During the year ended December 31, 2022, the Company granted to certain employees an aggregate of 76,755 restricted stock units that vested over a three-year period through July 15, 2024 and 280,245 performance shares that vested upon achievement of certain stock price hurdles as measured during the period from July 15, 2020 through July 15, 2024. Each of the time-based and market-condition awards were subject to the recipient’s continued service with us, the terms and conditions of our stock incentive plan and the applicable award agreement.

As of December 31, 2024, 76,755 restricted stock units and 83,345 performance shares had vested, representing a total of 160,100 issuable shares under the Plan. As of December 31, 2024, a total of 123,549 of the issuable shares had been issued to employees, with 36,551 restricted stock units vested and unissued. On July 15, 2024, all 196,900 unvested performance shares awarded to employees under the Plan lapsed without the performance criteria being achieved and were forfeited by the grantees. There are no further unvested awards outstanding under the Plan. The plan participants elected to have the Company withhold shares to cover the employee payroll tax withholdings for the shares issued. As of December 31, 2024, the Company withheld 39,012 shares of the 123,549 shares issued to the employees. The shares are reported as treasury stock on the balance sheets.

On April 16, 2025, 36,551 shares, representing the final tranche of restricted stock units, were issued to the grantees. The recipients elected to have the Company withhold 10,454 shares to cover their respective taxes owed on the award. The shares are reported as treasury stock on the balance sheets.

The share-based compensation expense recognized is included in general and administrative expense in the statements of operations. The total fair value of the awards was $3,374,002 of which $0 was unrecognized stock-based compensation expense as of December 31, 2024 and June 30, 2025.