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Stock-Based Compensation (Tables)

12 Months Ended

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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