Note 10 — Stock-Based Compensation

The Company recognized $332,810 and $661,963 of stock-based compensation expense for the three and six months ended June 30, 2026, respectively, related to the 780,264-share equity award granted to Alan Campbell, the Company’s Chief Executive Officer, in August 2025. The award has a grant-date fair value of $2.80 per share, or $2,184,739 in aggregate, and vests in three equal annual instalments over three years. The Company recognizes compensation expense under the graded vesting method, with each instalment expensed on a straight-line basis over its own requisite service period. Stock-based compensation expense is included within Salaries and wages on the Consolidated Statements of Operations.

The Company recognized $0 of stock-based compensation expense for the three and six months ended June 30, 2025.

As of June 30, 2026, cumulative stock-based compensation expense of $1,141,063 had been recognized on this award and unrecognized compensation cost was $1,043,676. That cost is expected to be recognized over the remaining vesting period of approximately 2.1 years. Because the award is expensed under the graded vesting method, recognition is weighted toward the earlier periods of the vesting term.