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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Stock-Based Compensation |
Stock-Based Compensation | Note 12 – Stock-Based Compensation A summary of stock option activity related to the Company’s standard employee incentive plan (excluding options awarded under the Long-Term Incentive Plan (“LTIP” – Note 13) for the nine months ended September 30, 2025, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average
​ | ​ | Number of | ​ | Average | ​ | Remaining Life
​ |  | Options |  | Exercise Price |  | (years)
Outstanding at December 31, 2024 |  | 4,609,187 | ​ | $ | 4.25 |  | 7.84
Granted |  | 136,491 | ​ |  | 3.39 |  |
Exercised |  | (116,583) | ​ |  | 1.33 |  |
Expired or Forfeited |  | (637,596) | ​ |  | 6.80 |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at September 30, 2025 |  | 3,991,499 | ​ | $ | 3.90 |  | 7.18
​ The weighted average remaining contractual term for all options as of September 30, 2025, and December 31, 2024, was 7.18 years and 7.84 years, respectively. As of September 30, 2025, there were 3,768,658 options that were fully vested and exercisable at a weighted average exercise price of $3.94 per share. The weighted average remaining contractual term of the vested options is 7.10 years. As of September 30, 2025, there were 222,841 unvested options exercisable at a weighted average exercise price of $3.33 per share. The weighted average remaining contractual term of the unvested options is 8.50 years. The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. On March 19, 2025, the Company issued 509,571 RSUs and 207,404 PSUs to all employees of the Company, excluding certain members of senior management that were in the Company’s LTIP described in Note 13. The fair market value on the date of award of the RSUs and PSUs was $2.30, resulting in an aggregate fair value of $1,649,041. The fair market value of these awards is being expensed over twenty and a half (20.5) months beginning March 19, 2025. The RSUs typically vest over time at a rate of one-third annually on each December 31st. The PSUs vest upon the achievement of certain revenue and EBITDA targets and, as of September 30, 2025, these targets are considered probable and the associated expense is being amortized. If both the revenue and EBITDA targets are exceeded by 150%, an additional 103,702 PSUs could be issued and vest immediately. The fair market value on the date of award of these bonus awards was $2.30, resulting in an aggregate fair value of $238,515. As of September 30, 2025, these bonus targets are not considered probable and their fair market value is not being amortized in stock-based compensation expense. On June 17, 2025, the Company issued 297,027 RSUs and 297,027 PSUs to the executives and certain members of senior management of the Company as a replacement for the 5,089,500 stock options that were surrendered under the original LTIP (see Note 13 for additional details). The fair market value on the date of award of the RSUs and PSUs was $3.15, resulting in an aggregate fair value of $1,871,270. The RSUs vest over time at a rate of one-third annually on each December 31st. The PSUs vest upon the achievement of certain revenue and EBITDA targets and, as of September 30, 2025, these targets are considered probable and the associated expense is being amortized. If both the revenue and EBITDA targets are exceeded by 125%, an additional 74,257 PSUs could be issued and vest immediately. The fair market value on the date of award of these bonus awards was $3.15, resulting in an aggregate fair value of $233,910. As of September 30, 2025, these bonus targets are not considered probable and their fair market value is not being amortized in stock-based compensation expense. On September 3, 2025, the Company issued 150,000 RSUs and 1,000,000 PSUs to its new President of its Enterprise Solutions business unit. The fair market value on the date of award of the RSUs and PSUs was $2.15, resulting in an aggregate fair value of $2,472,500. The RSUs will vest in equal portions quarterly over 12 months. The PSUs vest upon the achievement of certain revenue and EBITDA targets of the Company’s Enterprise Solutions business unit by December 31, 2028. As of September 30, 2025, these targets are not considered probable and their fair market value is not being amortized in stock-based compensation expense. A summary of RSU and PSU activity related to the Company’s standard employee incentive plan and long-term incentive plan, excluding bonus awards, for the nine months ended September 30, 2025, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
Restricted Stock Units | ​ | Number of | ​ | Grant Date
​ |  | Units |  | Fair Value Per Unit
Unvested at December 31, 2024 |  | — | ​ | $ | —
Granted |  | 956,598 | ​ |  | 2.54
Vested |  | — | ​ |  | —
Forfeited |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​
Unvested at September 30, 2025 |  | 956,598 | ​ | $ | 2.54
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
Performance Stock Units | ​ | Number of | ​ | Grant Date
​ |  | Units |  | Fair Value Per Unit
Unvested at December 31, 2024 |  | — | ​ | $ | —
Granted |  | 1,504,431 | ​ |  | 2.37
Vested |  | — | ​ |  | —
Forfeited |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​
Unvested at September 30, 2025 |  | 1,504,431 | ​ | $ | 2.37
​ For the three months ended September 30, 2025 and 2024, the Company recorded total stock-based compensation expense, including stock awards but excluding stock option awards under the Company’s LTIP, of $765,955 and $1,776,684, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded total stock-based compensation expense, including stock awards but excluding stock option awards under the Company’s LTIP, of $3,311,353 and $4,231,127, respectively. ​ As of September 30, 2025, the Company had $3,870,879 of unrecognized stock compensation expense related to stock options, stock awards, RSAs, and PSUs considered probable, which will be recognized over a weighted average period of 2.0 years.

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