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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Retirement Benefits [Abstract] |
Share-Based Compensation | 12. Share-Based Compensation Summary of Restricted Common Stock The following table summarizes restricted stock activity during the nine months ended September 30, 2025: Schedule of Restricted Stock
|  | Unvested Shares |  |  | Issuable Shares |  |  | Fair Value at Date of Issuance |  |  | Weighted Average Grant Date Fair Value |
Balance, December 31, 2024 |  |  | 1,320,834 |  |  |  | - |  |  | $ | 4,531,224 |  |  | $ | 3.43 |
Granted |  |  | 450,000 |  |  |  | - |  |  |  | 405,000 |  |  |  | 0.90 |
Vested |  |  | (412,497 | ) |  |  | 412,497 |  |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  |  |  |  |  |  |  |  |  | - |
Issued |  |  | - |  |  |  | (412,497 | ) |  |  | (1,559,626 | ) |  |  | - |
Balance, September 30, 2025 |  |  | 1,358,337 |  |  |  | - |  |  | $ | 3,376,598 |  |  | $ | 2.49 |
On February 1, 2025, the Company granted its Chief Executive Officer 250,000 shares of the Company’s restricted stock and granted 200,000 shares of the Company’s restricted stock to two other officers with an aggregate fair value of $405,000 or $0.90 per share. The restricted stock grant vest monthly over a 36-month period. During the nine months ended September 30, 2025 and 2024, the Company recognized stock compensation expense of $1,559,627 and $1,589,609 and issued 412,501 and 241,666 shares of restricted stock, respectively, based upon its vesting term of the grants. As of September 30, 2025, the unamortized stock compensation expense amounted to $3,376,598, to be expensed upon vesting in future periods through February 2028. Summary of Stock Options A summary of stock option activity is presented below: Schedule of Stock Options
|  | Number of |  |  | Weighted Average |
|  | Options |  |  | Exercise Price |
Stock options outstanding at December 31, 2024 |  |  | 4,122,830 |  |  | $ | 4.28 |
Granted |  |  | 1,170,000 |  |  |  | 0.92 |
Exercised |  |  | - |  |  |  | - |
Expired or forfeited |  |  | (1,245,608 | ) |  |  | (4.52 | )
Stock options outstanding at September 30, 2025 |  |  | 4,047,222 |  |  | $ | 3.11 |
Stock options exercisable at September 30, 2025 |  |  | 2,438,611 |  |  | $ | 3.39 |
On February 1, 2025, the Company, pursuant to the terms of its 2019 Stock Incentive Plan, granted options exercisable into 1,170,000 shares of the Company’s common stock to its executives and employees. The stock options vest over 36 months equally. The stock options are exercisable at a weighted average price of $0.92 per share with an average life to expiration of approximately three years. The total fair value of these options at grant date was approximately $1,073,000, which was determined using a Black-Scholes-Merton option pricing model with the following average assumption: stock price of $0.92 per share, expected term of 6.00 years, volatility of 241%, dividend rate of 0%, and weighted average risk-free interest rate of 4.45%. The expected term represents the weighted-average period of time that share option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility is based upon historical volatility of the Company’s common stock; the expected dividend yield is based on the fact that the Company has not paid dividends in the past and does not expect to pay dividends in the future; and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected term of the share option award. During the nine months ended September 30, 2025 and 2024, the Company recognized $2,843,690 and $6,574,603 of stock compensation expense relating to vested stock options. As of September 30, 2025, the aggregate amount of unvested compensation related to stock options was approximately $1,934,542 which will be recognized as an expense as the options vest in future periods through February 2028. The weighted average remaining contractual life of common stock options outstanding at September 30, 2025, was 8.67 years. Based on a fair market value of $1.06 per share on September 30, 2025, the intrinsic value attributed to exercisable but unexercised common stock options was $138,986 at September 30, 2025. The exercise prices of common stock options outstanding and exercisable at September 30, 2025 are as follows: Schedule of Options Summarized by Exercise Price
Exercise Prices |  |  | Options Outstanding (Shares) |  |  | Options Exercisable (Shares) |
$ | 0.92 |  |  |  | 992,222 |  |  |  | 237,778 |
$ | 1.05 |  |  |  | 7,500 |  |  |  | 7,500 |
$ | 1.25 |  |  |  | 24,000 |  |  |  | 24,000 |
$ | 1.50 |  |  |  | 400,000 |  |  |  | 400,000 |
$ | 3.35 |  |  |  | 61,000 |  |  |  | 61,000 |
$ | 4.22 |  |  |  | 2,562,500 |  |  |  | 1,708,333 |
|  |  |  |  | 4,047,222 |  |  |  | 2,438,611 |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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