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StockBased Compensation | 9 Months Ended
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Sep. 30, 2025
StockBased Compensation |
Stock-based Compensation | Note 7 – Stock-Based Compensation a) Common Stock Warrants The following table summarizes the changes in common stock warrants of the Company outstanding during the nine-month period ended September 30, 2025.
|  | Number of Warrants |  |  | Weighted Average Exercise Price ($) |
Outstanding at December 31, 2024 |  |  | 34,542,219 |  |  |  | 0.581 |
Granted |  |  | 16,978,166 |  |  |  | 0.681 |
Exercised |  |  | (3,557,273 | ) |  |  | 0.001 |
Expired/Cancelled |  |  | - |  |  |  | - |
Outstanding at September 30, 2025 |  |  | 47,963,112 |  |  |  | 0.659 |
Exercisable at September 30, 2025 |  |  | 47,963,112 |  |  |  | 0.659 |
On May 15, 2025, the Company entered into a securities purchase agreement (the “SPA”) with Lind Global Asset Management XII LLC (“Lind”), pursuant to which the Company issued Lind (i) a Senior Secured Convertible Promissory Note in the principal amount $7.5 million (the “Lind Note”), and (ii) a Common Stock Purchase Warrant for the purchase of up to 13,020,834 shares of common stock at an exercise price of $0.672 per share, subject to standard adjustments as defined in the warrant agreement, and exercisable for 5 years (the “Lind Warrants” and, such offering, the “Lind Offering”). The Company received net cash proceeds of approximately $5.8 million in the Lind Offering. The Lind Note may be converted by Lind from time to time at a price of $0.72 per share, subject to adjustment (the “Conversion Price”). The dollar amount of any conversions by Lind will be applied to toward upcoming Lind Note payments in reverse chronological order. The Lind Note may be prepaid in whole upon written notice on any business day following August 13, 2025; but in the event of a prepayment notice, Lind may convert up to one-third of principal amount due at the lesser of the Repayment Share Price or the Conversion Price. The “Repayment Share Price” is defined in the Lind Note as ninety percent (90%) of the average of the five lowest daily VWAPs (as defined in the Lind Note) during the 20 trading days prior to the payment date. The shares of common stock issuable upon conversion of the note and exercise of the warrant were registered pursuant to a resale Registration Statement on Form S-3 (File No. 333-288508), which was declared effective by the SEC on July 14, 2025. See Note 8, Commitments and Contingencies, for further details on the Lind Offering. A portion of the proceeds from the Lind Offering was allocated to the Lind Warrants based on their relative fair value using a Monte Carlo simulation. The assumptions used in the model were as follows: (i) dividend yield of 0%; (ii) expected volatility of 81.27%; (iii) risk-free interest rate of 4.0%; (iv) simulated term of 5.0 years; (v) estimated fair value of the shares underlying such warrants of $0.45 per share; (vi) exercise price of $0.672; and (vii) various probability assumptions related to down round price adjustments. The fair value of the Lind Warrants was $3,941,059, resulting in the amount allocated to the warrants, based on their relative fair value of $1,998,869, which was recorded as additional paid-in capital. Below is a table summarizing the common stock warrants issued and outstanding as of September 30, 2025, which have an aggregate weighted average remaining contractual life of 6.01 years. The proceeds if exercised assume the warrants are exercised for cash.
Number Outstanding |  |  | Number Exercisable |  |  | Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Proceeds to Company if Exercised ($) |
| 25,454,546 |  |  |  | 25,454,546 |  |  |  | 0.5700 |  |  |  | 2.86 |  |  |  | 14,509,091 |
| 2,857,389 |  |  |  | 2,857,389 |  |  |  | 0.5722 |  |  |  | 4.19 |  |  |  | 1,634,998 |
| 1,739,087 |  |  |  | 1,739,087 |  |  |  | 0.6600 |  |  |  | 4.49 |  |  |  | 1,147,797 |
| 13,020,834 |  |  |  | 13,020,834 |  |  |  | 0.6720 |  |  |  | 4.72 |  |  |  | 8,750,000 |
| 483,870 |  |  |  | 483,870 |  |  |  | 0.6820 |  |  |  | 4.97 |  |  |  | 329,999 |
| 381,818 |  |  |  | 381,818 |  |  |  | 0.6875 |  |  |  | 3.86 |  |  |  | 262,500 |
| 1,428,693 |  |  |  | 1,428,693 |  |  |  | 0.7153 |  |  |  | 4.19 |  |  |  | 1,021,873 |
| 1,734,375 |  |  |  | 1,734,375 |  |  |  | 0.7680 |  |  |  | 4.85 |  |  |  | 1,332,000 |
| 448,500 |  |  |  | 448,500 |  |  |  | 2.0000 |  |  |  | 2.71 |  |  |  | 897,000 |
| 54,000 |  |  |  | 54,000 |  |  |  | 3.0500 |  |  |  | 3.01 |  |  |  | 164,700 |
| 50,000 |  |  |  | 50,000 |  |  |  | 3.4500 |  |  |  | 0.42 |  |  |  | 172,500 |
| 125,000 |  |  |  | 125,000 |  |  |  | 3.9500 |  |  |  | 1.25 |  |  |  | 493,750 |
| 185,000 |  |  |  | 185,000 |  |  |  | 4.9000 |  |  |  | 1.34 |  |  |  | 906,500 |
| 47,963,112 |  |  |  | 47,963,112 |  |  |  |  |  |  |  |  |  |  |  | 31,622,708 |
Stock-based compensation expense related to warrants of $nil and $5,238 was recorded in the nine months ended September 30, 2025 and September 30, 2024, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $nil. As of September 30, 2025, the total intrinsic value of warrants outstanding was $3,195,290. b) Options The following table summarizes the changes in options outstanding of the Company during the nine-month period ended September 30, 2025, all of which were issued pursuant to the 2011 Plan and the 2015 Plan.
|  | Number of Options |  |  | Weighted Average Exercise Price ($) |
Outstanding at December 31, 2024 |  |  | 4,637,748 |  |  |  | 3.88 |
Expired/Cancelled |  |  | (581,213 | ) |  |  | 3.92 |
Outstanding at September 30, 2025 |  |  | 4,056,535 |  |  |  | 3.87 |
Exercisable at September 30, 2025 |  |  | 4,056,535 |  |  |  | 3.87 |
On January 29, 2025, the Company amended the terms of certain outstanding options granted pursuant to the 2015 Plan, such that the expiration date for outstanding options to purchase 545,000 shares of the Company's common stock, granted on February 11, 2019, was extended from six years from the date of grant to ten years from the date of grant, or an expiration date of February 11, 2029. As a result of these amendments $103,573 was recorded as an additional options expense. Below is a table summarizing the options issued and outstanding as of September 30, 2025, all of which were issued pursuant to the 2011 Plan (for option issuances prior to 2016) or the 2015 Plan (for option and RSU issuances commencing in 2016)and which have an aggregate weighted average remaining contractual life of 3.13 years. As of September 30, 2025, an aggregate of 9,700,000 shares of common stock were authorized for issuance under the 2015 Plan, of which $nil shares of common stock remained available for future issuance thereunder. As of September 30, 2025, an aggregate of 7,500,000 shares of common stock were authorized for issuance under the 2024 Stock Incentive Plan (the “2024 Plan”), of which 3,251,722 shares of common stock remained available for future issuance thereunder.
Number Outstanding |  |  | Number Exercisable |  |  | Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Proceeds to Company if Exercised ($) |
| 545,000 |  |  |  | 545,000 |  |  |  | 3.25 |  |  |  | 3.37 |  |  |  | 1,771,250 |
| 820,535 |  |  |  | 820,535 |  |  |  | 3.40 |  |  |  | 5.84 |  |  |  | 2,789,819 |
| 725,000 |  |  |  | 725,000 |  |  |  | 3.60 |  |  |  | 4.61 |  |  |  | 2,610,000 |
| 1,230,837 |  |  |  | 1,230,837 |  |  |  | 4.00 |  |  |  | 1.44 |  |  |  | 4,923,348 |
| 89,163 |  |  |  | 89,163 |  |  |  | 4.38 |  |  |  | 2.32 |  |  |  | 390,534 |
| 50,000 |  |  |  | 50,000 |  |  |  | 4.80 |  |  |  | 1.25 |  |  |  | 240,000 |
| 596,000 |  |  |  | 596,000 |  |  |  | 5.00 |  |  |  | 1.49 |  |  |  | 2,980,000 |
| 4,056,535 |  |  |  | 4,056,535 |  |  |  |  |  |  |  |  |  |  |  | 15,704,951 |
Below is a table summarizing the options cancelled during the nine months ended September 30, 2025, which were originally issued pursuant to the 2011 Plan and 2015 Plan.
Equity Incentive Plan |  | Options (#) |  |  | Grant Date |  | Options Cancelled (#) |  |  | Grant Price ($) |  |  | Cancellation Date |
2015 |  |  | 40,000 |  |  | Feb 11, 2019 |  |  | 40,000 |  |  |  | 3.25 |  |  | Feb 11, 2025 |
2015 |  |  | 26,200 |  |  | Aug 3, 2021 |  |  | 26,200 |  |  |  | 3.40 |  |  | Mar 20, 2025 |
2015 |  |  | 35,000 |  |  | Apr 15, 2016 |  |  | 35,000 |  |  |  | 4.00 |  |  | May 28, 2025 |
2015 |  |  | 50,000 |  |  | Mar 30, 2017 |  |  | 50,000 |  |  |  | 4.00 |  |  | May 28, 2025 |
2015 |  |  | 50,000 |  |  | Jan 23, 2018 |  |  | 50,000 |  |  |  | 5.00 |  |  | May 28, 2025 |
2015 |  |  | 36,291 |  |  | Aug 3, 2021 |  |  | 36,291 |  |  |  | 3.40 |  |  | May 28, 2025 |
2015 |  |  | 15,000 |  |  | Apr 13, 2020 |  |  | 15,000 |  |  |  | 4.00 |  |  | Jun 15, 2025 |
2015 |  |  | 36,722 |  |  | Aug 3, 2021 |  |  | 36,722 |  |  |  | 3.40 |  |  | Jun 15, 2025 |
2011 |  |  | 292,000 |  |  | Jul 23, 2015 |  |  | 292,000 |  |  |  | 4.00 |  |  | Jul 23, 2025 |
|  |  | 581,213 |  |  |  |  |  | 581,213 |  |  |  |  |  |  |  |
Stock-based compensation expense related to stock options of $nil and $nil was recorded in the nine months ended September 30, 2025 and September 30, 2024 respectively. Total remaining unrecognized compensation cost related to non-vested stock options is $nil. As of September 30, 2025, the total intrinsic value of stock options outstanding was $nil. c) (i) Restricted Stock Units – 2015 Plan Below is a table summarizing the RSUs issued and outstanding as of September 30, 2025, all of which were issued pursuant to the 2015 Plan.
|  | RSUs (#) |  |  | Weighted Average Grant Date Fair Value Share Price ($) |
Outstanding at December 31, 2024 |  |  | 3,392,316 |  |  |  | 0.8000 |
Granted |  |  | 705,258 |  |  |  | 0.6652 |
Vested/Settled |  |  | (1,703,189 | ) |  |  | 0.7176 |
Cancelled / Forfeited |  |  | (125,994 | ) |  |  | 1.4944 |
Outstanding at September 30, 2025 |  |  | 2,268,391 |  |  |  | 0.7776 |
Below is a table summarizing the RSUs granted during the nine months ended September 30, 2025, all of which were issued pursuant to the 2015 Plan. The RSUs vest equally over periods stated on the dates noted, subject to the recipient’s continued service to the Company, and will result in the RSU compensation expense stated.
Equity Incentive Plan |  | RSUs Granted (#) |  |  | Grant Date |  | Vesting Period |  | First Vesting Date |  | Second Vesting Date |  |  | Third Vesting Date |  |  | RSU Expense ($) |
2015 |  |  | 16,912 |  |  | Jan 15, 2025 |  | 12 Months |  | Jan 16, 2026 |  |  | N/A |  |  |  | N/A |  |  |  | 10,656 |
2015 |  |  | 50,000 |  |  | Jan 15, 2025 |  | 36 Months |  | Jan 15, 2026 |  | Jan 15, 2027 |  |  | Jan 15, 2028 |  |  |  | 31,505 |
2015 |  |  | 125,000 |  |  | Feb 26, 2025 |  | 67 Days |  | May 13, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 73,000 |
2015 |  |  | 12,500 |  |  | Mar 7, 2025 |  | 12 Months |  | Mar 7, 2026 |  |  | N/A |  |  |  | N/A |  |  |  | 7,563 |
2015 |  |  | 137,452 |  |  | Jun 1, 2025 |  | 2 Months |  | Aug 1, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 69,138 |
2015 |  |  | 50,000 |  |  | Jun 23, 2025 |  | 0 Days |  | Jun 23, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 43,005 |
2015 |  |  | 50,000 |  |  | Jun 23, 2025 |  | 21 Days |  | Jul 13, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 43,005 |
2015 |  |  | 50,000 |  |  | Jun 23, 2025 |  | 52 Days |  | Aug 13, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 43,005 |
2015 |  |  | 101,700 |  |  | Aug 15, 2025 |  | 78 Days |  | Nov 1, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 70,672 |
2015 |  |  | 101,694 |  |  | Aug 15, 2025 |  | 171 Days |  | Feb 1, 2026 |  |  | N/A |  |  |  | N/A |  |  |  | 70,668 |
2015 |  |  | 5,000 |  |  | Aug 15, 2025 |  | 47 Days |  | Sep 30, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 3,475 |
2015 |  |  | 5,000 |  |  | Aug 15, 2025 |  | 139 Days |  | Dec 31, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 3,475 |
|  |  | 705,258 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 469,167 |
Below is a table summarizing the RSUs vested and settled during the nine months ended September 30, 2025, all of which were issued pursuant to the 2015 Plan.
Equity Incentive Plan |  | RSUs Vested (#) |  |  | Vest Date |  | Shares Issued (#) |  |  | Shares Withheld for Taxes (#) |
2015 |  |  | 21,583 |  |  | Jan 1, 2025 |  |  | 21,583 |  |  |  | - |
2015 |  |  | 4,667 |  |  | Feb 22, 2025 |  |  | 2,750 |  |  |  | 1,917 |
2015 |  |  | 33,503 |  |  | Mar 13, 2025 |  |  | 21,643 |  |  |  | 11,860 |
2015 |  |  | 38,198 |  |  | Mar 13, 2025 |  |  | 24,676 |  |  |  | 13,522 |
2015 |  |  | 41,642 |  |  | Mar 13, 2025 |  |  | 26,901 |  |  |  | 14,741 |
2015 |  |  | 31,667 |  |  | Apr 4, 2025 |  |  | 28,867 |  |  |  | 2,800 |
2015 |  |  | 297,340 |  |  | May 1, 2025 |  |  | 248,908 |  |  |  | 48,432 |
2015 |  |  | 125,000 |  |  | May 13, 2025 |  |  | 125,000 |  |  |  | - |
2015 |  |  | 37,334 |  |  | May 23, 2025 |  |  | 35,654 |  |  |  | 1,680 |
2015 |  |  | 343,192 |  |  | Jun 1, 2025 |  |  | 286,908 |  |  |  | 56,284 |
2015 |  |  | 8,667 |  |  | Jun 15, 2025 |  |  | 5,381 |  |  |  | 3,286 |
2015 |  |  | 50,000 |  |  | Jun 23, 2025 |  |  | 50,000 |  |  |  | 0 |
2015 |  |  | 138,452 |  |  | Jul 1, 2025 |  |  | 112,933 |  |  |  | 25,519 |
2015 |  |  | 4,667 |  |  | Jul 13, 2025 |  |  | 3,161 |  |  |  | 1,506 |
2015 |  |  | 50,000 |  |  | Jul 13, 2025 |  |  | 50,000 |  |  |  | 0 |
2015 |  |  | 137,452 |  |  | Aug 1, 2025 |  |  | 104,801 |  |  |  | 32,651 |
2015 |  |  | 50,000 |  |  | Aug 13, 2025 |  |  | 50,000 |  |  |  | 0 |
2015 |  |  | 2,000 |  |  | Sep 11, 2025 |  |  | 2,000 |  |  |  | 0 |
2015 |  |  | 282,825 |  |  | Sep 28, 2025 |  |  | 222,334 |  |  |  | 60,491 |
2015 |  |  | 5,000 |  |  | Sep 30, 2025 |  |  | 5,000 |  |  |  | 0 |
|  |  | 1,703,189 |  |  |  |  |  | 1,428,500 |  |  |  | 274,689 |
Below is a table summarizing the RSUs cancelled during the nine months ended September 30, 2025, all of which were originally issued pursuant to the 2015 Plan.
Equity Incentive Plan |  | RSUs (#) |  |  | Cancellation Date |  | Vesting Date |  | RSUs Cancelled (#) |
2015 |  |  | 3,600 |  |  | Jan 3, 2025 |  | Sep 28, 2025 |  |  | 3,600 |
2015 |  |  | 2,666 |  |  | Jan 3, 2025 |  | Oct 4, 2025 |  |  | 2,666 |
2015 |  |  | 3,600 |  |  | Jan 3, 2025 |  | Sep 28, 2026 |  |  | 3,600 |
2015 |  |  | 1,800 |  |  | Feb 5, 2025 |  | Sep 28, 2025 |  |  | 1,800 |
2015 |  |  | 1,800 |  |  | Feb 5, 2025 |  | Sep 28, 2026 |  |  | 1,800 |
2015 |  |  | 8,100 |  |  | Feb 28, 2025 |  | Sep 28, 2025 |  |  | 8,100 |
2015 |  |  | 12,000 |  |  | Feb 28, 2025 |  | Oct 4, 2025 |  |  | 12,000 |
2015 |  |  | 8,100 |  |  | Feb 28, 2025 |  | Sep 28, 2026 |  |  | 8,100 |
2015 |  |  | 34,000 |  |  | Mar 15, 2025 |  | Apr 4, 2025 |  |  | 34,000 |
2015 |  |  | 5,175 |  |  | Mar 15, 2025 |  | Sep 28, 2025 |  |  | 5,175 |
2015 |  |  | 6,000 |  |  | Mar 15, 2025 |  | Oct 4, 2025 |  |  | 6,000 |
2015 |  |  | 5,175 |  |  | Mar 15, 2025 |  | Sep 28, 2026 |  |  | 5,175 |
2015 |  |  | 1,000 |  |  | Apr 1, 2025 |  | May 23, 2025 |  |  | 1,000 |
2015 |  |  | 1,000 |  |  | Apr 1, 2025 |  | May 23, 2026 |  |  | 1,000 |
2015 |  |  | 1,000 |  |  | Apr 1, 2025 |  | May 23, 2027 |  |  | 1,000 |
2015 |  |  | 7,875 |  |  | Sep 13, 2025 |  | Sep 28, 2025 |  |  | 7,875 |
2015 |  |  | 7,875 |  |  | Sep 13, 2025 |  | Sep 28, 2026 |  |  | 7,875 |
2015 |  |  | 9,000 |  |  | Sep 13, 2025 |  | Oct 4, 2025 |  |  | 9,000 |
2015 |  |  | 4,228 |  |  | Sep 13, 2025 |  | Jan 15, 2026 |  |  | 4,228 |
2015 |  |  | 2,000 |  |  | Sep 30, 2025 |  | Sep 11, 2026 |  |  | 2,000 |
|  |  | 125,994 |  |  |  |  |  |  |  | 125,994 |
Below is a table summarizing the RSUs issued and outstanding as of September 30, 2025, all of which were issued pursuant to the 2015 Plan and which have an aggregate weighted average remaining contractual life of 0.46 years.
RSUs Outstanding (#) |  |  | Weighted Average Grant Date Fair Value Share Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |
| 10,000 |  |  |  | 0.6010 |  |  |  | 1.50 |
| 400,000 |  |  |  | 0.6020 |  |  |  | 1.10 |
| 12,500 |  |  |  | 0.6050 |  |  |  | 0.43 |
| 62,684 |  |  |  | 0.6301 |  |  |  | 0.29 |
| 450,000 |  |  |  | 0.6750 |  |  |  | 1.55 |
| 450,000 |  |  |  | 0.6900 |  |  |  | 0.51 |
| 213,394 |  |  |  | 0.6949 |  |  |  | 0.51 |
| 282,825 |  |  |  | 0.7000 |  |  |  | 0.22 |
| 74,666 |  |  |  | 0.7425 |  |  |  | 1.14 |
| 9,333 |  |  |  | 0.9707 |  |  |  | 0.90 |
| 4,666 |  |  |  | 1.3200 |  |  |  | 0.78 |
| 282,659 |  |  |  | 1.4600 |  |  |  | 0.01 |
| 8,665 |  |  |  | 1.5800 |  |  |  | 0.71 |
| 6,666 |  |  |  | 1.7200 |  |  |  | 0.49 |
| 333 |  |  |  | 2.1500 |  |  |  | 0.16 |
| 2,268,391 |  |  |  |  |  |  |  |  |
Stock-based compensation expense related to RSUs of $1,769,014 and $937,567 was recorded in the nine months ended September 30, 2025 and September 30, 2024, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $1,658,309. Below is a table summarizing the RSUs issued and outstanding as of September 30, 2025, all of which were issued pursuant to the 2024 Plan and which have an aggregate weighted average remaining contractual life of 1.71 years.
|  | RSUs (#) |  |  | Weighted Average Grant Date Fair Value Share Price ($) |
Outstanding at December 31, 2024 |  |  | 1,000,000 |  |  |  | 0.2070 |
Granted |  |  | 3,547,678 |  |  |  | 0.5819 |
Vested/Settled |  |  | (225,000 | ) |  |  | 0.5095 |
Cancelled / Forfeited |  |  | (299,400 | ) |  |  | 0.5701 |
Outstanding at September 30, 2025 |  |  | 4,023,278 |  |  |  | 0.5959 |
Exercisable at September 30, 2025 |  |  | - |  |  |  | - |
c) (ii) Restricted Stock Units - 2024 Plan Below is a table summarizing the RSUs granted during the nine months ended September 30, 2025, all of which were issued pursuant to the 2024 Plan. The RSUs vest equally over periods stated on the dates noted, subject to the recipient’s continued service to the Company, and will result in the RSU compensation expense stated.
Equity Incentive Plan |  | RSUs Granted (#) |  |  | Grant Date |  | Vesting Period |  | First Vesting Date |  | Second Vesting Date |  |  | Third Vesting Date |  |  | RSU Expense ($) |
2024 |  |  | 25,000 |  |  | Feb 26, 2025 |  | 77 Days |  | May 13, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 14,626 |
2024 |  |  | 154,678 |  |  | Mar 1, 2025 |  | 12 Months |  | Mar 1, 2026 |  |  | N/A |  |  |  | N/A |  |  |  | 95,900 |
2024 |  |  | 2,868,000 |  |  | Mar 17, 2025 |  | 36 Months |  | Mar 17, 2026 |  | Mar 17, 2027 |  |  | Mar 17, 2028 |  |  |  | 1,635,048 |
2024 |  |  | 200,000 |  |  | May 5, 2025 |  | 8 Days |  | May 13, 2025 |  |  | N/A |  |  |  | N/A |  |  |  | 100,020 |
2024 |  |  | 300,000 | (i) |  | Jul 24, 2025 |  | Up to 42 Months |  | Variable |  | Variable |  |  | Variable |  |  |  | 134,977 |
|  |  | 3,547,678 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,980,571 |
(i) | These RSUs vest upon the share price closing above $2.50 per share for a minimum of thirty consecutive trading days within a period of three years from the date of grant, with further time-based vesting in a single installment six months after the timely achievement of the target, if at all, and subject to continued service. The estimated fair value of the RSUs that include a market vesting condition will be measured on the grant date using a Monte Carlo Simulation of a Geometric Brownian Motion stock path model and incorporating the probability of vesting occurring. The estimated fair value of these awards will be recognized over the derived service period (as determined by the valuation model), with such recognition occurring regardless of whether the market condition is met.
Below is a table summarizing the RSUs cancelled during the nine months ended September 30, 2025, all of which were originally issued pursuant to the 2024 Plan.
Equity Incentive Plan |  | RSUs (#) |  |  | Cancellation Date |  | Vesting Date |  | RSUs Cancelled (#) |
2024 |  |  | 95,618 |  |  | Jun 30, 2025 |  | Mar 17, 2026 |  |  | 95,618 |
2024 |  |  | 95,599 |  |  | Jun 30, 2025 |  | Mar 17, 2027 |  |  | 95,599 |
2024 |  |  | 95,583 |  |  | Jun 30, 2025 |  | Mar 17, 2028 |  |  | 95,583 |
2024 |  |  | 4,200 |  |  | Sep 30, 2025 |  | Mar 17, 2026 |  |  | 4,200 |
2024 |  |  | 4,200 |  |  | Sep 30, 2025 |  | Mar 17, 2027 |  |  | 4,200 |
2024 |  |  | 4,200 |  |  | Sep 30, 2025 |  | Mar 17, 2028 |  |  | 4,200 |
|  |  | 299,400 |  |  |  |  |  |  |  | 299,400 |
Below is a table summarizing the RSUs vested and settled during the nine months ended September 30, 2025, all of which were issued pursuant to the 2024 Plan.
Equity Incentive Plan |  | RSUs Vested (#) |  |  | Vest Date |  | Shares Issued (#) |  |  | Shares Withheld for Taxes (#) |
2024 |  |  | 225,000 |  |  | May 13, 2025 |  |  | 225,000 |  |  |  | - |
|  |  | 225,000 |  |  |  |  |  | 225,000 |  |  |  | - |

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