15. Stock-Based Compensation

Stock Options

In January 2019, the Company adopted the 2019 Equity Incentive Plan (the “EIP”) under which the Company may grant incentive stock options, restricted shares, restricted share units, or other awards. Under the terms of the EIP, a total of ten percent of the number of shares outstanding, assuming conversion of all super voting shares and MVSs to SVSs are permitted to be issued. The exercise price for incentive stock options issued under the EIP will be set by the compensation committee of the Company’s board of directors but will not be less than 100% of the fair market value of the Company’s shares on the date of grant. Incentive stock options have a maximum term of 10 years from the date of grant. The incentive stock options vest at the discretion of the Company’s board of directors.

Options granted under the EIP as of June 30, 2025 and 2024 were valued using the Black-Scholes option pricing model with the following weighted average assumptions:

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Stock option activity for the six months ended June 30, 2025, and for the year ended December 31, 2024, is presented below:

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During the three and six-month periods ended June 30, 2025, the Company recognized $185,345 and $358,067, respectively, in stock-based compensation related to stock options, respectively. During the three and six-month periods ended June 30, 2024, the Company recognized ($60,751) and $25,981, respectively, in stock-based compensation related to stock options, respectively. As of June 30, 2025, the total unrecognized compensation costs related to unvested stock options awards granted was $428,091. In addition, the weighted average period over which the unrecognized compensation expense is expected to be recognized is approximately 1.5 years. The total intrinsic value of stock options outstanding and exercisable as of June 30, 2025, was $3,364,604 and $3,227,358, respectively.

The Company does not estimate forfeiture rates when calculating compensation expense. The Company records forfeitures as they occur.

Warrants

Subordinate Voting Share (SVS) warrants entitle the holder to purchase one Subordinate Voting Share of the Company.

A summary of the warrants outstanding is as follows:

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RSUs

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The expense associated with RSUs is based on the closing share price of the Company’s subordinate voting shares on the business day immediately preceding the grant date, adjusted for the absence of future dividends and is amortized on a straight-line basis over the periods during which the restrictions lapse. The Company currently has RSUs that vest over a three year period. The awards are generally subject to forfeiture in the event of termination of employment. During the three and six-months ended June 30, 2025, the Company recognized $3,965,285 and $5,253,414, respectively, in stock-based compensation expense related to RSUs. During the three and six months periods ended June 30, 2024, the Company recognized $183 and $93,240, respectively, in stock-based compensation expense related to RSUs.

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A summary of RSUs is as follows:

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