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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION |
14. | STOCK-BASED COMPENSATION
As of March 31, 2026, 374,683 shares of common stock and 16,000 shares of Series B Preferred Stock are available for grant under the Equity Incentive Plan. Permissible awards include incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, RSUs, performance stock and cash-settled awards and other stock-based awards in the discretion of the Compensation Committee of the Board of Directors including unrestricted stock grants. Certain equity-based RSU agreements contain a provision in which the units shall immediately vest and become converted into common shares at the rate of one share per RSU, immediately after a change in control, as defined in the award agreement. Common and preferred stock RSUs For the three months ended March 31, 2026 and 2025, stock compensation expense of approximately $64,000 and $108,000 was recorded, respectively. Stock compensation expense recorded is based on the value of the shares at the grant date and recognized over the service period. The portion of the stock compensation expense to be used for the payment of withholding and payroll taxes is included in accrued compensation in the condensed consolidated balance sheets. The balance of the stock compensation expense has been recorded as additional paid-in capital. The following table summarizes the RSU transactions related to the common and preferred stock under the Company’s Equity Incentive Plan for the three months ended March 31, 2026 and 2025: SCHEDULE OF SHARE-BASED COMPENSATION ARRANGEMENTS BY SHARE-BASED PAYMENT AWARD
|  | Common Stock |  |  | Series A Preferred Stock |  |  | Series B Preferred Stock |
Outstanding and unvested shares at January 1, 2026 |  |  | 161,400 |  |  |  | - |  |  |  | 19,199 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Vested |  |  | (55,000 | ) |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |
Outstanding and unvested shares at March 31, 2026 |  |  | 106,400 |  |  |  | - |  |  |  | 19,199 |
Outstanding and unvested shares at January 1, 2025 |  |  | 242,500 |  |  |  | - |  |  |  | 19,199 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Vested |  |  | (88,300 | ) |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |
Outstanding and unvested shares at March 31, 2025 |  |  | 154,200 |  |  |  | - |  |  |  | 19,199 |
At March 31, 2026 and December 31, 2025 there was no liability for taxes withheld in connection with the equity awards. No amounts were paid in connection with cash-settled awards during the three months ended March 31, 2026 and 2025. Stock-based compensation expense The following table summarizes the components of share-based compensation expense for the three months ended March 31, 2026 and 2025: SCHEDULE OF EMPLOYEE SERVICE SHARE-BASED COMPENSATION, ALLOCATION OF RECOGNIZED PERIOD COSTS
|  | 2026 |  |  | 2025 |
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
|  | ($ in thousands) |
Direct operating costs |  | $ | - |  |  | $ | - |
General and administrative |  |  | 64 |  |  |  | 105 |
Research and development |  |  | - |  |  |  | 3 |
Selling and marketing |  |  | - |  |  |  | - |
Total stock-based compensation expense |  | $ | 64 |  |  | $ | 108 |

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