v3.26.1
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Summary of Warrant Activity

The following is a summary of warrant activity for the six months ended June 30, 2026:

 

   Number of Warrants 
Outstanding as of December 31, 2025   2,124,066 
Expired   (712,500)
Outstanding as of June 30, 2026   1,411,566 
Summary of RSU Activity Rollforward

RSU Activity

 

  

Number of Restricted

Stock Units

  

Weighted Average

Grant Date

Fair Value

 
         
Nonvested as of December 31, 2025   -   $- 
Granted   5,424,248    2.40 
Vested   -    - 
Converted to restricted common shares   (2,590,897)   2.15 
Forfeited   (151,516)   2.40 
Nonvested as of June 30, 2026   2,681,835   $2.60 
Schedule of Vesting Trigger

 

Vesting Trigger 

Percentage

of Award

 
Stock Price Performance     
Closing stock price equals or exceeds $4.50   5%
Closing stock price equals or exceeds $6.00   5%
Closing stock price equals or exceeds $7.50   5%
Closing stock price equals or exceeds $9.00   5%
Closing stock price equals or exceeds $12.00   5%
      
Market Capitalization Performance     
Market capitalization equals or exceeds $325 million   5%
Market capitalization equals or exceeds $400 million   5%
Market capitalization equals or exceeds $475 million   5%
Market capitalization equals or exceeds $550 million   5%
Market capitalization equals or exceeds $625 million   5%
      
Continued Service     
Continued employment through January 1, 2027   10%
Continued employment through January 1, 2028   10%
Continued employment through January 1, 2029   10%
Continued employment through January 1, 2030   10%
Continued employment through January 1, 2031   10%
Total   100%
Summary of Option Activity

A summary of options activity under the Company’s stock option plan for the six months ended June 30, 2026 and 2025 are presented below:

 

   Number of Shares  

Weighted Average

Exercise Price

  

Total Intrinsic

Value

  

Weighted Average

Remaining Contractual

Life (in years)

 
Options outstanding as of December 31, 2025   2,002,395   $2.84   $460,715    5.6 
Employee options granted   690,300    2.64    -    6.8 
Employee options exercised   -    -    -    - 
Employee options expired   (17,500)   10.30    -    - 
Employee options forfeitures   (60,000)   1.40    -    - 
Options outstanding as of June 30, 2026   2,615,195   $2.66   $900    5.5 
Options vested and exercisable as of June 30, 2026   1,396,410   $2.39   $450    5.2 

 

Option forfeitures reflect unvested awards that were cancelled in connection with employee departures in the ordinary course of business.

 

  

Number of Shares

  

Weighted Average

Exercise Price

  

Total Intrinsic

Value

  

Weighted Average

Remaining Contractual

Life (in years)

 
Options outstanding as of December 31, 2024   1,302,500   $1.96   $804,300    1.7 
Employee options granted   1,477,068    2.43    -    6.3 
Employee options expired   (68,158)   2.47    -    - 
Employee options forfeited   (50,000)   1.40    -    - 
Options outstanding as of June 30, 2025   2,661,410   $2.22   $475,750    3.8 
Options vested and exercisable as of June 30, 2025   2,425,160   $2.24   $372,913    3.8 
Schedule of Stock-based Compensation Expense

Stock-based compensation expenses are recorded as a part of general and administrative expenses, compensation expenses and cost of revenues. Stock-based compensation expenses for the three and six months ended June 30, 2026 and 2025 were as follows:

 

   2026   2025   2026   2025 
   For the Three Months Ended June 30,   For the Six Months Ended June 30, 
   2026   2025   2026   2025 
Employee stock option awards  $633,064   $55,212    1,266,266   $31,993 
Employee restricted stock and restricted stock unit awards   978,626    151,958    2,112,272    480,898 
Forfeitures of employee options, restricted stock and restricted stock unit awards   -    -    (79,818)   - 
Non-employee stock awards   34,480    37,503    71,981    60,580 
Total stock-based compensation  $1,646,170   $244,673    3,370,701   $573,471 
2021 Equity Incentive Plan [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

The following weighted-average assumptions were used to estimate the fair value of options granted during the six months ended June 30, 2026 and 2025, using the Black-Scholes model:

 

   

   For the Six Months Ended June 30, 2026 
   2026   2025 
Exercise price  $2.64   $2.47 
Term (years)   7.00    5.00 
Expected stock price volatility   97.22%   113.66%
Risk-free rate of interest   3.86%   4.16%
Restricted Stock [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value

The fair value of RSUs granted with market-based vesting conditions, including stock price and market capitalization targets, was estimated using a Monte Carlo simulation model. The following assumptions were used in the Monte Carlo simulation model for RSUs granted on January 1, 2026:

 

   2026 
Exercise price  $4.50 - $13.25  
Term (years)   5.00 
Expected stock price volatility   93.00%
Risk-free rate of interest   3.73%
Common Stock [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Summary of RSU Activity Rollforward

Restricted Stock Activity

 

  

Number of Restricted

Shares of Common Stock

 
Outstanding and nonvested as of December 31, 2025   478,375 
Converted from restricted stock units   2,590,897 
Vested   - 
Forfeited   - 
Oustanding and Nonvested as of June 30, 2026   3,069,272