| Stock-Based Compensation |
10.
Stock-Based Compensation
A
summary of the Company’s outstanding restricted stock unit activity for the six months ended June 30, 2026, and 2025 is as follows:
Schedule
of Restricted Stock
| | |
Units | | |
Weighted-
Average
Grant
Date
Fair Value | |
| As of
December 31, 2025 | |
| 422,334 | | |
$ | 4.39 | |
| Granted | |
| 567,287 | | |
| 2.83 | |
| Vested | |
| (109,136 | ) | |
| 3.63 | |
| Forfeited | |
| (109,452 | ) | |
| 3.68 | |
| As
of June 30, 2026 | |
| 771,033 | | |
$ | 3.50 | |
| | |
Units | | |
Weighted-
Average
Grant
Date
Fair Value | |
| As of
December 31, 2024 | |
| 34 | | |
$ | 2,672.35 | |
| Granted | |
| 250,500 | | |
| 2.84 | |
| Vested | |
| (58,341 | ) | |
| 2.82 | |
| Forfeited | |
| (14,759 | ) | |
| 4.46 | |
| As
of June 30, 2025 | |
| 177,434 | | |
$ | 3.44 | |
A
summary of the Company’s outstanding stock option activity for the six months ended June 30, 2026, and 2025 is as follows:
Schedule of Stock Option Activity
| | |
| | |
Weighted- Average | | |
Weighted- Average Remaining Contractual | | |
| |
| | |
Options | | |
Exercise Price | | |
Life (Years) | | |
Intrinsic Value | |
| As of
December 31, 2025 | |
| 170,026 | | |
$ | 6.65 | | |
| 9.4 | | |
$ | 77,600 | |
| Granted | |
| - | | |
| - | | |
| - | | |
| - | |
| Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
| Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
| Expired | |
| (3 | ) | |
$ | 19,267 | | |
| - | | |
| - | |
| As
of June 30, 2026 | |
| 170,023 | | |
$ | 6.31 | | |
| 8.9 | | |
$ | - | |
| Exercisable
at June 30, 2026 | |
| 170,023 | | |
$ | 6.31 | | |
| 8.9 | | |
$ | - | |
| Vested
and expected to vest at June 30, 2026 | |
| 170,023 | | |
$ | 6.31 | | |
| 8.9 | | |
$ | - | |
| |
|
|
|
|
Weighted-
Average |
|
|
Weighted-
Average
Remaining
Contractual |
|
|
|
|
| |
|
Options |
|
|
Exercise
Price |
|
|
Life
(Years) |
|
|
Intrinsic
Value |
|
| As
of December 31, 2024 |
|
|
35 |
|
|
$ |
18,872 |
|
|
|
5.5 |
|
|
$ |
- |
|
| Granted |
|
|
90,000 |
|
|
|
3.00 |
|
|
|
9.7 |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Expired |
|
|
(3 |
) |
|
|
19,267 |
|
|
|
- |
|
|
|
- |
|
| As
of June 30, 2025 |
|
|
90,032 |
|
|
$ |
20.85 |
|
|
|
9.7 |
|
|
$ |
20,000 |
|
| Exercisable
at June 30, 2025 |
|
|
90,032 |
|
|
$ |
20.85 |
|
|
|
9.7 |
|
|
$ |
20,000 |
|
| Vested
and expected to vest at June 30, 2025 |
|
|
90,032 |
|
|
$ |
20.85 |
|
|
|
9.7 |
|
|
$ |
20,000 |
|
The
Company estimates the fair value of each stock option on the grant date using the Black-Scholes-Merton valuation model, which
requires several estimates including an estimate of the fair value of the underlying common stock on grant date. The expected
volatility was based on an average of the historical volatility of the Company. The expected term was the contractual life of
option. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant for the expected term
of the option.
Unrecognized
stock-based compensation as of June 30, 2026, is as follows:
Schedule of Unrecognized Stock-based Compensation
| | |
Unrecognized | | |
Weighted Average | |
| | |
Stock-Based Compensation | | |
Remaining
of Recognition | |
| | |
(in
thousands) | | |
(in
years) | |
| Stock
options | |
$ | - | | |
| - | |
| Restricted
stock units | |
$ | 1,820 | | |
| 0.8 | |
|