v3.26.1
Equity Based Compensation
 3 Months Ended
Mar. 31, 2026
Equity Based Compensation [Abstract]  
Equity Based Compensation

8. Equity Based Compensation

 

Restricted Stock

 

   

Restricted
Stock
Units

    

Weighted
Average
Grant Date
Fair Value

  
Outstanding at December 31, 2024     16,954       5.83  
Granted     —       —  
Vested     (3,000 )     5.83  
Forfeited     —       —  
Outstanding at March 31, 2025     13,954     $ 5.83  
                 
Outstanding at December 31, 2025     12,500       3.21  
Granted     —       —  
Vested     (12,500 )     3.21  
Forfeited     —       —  
Outstanding at March 31, 2026     —       —  

 

Stock compensation expense related to restricted stock units (“RSUs”) was approximately $40,000 and $58,000 for the three months ended March 31, 2026 and 2025, respectively.

 

RSUs represent the right to receive one common share of the Company or the cash equivalent of one common share upon vesting, subject to the terms and conditions of the Company’s Equity Incentive Plan and the applicable award agreement. Vesting is generally subject to continued service and any other conditions established by the Compensation Committee.

 

The Company’s Equity Incentive Plan, adopted on February 7, 2024, provides for the grant of stock options, RSUs, performance share units (PSUs), deferred share units (DSUs) and stock appreciation rights (SARs) to directors, officers, employees and consultants. The purpose of the plan is to attract, retain and incentivize eligible participants and align their interests with those of shareholders through equity-based compensation.

 

The 12,500 shares that vested in the three months ended March 31, 2026, have not been issued or registered and therefore, total shares outstanding remains unchanged since December 31, 2025.