v3.26.1
Stockholders' Equity/(Deficit)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity/(Deficit)

NOTE 13 – STOCKHOLDERS’ EQUITY/(DEFICIT)

 

Share-Based Compensation

The Company recorded total share-based compensation expense related to our options and restricted stock units of $0.2 million and $45,742 for the three months ended March 31, 2026 and 2025, respectively, which does not include $0.3 million and $2,700 of share-based payments to directors, for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2025, the Company issued 36,500 shares to one consultant for services provided to the Company; there were no shares issued to consultants for the three months ended March 31, 2026.

 

Restricted Stock Units (“RSU”)

During the three months ended March 31, 2026, we granted an aggregate of 37,888 RSUs to two directors, which vested immediately upon being granted. The estimated fair value of each RSU was calculated using the share price at the date of the grant.

The following is a summary of the restricted stock awards activity during the three months ended March 31, 2026:

 

Number of
Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Unvested at December 31, 2025

 

212,000

 

 

$

2.02

 

Granted

 

37,888

 

 

$

1.90

 

Vested

 

(37,888

)

 

$

1.90

 

Cancelled

 

—

 

 

$

—

 

Unvested at March 31, 2026

 

212,000

 

 

$

2.02

 

 

Options

The following is a summary of the stock option activity during the three months ended March 31, 2026:

 

 

 

 

 

Number of Shares

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average
Remaining Contractual Term
(Years)

 

Outstanding at December 31, 2025

 

 

 

 

 

2,764,574

 

 

$

2.67

 

 

 

3.47

 

Granted

 

 

 

 

 

—

 

 

$

—

 

 

 

 

Exercised

 

 

 

 

 

(180,000

)

 

$

0.41

 

 

 

 

Cancelled

 

 

 

 

 

—

 

 

$

—

 

 

 

 

Outstanding at March 31, 2026

 

 

 

 

 

2,584,574

 

 

$

2.82

 

 

 

3.20

 

Options exercisable at March 31, 2026

 

 

 

 

 

1,833,325

 

 

$

3.10

 

 

 

2.68

 

 

Warrants

 

The following is a summary of changes in warrants outstanding for the three months ended March 31, 2026:

 

 

Number of

 

 

Weighted-Average

 

 

Warrants

 

 

Exercise Price

 

Balance at December 31, 2025

 

9,408,996

 

 

$

2.46

 

Issued

 

—

 

 

$

—

 

Exercised

 

(2,378,858

)

 

$

1.11

 

Cancellation/Expiration

 

(264,550

)

 

$

1.10

 

Balance at March 31, 2026

 

6,765,588

 

 

$

2.99

 

 

Refer to Note 10 – Fair Value Measurements, for changes in fair value during the three months ended March 31, 2026 and 2025.

 

March 2023 Warrants and December 2023 Warrants

As of March 31, 2026, there are no March 2023 Warrants outstanding and 1,365,247 December 2023 Warrants outstanding with exercises prices ranging from $1.23 to $2.05.

 

2022 Warrants

 

As of March 31, 2026, there are 4,848,963 2022 Warrants outstanding, with an exercise price of $3.35 per unit. The 2022 Warrants are exercisable at any time beginning on December 10, 2022, and ending on the close of business on June 10, 2027.

 

2020 Warrants

 

As of March 31, 2026, there are 551,378 2020 Warrants outstanding, with an exercise price of $3.99 per unit.