v3.26.1
Stockholders' Equity/(Deficit)
 6 Months Ended
Jun. 30, 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 $0.1 million and $45,742 for the three months ended June 30, 2026 and 2025, respectively, and of $0.3 million and $91,484 for the six months ended June 30, 2026 and 2025, respectively. In addition, the Company incurred expense for share-based payments to directors amounting to $0.1 million and $14,584 for the three months ended June 30, 2026 and 2025, respectively, and $0.4 million and $17,284 for the six months ended June 30, 2026 and 2025, respectively.

 

Restricted Stock Units (“RSU”)

During the six months ended June 30, 2026, we granted an aggregate of 112,036 RSUs to three 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 six months ended June 30, 2026:

 

Number of
Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Unvested at December 31, 2025

 

212,000

 

 

$

2.02

 

Granted

 

112,036

 

 

$

1.36

 

Vested

 

(112,036

)

 

$

1.36

 

Cancelled

 

—

 

 

$

—

 

Unvested at June 30, 2026

 

212,000

 

 

$

2.02

 

 

Options

The following is a summary of the stock option activity during the six months ended June 30, 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

 

 

 

 

 

(330,000

)

 

$

0.41

 

 

 

 

Cancelled

 

 

 

 

 

(11,881

)

 

$

2.02

 

 

 

 

Outstanding at June 30, 2026

 

 

 

 

 

2,422,693

 

 

$

2.97

 

 

 

2.94

 

Options exercisable at June 30, 2026

 

 

 

 

 

1,911,029

 

 

$

3.23

 

 

 

2.54

 

 

 

Warrants

 

The following is a summary of changes in warrants outstanding for the six months ended June 30, 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 June 30, 2026

 

6,765,588

 

 

$

2.99

 

 

Refer to Note 10 – Fair Value Measurements, for changes in fair value during the three and six months ended June 30, 2026 and 2025.

 

March 2023 Warrants and December 2023 Warrants

As of June 30, 2026, there were 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 June 30, 2026, there were 4,848,963 2022 Warrants outstanding, with an exercise price of $3.35 per unit. The 2022 Warrants are exercisable at any time until the close of business on June 10, 2027.

 

2020 Warrants

 

As of June 30, 2026, there were 551,378 2020 Warrants outstanding, with an exercise price of $3.99 per unit.