v3.25.2
Share-Based Compensation Expense (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Compensation Expense [Abstract]  
Schedule of Unvested Restricted Stock Units (“RSUs”) Transactions

The following table reflects the continuity of unvested restricted stock units (“RSUs”) transactions:

 

   Service Conditions 
   Number  

Weighted Average Grant Date

Fair Value

 
Outstanding, December 31, 2024   2,226,775   $8.24 
Granted   884,758    8.03 
Vested   (837,627)   6.60 
Forfeited   (78,584)   6.45 
Cancelled   
-
    
-
 
Outstanding, June 30, 2025   2,195,322   $9.26 
The Company recorded an incremental share-based compensation expense of $1,053,989 and $nil for the six months ended June 30, 2025 and 2024, respectively.
   Market Conditions 
   Number  

Weighted Average Grant Date

Fair Value

 
Outstanding, December 31, 2024   676,243   $2.48 
Granted   
-
    
-
 
Vested   
-
    
-
 
Forfeited   
-
    
-
 
Cancelled   (276,243)   2.10 
Outstanding, June 30, 2025   400,000   $2.74 

 

As of June 30, 2025, the Company has RSUs outstanding that have market-based vesting conditions if the closing price of the Company’s Class A Common Stock is greater than or equal to a specified price for a period of 20 trading days during any 30 trading-day period.

 

   Performance Conditions 
   Number  

Weighted Average Grant Date

Fair Value

 
Outstanding, December 31, 2024   
-
   $
-
 
Granted   161,551    8.51 
Vested   
-
    
-
 
Forfeited   
-
    
-
 
Cancelled   
-
    
-
 
Outstanding, June 30, 2025   161,551   $8.51 
Schedule of Additional Information Related to RSUs

The following table reflects additional information related to RSUs:

 

   As of June 30, 2025 
   Service Conditions   Market Conditions   Performance Conditions 
Unrecognized compensation cost  $11,593,164   $868,977   $1,374,799 
Weighted-average service period for unrecognized compensation cost   1.95 years    0.96 years      
Grant date fair value of RSUs  $20,388,026   $1,097,541   $1,374,799 

The following table reflects additional information related to options:

 

   As of June 30, 2025 
   Service Conditions   Performance Conditions 
Unrecognized compensation cost  $23,988,360   $2,453,988 
Weighted-average service period for unrecognized compensation cost   0.70 years      
Weighted-average grant date fair value of options outstanding   $ 1.06  per   share    $  4.23 per share 
Schedule of Stock Option Transactions

The following table reflects the continuity of stock option transactions:

 

   Service Conditions 
   Number   Weighted Average Exercise Price 
Outstanding, December 31, 2024   62,285,572   $0.28 
Granted   2,462,417    4.74 
Vested   (984,313)   5.33 
Exercised   (20,906,170)   4.62 
Forfeited   (206,967)   7.30 
Cancelled   (3,480)   9.79 
Outstanding, June 30, 2025   43,631,372   $1.50 
           
Vested and exercisable   37,810,151   $0.62 
   Performance Conditions 
   Number   Weighted Average Exercise Price 
Outstanding, December 31, 2024   580,139   $7.13 
Granted   
-
    
-
 
Vested   
-
    
-
 
Exercised   
-
    
-
 
Forfeited   
-
    
-
 
Cancelled   
-
    
-
 
Outstanding, June 30, 2025   580,139   $7.13 
           
Vested and exercisable   
-
   $
-
 
Schedule of Fair Value of the Employee Stock Purchase Plan

The fair value of the Employee Stock Purchase Plan was determined using Black-Scholes option pricing model. The following table reflects the assumptions made:

 

   For the six months ended June 30, 2025 
Share price  $12.40 
Risk-free interest rate   4.25%
Volatility   65%
Expected life   0.50 years 
Dividend rate   0.00%