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Share-based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Compensation [Abstract]  
Share-based Compensation
14. Share-based Compensation

 

On October 26, 2016, the Company’s Board of Directors approved the issuance of up to 25,000 shares of the Company’s common stock (1,250 shares as adjusted for the May Stock Split), in the form of restricted stock or options (“2016 Stock Plan”). Effective January 30, 2017, the 2016 Stock Plan was amended and restated as the SG Blocks, Inc. Stock Incentive Plan, as further amended effective June 1, 2018 as further amended on July 30, 2020, as further amended on August 18, 2021 and as further amended effective October 5, 2023 (as amended, the “Incentive Plan”). The Incentive Plan authorizes the issuance of up to 8,625,000 shares of common stock (431,250 shares as adjusted for the May Stock Split). It authorizes the issuance of equity-based awards in the form of stock options, stock appreciation rights, restricted shares, restricted share units, other share-based awards and cash-based awards to non-employee directors and to officers, employees and consultants of the Company and its subsidiary, except that incentive stock options may only be granted to the Company’s employees and its subsidiary’s employees. The Incentive Plan expires on October 26, 2026, and is administered by the Company’s Compensation Committee of the Board of Directors. Each of the Company’s employees, directors, and consultants are eligible to participate in the Incentive Plan. As of March 31, 2025, there were — shares of common stock available for issuance under the Incentive Plan.

 

Stock-Based Compensation Expense

 

Stock-based compensation expense is included in the condensed consolidated statements of operations as follows:

 

   Six Months Ended
June 30,		 
   2025   2024 
Payroll and related expenses  $212,595   $527,336 
Total  $212,595   $527,336 

 

Stock-Based Option Awards 

 

The Company has issued no stock-based options during the six months ended June 30, 2025 or 2024.   

 

Because the Company does not have significant historical data on employee exercise behavior, the Company uses the “Simplified Method” to calculate the expected life of the stock-based option awards granted to employees. The simplified method is calculated by averaging the vesting period and contractual term of the options. 

 

The following table summarizes stock-based option activities and changes during the six months ended June 30, 2025 as described below:

 

    Shares    Weighted
Average
Fair Value
Per Share		   Weighted
Average
Exercise
Price Per
Share		   Weighted
Average
Remaining
Terms
(in years)		   Aggregate
Intrinsic
Value		 
Outstanding – December 31, 2024   1,822   $496.00   $1,574.20    4.34    
    —
 
Granted   
—
    
—
    
—
    —    — 
Exercised   
—
    
—
    
—
    —    — 
Cancelled   
—
    
—
    
—
    —    — 
Outstanding – June 30, 2025   1,822   $496.00   $1,574.20    3.59    — 
Exercisable – December 31, 2024   1,822    496.00    1,574.20    
—
    
—
 
Exercisable – June 30, 2025   
—
   $
—
   $
—
    
—
    
—
 

 

Restricted Stock Units 

 

During the six months ended June 30, 2025, a total of 80,000 of restricted stock units were granted to the board of directors the Company, under the Company’s stock-based compensation plan at a fair value of $0.94 per share, which represents the closing price of the Company’s common stock at the grant date. The restricted stock units granted vest over two years.

As of June 30, 2025, there was $0 unrecognized compensation costs related to non-vested restricted stock units.

 

The following table summarized restricted stock unit activities during the three months ended June 30, 2025:

 

   Number of
Shares		 
Non-vested balance at January 1, 2025   404,924 
Granted   80,000 
Vested   (79,999)
Forfeited/Expired   
—
 
Non-vested balance at June 30, 2025   404,925