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STOCK BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2026
STOCK BASED COMPENSATION |
STOCK BASED COMPENSATION | NOTE 12 — STOCK BASED COMPENSATION On August 16, 2024, the Company’s board of directors approved the adoption of the Plan. Subsequently, on September 30, 2024, the Company’s stockholders approved the Plan. The Plan provides for the granting of share-based awards, including options, restricted stock, restricted stock units, dividend equivalents, and other awards to directors, employees, and consultants of the Company. Vested shares On September 30, 2024, the compensation committee of the Company’s board of directors approved the grant of 230 shares of Class A common stock and 157 shares of Class B common stock (the “Award”) to Mr. Huan Liu, chief executive officer of the Company. The Award vested immediately upon grant. On September 30, 2025, the compensation committee of the Company’s board of directors approved the grant of 219 shares of Class A common stock (the “Award”) to Mr. Jianhui Li, strategic consultant of the Company. The Award vested immediately upon grant. On September 19, 2025, the compensation committee of the Company’s board of directors approved the grant of 720 shares of Class B common stock (the “Award”) to Mr. Huan Liu, chief executive officer of the Company, pursuant to the Plan, which grant became effective on October 15, 2025. The Award was vested immediately upon grant. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ | Weighted
​ | ​ | Class A | ​ | Class B | ​ | Average Grant
​ | ​ | Common Stock | ​ | Common Stock | ​ | Date Fair Value
​ | ​ | Shares | ​ | Shares | ​ | Per Share (US$)
Shares as of December 31, 2025 |  | 448 |  | 876 |  | 460
Shares outstanding as of March 31, 2026 |  | 448 |  | 876 |  | 460
​ Nonvested shares On September 30, 2024, the compensation committee of the Company’s board of directors approved the grant of 94 and 271 shares of Class A common stock to one director and six employees, respectively, vesting ratably on each of the first three anniversaries of the grant date. Subsequently, on November 30, 2024, the compensation committee of the Company’s board of directors approved the grant of 31 shares of Class A common stock to one employee. On January 1, 2025, January 17, 2025, and September 23, 2025, a total of 156 shares were forfeited. On September 30, 2025, a total of 60 shares were vested. A summary of the nonvested shares for the three months ended March 31, 2026 is as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | Number of | ​ | Average Grant
​ | ​ | non-vested | ​ | Date Fair Value
​ | ​ ​ ​ | Shares | ​ ​ ​ | Per Share (US$)
Outstanding as of December 31, 2025 |  | 179 | ​ | 678
Outstanding as of March 31, 2026 |  | 179 | ​ | 678
​ The fair value of vested and nonvested shares is determined by the market closing price of Class A common stock at the grant date. Accordingly, the Company recorded share-based compensation expenses of $14,182 and $16,185 for three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, total unrecognized compensation cost relating to nonvested shares was $93,198, which is to be recognized over a weighted average period of two years.

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