XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.25.1

Stockholders’ Equity | 3 Months Ended
--- | ---
Mar. 31, 2025
Stockholders’ Equity (Deficit) [Abstract] |
STOCKHOLDERS’ EQUITY | NOTE 10 – STOCKHOLDERS’ EQUITY Common Stock During the quarter ended March 31, 2025, there were no issuances of Common Stock. Common Stock Warrants The Company’s outstanding stock warrants have not changed during the three months ended March 31, 2025. The outstanding stock warrants as of March 31, 2025 are 4,480,839 with a weighted average remaining contractual life (in years) of 2.68 and a weighted average exercise price of $4.33, all of which are exercisable. Stock-Based Compensation: Equity plans At the Company’s annual meeting on May 17, 2023, the stockholders approved an amendment to the Company’s 2021 Equity Incentive Plan (the “2021 Equity Plan”) that, amongst other things, increased the number of shares available under the 2021 Equity Plan to 10,000,000 shares. In addition, the shares available under the 2021 Equity Plan increased by 1,000,000 shares on January 1, 2024 to 11,000,000. Upon review of the previously granted shares in previous years and the availability of shares, on April 9, 2024, the Board of Directors approved the 2024 Omnibus Equity Plan (the “2024 Plan”) which will provide an initial 10,000,000 shares of Common Stock available for grant per the terms of the 2024 Plan and provides alignment with long-term stockholder value creation. The 2024 Plan also provides for annual automatic increases in the number of shares of Common Stock reserved for issuance under the 2024 Plan. The 2024 Plan was approved by the stockholders at the Company’s annual general meeting held on June 12, 2024. The 2024 Plan replaced and succeeded the Company’s 2018 Equity Incentive Plan and 2021 Equity Incentive Plan. The 2024 Plan provides that awards issued under the 2024 Plan, the 2018 Plan or the 2021 Plan that expire, lapse or are terminated, surrendered or canceled without having been fully exercised or are forfeited in whole or in part, in any case in a manner that results in any share of Common Stock covered by such award being reacquired by the Company or otherwise not being issued, such share of Common Stock shall again be available for the grant of awards under the 2024 Plan. Further, shares of Common Stock delivered (either by actual delivery or attestation) to the Company by a participant to (1) satisfy the applicable exercise or purchase price of an award, and/or (2) satisfy any applicable tax withholding obligation, in each case, shall be added to the number of shares of Common Stock available for the grant of awards under the 2024 Plan. As of March 31, 2025, the number of shares allocated and available under the 2024 Plan were 11,099,768 shares and 6,400,232 shares, respectively. The Company recognized stock-based compensation expense during the three months ended March 31, 2025 and 2024, as follows:
|  | Three months ended March, |
|  | 2025 |  |  | 2024 |
Performance-based restricted stock awards |  | $ | - |  |  | $ | 55,983 |
Service-based restricted stock awards |  |  | 2,100,504 |  |  |  | 6,180,528 |
Option expense* |  |  | - |  |  |  | (1,335,027 | )
Total stock-based compensation |  | $ | 2,100,504 |  |  | $ | 4,901,484 |
* | The option expense for the three months ended March 31, 2024, contains a reversal of stock-based compensation expenses from 2023 for cancelled option awards.
Performance-based awards Performance-based awards generally vest over a three-year performance period upon the successful completion of specified market and performance conditions. The following table presents a summary of the Company’s performance-based restricted stock awards activity:
|  | Number of shares |  |  | Weighted Average Remaining Contractual Life (in years) |
Outstanding as of December 31, 2024 |  |  | 72,101 |  |  |  | 7.56 |
Exercised |  |  | - |  |  |  | - |
Expired/forfeited |  |  | - |  |  |  | - |
Outstanding as of March 31, 2025 |  |  | 72,101 |  |  |  | 7.31 |
Exercisable as of March 31, 2025 |  |  | 72,101 |  |  |  | 7.31 |
Service-based restricted stock awards Service-based awards generally vest over a one-year service period or as otherwise defined. The following table presents a summary of the Company’s service-based awards activity:
|  | Number of shares |  |  | Weighted Average Remaining Contractual Life (in years) |
Outstanding as of December 31, 2024 |  |  | 14,178,458 |  |  |  | 1.30 |
Issued |  |  | 1,235,030 |  |  |  | - |
Forfeited/cancelled |  |  | (72,047 | ) |  |  | - |
Outstanding as of March 31, 2025 |  |  | 15,341,441 |  |  |  | 0.99 |
Exercisable as of March 31, 2025 |  |  | 1,921,566 |  |  |  | 0.01 |
As of March 31, 2025, there was approximately $13.9 million of unrecognized compensation cost related to the service-based restricted stock awards, which is expected to be recognized over a remaining weighted-average vesting period of approximately three years. Stock options awards Stock options awards vest upon the successful completion of specified market conditions. The following table presents a summary of the Company’s Stock options awards activity:
|  | Number of shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
Outstanding as of December 31, 2024 |  |  | 3,500,417 |  |  | $ | 1.07 |  |  |  | 9.20 |  |  | $ | - |
Issued |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding as of March 31, 2025 |  |  | 3,500,417 |  |  | $ | 1.07 |  |  |  | 8.95 |  |  | $ | - |
Exercisable as of March 31, 2025 |  |  | 3,500,417 |  |  | $ | 1.07 |  |  |  | - |  |  | $ | - |

X
- References No definition available. + Details
Name: | us-gaap_ShareBasedCompensationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration