Equity Incentive Plan |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||
| Equity Incentive Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||
| Equity Incentive Plan |
As of
June 30, 2025, the Company maintains an Equity Incentive Plan (the “Equity Incentive Plan”) under which the Company’s board of directors has made and may make awards of certain securities of the Company or cash to directors, officers and employees
(including any prospective director, officer or employee) of the Company and/or its subsidiaries and affiliates and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a
consultant or service provider to) the Company and its subsidiaries and affiliates. As of June 30, 2025, the Company had no remaining
restricted shares available for awards under the Equity Incentive Plan. Details of the Equity Incentive Plan are discussed in Note 12 to the Company’s consolidated financial statements for the year ended December 31, 2024, included in the 2024 Annual
Report.
The
stock based compensation cost for the non-vested shares under the Equity Incentive Plan for the six months ended June 30, 2024 and 2025 amounted to $2,617,519
and $1,769,877, respectively, and is included in ‘General and administrative expenses’ in the accompanying unaudited interim condensed
consolidated statements of comprehensive income.
A summary
of the status of the Company’s non-vested restricted shares as of June 30, 2025, and the movement during the six months ended June 30, 2025, is presented below:
For the six months ended June 30, 2025, 260,000 restricted common shares were vested. The remaining unrecognized compensation cost relating to the shares granted amounting to $2,308,971 as of June 30, 2025, is expected to be recognized over the remaining period of two years, according to the contractual terms of those non-vested share awards.
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