Note 12 – Stock-Based Compensation

A summary of stock option activity related to the Company’s employee equity incentive plan for the six months ended June 30, 2026, is as follows:

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The weighted average remaining contractual term for all options as of June 30, 2026 and December 31, 2025, was 6.47 years and 7.04 years, respectively.

As of June 30, 2026, there were 3,516,589 options that were fully vested and exercisable at a weighted average exercise price of $4.10 per share. The weighted average remaining contractual term of the vested options is 6.39 years.

As of June 30, 2026, there were 118,721 unvested options exercisable at a weighted average exercise price of $2.81 per share. The weighted average remaining contractual term of the unvested options is 8.38 years.

A summary of RSA, RSU, and PSU activity related to the Company’s employee equity incentive plan, excluding contingently issuable awards, for the six months ended June 30, 2026, is as follows:

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On April 24, 2026, the Company issued 593,797 RSUs and 302,727 PSUs to all non-executive employees of the Company. The fair market value on the date of award of the RSUs and PSUs was $2.39 per unit. The RSUs will vest over time at a rate of one-third annually on each December 15, 2026, 2027, and 2028. The PSUs will vest upon the achievement of certain revenue and EBITDA targets before December 31, 2028. As of June 30, 2026, these targets are considered probable and the associated expense is being amortized. If both the revenue and EBITDA targets are exceeded by 150%, an additional 151,364 PSUs could be issued and vest immediately. As of June 30, 2026, these bonus targets are not considered probable and their fair market value is not being amortized in stock-based compensation expense.

On April 29, 2026, the Company issued 335,218 RSUs and 335,218 PSUs to its CEO and CFO. The fair market value on the date of award of the RSUs and PSUs was $2.41 per unit. The RSUs will vest over time at a rate of one-third annually on each December 15, 2026, 2027, and 2028. The PSUs will vest upon the achievement of certain revenue and EBITDA targets before December 31, 2028. As of June 30, 2026, these targets are considered probable and the associated expense is being amortized. If both the revenue and EBITDA targets are exceeded by 150%, an additional 167,609 PSUs could be issued and vest immediately. As of June 30, 2026, these bonus targets are not considered probable and their fair market value is not being amortized in stock-based compensation expense.

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On March 19, 2025, the Company granted 207,404 PSUs to certain employees with a total grant-date fair value of $477,029 ($2.30 per unit), which was being expensed over a 20.5-month service period. The awards vest upon achievement of specified revenue and EBITDA targets. During the three months ended June 30, 2026, management determined that achievement of these targets was no longer probable of achievement within the service period of the awards and, accordingly, reversed the cumulative compensation expense of $313,885 previously recognized for the awards.

For the three months ended June 30, 2026 and 2025, the Company recorded total stock-based compensation expense, including stock awards but excluding stock option awards under the Company’s former LTIP, of $654,613 and $842,596, respectively. For the six months ended June 30, 2026 and 2025, the Company recorded total stock-based compensation expense, including stock awards but excluding stock option awards under the Company’s former LTIP, of $1,292,915 and $2,545,398, respectively.

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As of June 30, 2026, the Company had $5,284,620 of unrecognized stock-based compensation expense related to all stock options, RSAs, RSUs, and PSUs considered probable, which will be recognized over a weighted average period of 2.1 years.

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For the six months ended June 30, 2025, the Company recorded non-cash stock-based compensation expense of $1,180,356 for the former LTIP options that vested or were probable to vest, prior to their cancellation effective June 16, 2025.

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These expenses are presented in the same financial statement line items in the Statements of Operations as the cash-based compensation expenses for the same employees.