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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Options | Note 13 – Options 2024 Stock Incentive Plan Effective February 15, 2024, the Board of Directors adopted the 2024 Plan (the “2024 Plan”) under which a total of 3,000,000 share of our common stock have been reserved for issuance of Incentive Stock Options, or ISOs, Non-Qualified Stock Options, or NSOs, restricted share awards, stock unit awards, SARs, other stock-based awards, performance-based stock awards, (collectively, “stock awards”) and cash-based awards (stock awards and cash-based awards are collectively referred to as “awards”). ISOs may be granted only to our employees, including officers, and the employees of our parent or subsidiaries. All other awards may be granted to our employees, officers, our non-employee directors, and consultants and the employees and consultants of our subsidiaries, and affiliates. Outstanding Options Options to purchase an aggregate total of 2,620,740 shares of common stock were outstanding as of September 30, 2025, at a weighted average strike price of $19.73. The weighted average life of exercisable outstanding options was 7.7 years as of September 30, 2025. The Company recognized compensation expense related to common stock options that are being amortized over the implied service term, or vesting period, of the options during the three and nine months ended September 30, 2025 and 2024, as follows:
The remaining unamortized balance of these options is $7,668,297 as of September 30, 2025 and the weighted-average period over which these awards are expected to be recognized is approximately 1.46 years. Options Granted During the nine months ended September 30, 2025, 25 employees were granted options to purchase an aggregate of 113,469 shares of the Company's common stock, having a weighted average exercise price of $2.65, exercisable over a 10-year term. The options will vest 60% on the third anniversary, and 20% each anniversary thereafter until fully vested. The estimated value using the Black-Scholes Pricing Model, based on a volatility rate of 102% and an average call option fair value of $2.23, was $253,491. The options are being expensed over the vesting period. Options Cancelled or Forfeited Approximately 74,370 options with a weighted average strike price of $5.73 per share were forfeited by former employees during the nine months ended September 30, 2025.
Options Expired No options expired during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, options expirations consisted of 333 options with a $195.00 strike price, and 14,491 options with a $5.41 strike price. Options Exercised No options were exercised during the nine months ended September 30, 2025. A total of 50,459 options were exercised during the nine months ended September 30, 2024. Options Exercisable There were 585,287 options exercisable as of September 30, 2025, with a weighted average exercise price of $6.27. |
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