately preceding the modification was $1,738, estimated using the Black-Scholes option valuation model.
Schedule of SAR Activity | A summary of the Company’s stock appreciation rights activity and related information as of December 31, 2024 and 2023 and changes during the year is presented below:
|  |  |  |  | December 31, |  |  |  |
|  | 2024 |  |  | 2023 |
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  | Exercise |
|  | SARS |  |  | Price |  |  | SARS |  |  | Price |
|  | Outstanding |  |  | (per share) |  |  | Outstanding |  |  | (per share) |
Outstanding at the beginning of the year |  |  | 2,068,705 |  |  | $ | 2.20 |  |  |  | 2,132,113 |  |  | $ | 2.20 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (415,702 | ) |  |  | 2.33 |  |  |  | (35,522 | ) |  |  | 2.24 |
Forfeited or expired |  |  | (8,188 | ) |  |  | 2.14 |  |  |  | (27,886 | ) |  |  | 2.20 |
Outstanding at the end of the year |  |  | 1,644,815 |  |  | $ | 2.17 |  |  |  | 2,068,705 |  |  | $ | 2.20 |
Exercisable at the end of the year |  |  | 1,644,815 |  |  | $ | 2.17 |  |  |  | 1,564,300 |  |  | $ | 2.15 |
The Company issued 39,640 shares of Common Stock as a result of cashless exercise of 115,702 cash settled stock appreciation rights and 300,000 shares of Common Stock as a result of cash exercise of 300,000 cash settled stock appreciation rights during the year ended December 31, 2024. As of

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