v3.26.1
Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Summary of Warrant Activity

The following is a summary of warrant activity for the three months ended March 31, 2026:

 

  

Number of

Warrants

 
Outstanding as of December 31, 2025   2,124,066 
Expiration of warrants   (712,500)
Outstanding as of March 31, 2026   1,411,566 
Summary of RSU Activity Rollforward

RSU Activity Rollforward

 

  

Number of

Restricted

Stock Units

  

Weighted

Average Grant

Date Fair

Value

 
Nonvested as of December 31, 2025   -   $- 
Granted   5,424,248    2.40 
Vested   -    - 
Vested and converted to restricted common shares   (2,590,897)   2.15 
Forfeited   (151,516)   2.40 
Nonvested as of March 31, 2026   2,681,835   $2.63 
Schedule of Vesting Trigger

 

Vesting Trigger 

Percentage

of Award

 
Stock Price Performance     
Closing stock price equals or exceeds $4.50   5%
Closing stock price equals or exceeds $6.00   5%
Closing stock price equals or exceeds $7.50   5%
Closing stock price equals or exceeds $9.00   5%
Closing stock price equals or exceeds $12.00   5%
      
Market Capitalization Performance     
Market capitalization equals or exceeds $325 million   5%
Market capitalization equals or exceeds $400 million   5%
Market capitalization equals or exceeds $475 million   5%
Market capitalization equals or exceeds $550 million   5%
Market capitalization equals or exceeds $625 million   5%
      
Continued Service     
Continued employment through January 1, 2027   10%
Continued employment through January 1, 2028   10%
Continued employment through January 1, 2029   10%
Continued employment through January 1, 2030   10%
Continued employment through January 1, 2031   10%
Total   100%
Summary of Option Activity

A summary of options activity under the Company’s stock option plan for the three months ended March 31, 2026 and 2025 are presented below:

 

  

Number of

Shares

  

Weighted

Average

Exercise

Price

  

Total

Intrinsic

Value

  

Weighted

Average

Remaining

Contractual Life (in years)

 
Options outstanding as of December 31, 2025   2,002,395   $2.84   $460,715    5.6 
Employee options granted   690,300    2.64    -    6.8 
Employee options exercised   -    -    -    - 
Employee options expired   -    -    -    - 
Employee options forfeitures   (60,000)   1.40    -    - 
Options outstanding as of March 31, 2026   2,632,695   $2.72   $5,100    5.7 
Options vested and exercisable as of December 31, 2025   1,373,910   $2.52   $2,550    5.5 

 

Option forfeitures reflect unvested awards that were cancelled in connection with employee departures in the ordinary course of business.

 

  

Number of

Shares

  

Weighted

Average

Exercise

Price

  

Total

Intrinsic

Value

  

Weighted

Average

Remaining

Contractual Life

(in years)

 
Options outstanding as of December 31, 2024   1,302,500   $1.96   $804,300    1.7 
Employee options granted   1,427,068    2.47    -    6.6 
Options outstanding as of March 31, 2025   2,729,568   $2.22   $6,750    4.1 
Options vested and exercisable as of March 31, 2025   2,453,318   $2.26   $1,688    4.1 
Schedule of Stock-based Compensation Expense

Stock-based compensation expenses are recorded as a part of general and administrative expenses, compensation expenses and cost of revenues. Stock-based compensation expenses for the three months ended March 31, 2026 and 2025 were as follows:

 

   2026   2025 
   For the Three Months Ended March 31, 
   2026   2025 
Employee stock option awards  $633,202   $55,212 
Employee restricted stock and restricted stock unit awards   1,133,647    151,958 
Forfeitures of employee options, restricted stock and restricted stock unit awards   (79,818)   (262,058)
Non-employee stock awards   37,501    37,503 
Total stock-based compensation  $1,724,532   $(17,385)
2021 Equity Incentive Plan [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

The following weighted-average assumptions were used to estimate the fair value of options granted during the three months ended March 31, 2026 and 2025, using the Black-Scholes model:

 

   For the Three Months Ended March 31, 
   2026   2025 
Exercise price  $2.64   $2.47 
Term (years)   7.00    5.00 
Expected stock price volatility   97.22%   113.66%
Risk-free rate of interest   3.86%   4.16%
Restricted Stock [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

The fair value of RSUs granted with market-based vesting conditions, including stock price and market capitalization targets, was estimated using a Monte Carlo simulation model. The following assumptions were used in the Monte Carlo simulation model for RSUs granted on January 1, 2026:

 

   2026 
Exercise price   $4.50 - $13.25 
Term (years)   5.00 
Expected stock price volatility   93.00%
Risk-free rate of interest   3.73%
Common Stock [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Summary of RSU Activity Rollforward

Restricted Stock Activity Rollforward

 

  

Number of

Restricted Shares

of Common Stock

 
Outstanding and nonvested as of December 31, 2025   478,375 
Converted from restricted stock units   2,590,897 
Vested   - 
Forfeited   - 
Outstanding and Nonvested as of March 31, 2026   3,069,272