XML 31 R17.htm IDEA: XBRL DOCUMENT

Stockholders’ Equity

9 Months Ended

Sep. 30, 2025

Stockholders’ Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 10 – STOCKHOLDERS’ EQUITY

Common Stock

During the nine-month period ended September 30, 2025, vested and outstanding RSUs were settled into 2,124,462 shares of Common Stock of the Company.

Common Stock Warrants

The Company’s outstanding stock warrants have not changed during the nine-month period ended September 30, 2025. The outstanding stock warrants as of September 30, 2025 are 4,480,839 with a weighted average remaining contractual life (in years) of 2.17 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 Plan”) that, amongst other things, increased the number of shares available under the 2021 Plan to 10,000,000 shares. In addition, the shares available under the 2021 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 provided 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 (the “2018 Plan”) and 2021 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 September 30, 2025, the number of shares allocated and available under the 2024 Plan were 4,051,724 shares and 13,448,276 shares, respectively.

The Company recognized stock-based compensation expense during the three and nine months ended September 30, 2025 and 2024, as follows:

		For the three months ended September 30,								For the nine months ended September 30,
		2025				2024				2025				2024
Performance-based restricted stock awards		$	-			$	2,913			$	-			$	79,070
Service-based restricted stock awards*			(1,400,190	)			4,125,992				1,678,575				11,161,386
Option expense**			-				1,191,918				-				35,098
Total stock-based compensation		$	(1,400,190	)		$	5,320,823			$	1,678,575			$	11,275,554

*

The expense from service-based restricted stock awards for the three and nine months ended September 30, 2025, includes the reversal of stock-based compensation expense related to forfeited unvested RSUs, offset by expense incurred during the period.

**

The option expense for the nine months ended September 30, 2024, contains a reversal of stock-based compensation expense from the cancellation of option awards granted in 2023, offset by option expense incurred during the period.

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 September 30, 2025			72,101				6.81
Exercisable as of September 30, 2025			72,101				6.81

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			2,115,607				-
Exercised			(3,424,236	)
Forfeited			(10,202,093	)			-
Outstanding as of September 30, 2025			2,667,736				0.35
Exercisable as of September 30, 2025			211,329				0.04

As of September 30, 2025, there was approximately $0.7 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 two 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			$	-
Forfeited			(2,100,417	)			-				-				-
Outstanding as of September 30, 2025			1,400,000			$	0.55				8.15			$	-
Exercisable as of September 30, 2025			1,400,000			$	0.55				-			$	-