Note 12 – Equity Incentive Plan

The Company’s Board of Directors and stockholders adopted and approved the Amended and Restated 2014 Omnibus Equity Incentive Plan (the “2014 Plan”), which became effective on May 12, 2014. The Company’s Board of Directors and stockholders also adopted and approved the 2020 Omnibus Equity Incentive Plan (the “2020 Plan”), which became effective on September 11, 2020. Following the adoption of the 2020 Plan, no new awards have been or will be granted under the 2014 Plan.

The 2020 Plan provides for the issuance of equity-based awards, including stock options and restricted stock units, to employees, directors and consultants. As of January 1, 2026, the number of shares of common stock available for issuance under the 2020 Plan automatically increased to 3,801,549 shares pursuant to the evergreen provision of the plan.

The following table summarizes the Company’s stock option activity:

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There were no grants of stock options during the six months ended June 30, 2026 or 2025.

Restricted Stock Units

Restricted stock unit awards (“RSUs”) represent the right to receive shares of the Company’s common stock upon satisfaction of applicable vesting conditions under the Company’s 2020 Omnibus Equity Incentive Plan.

RSU activity for the six months ended June 30, 2026 was as follows:

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During the six months ended June 30, 2026, 660,000 RSUs vested. No additional RSUs were awarded during the period. As of June 30, 2026, 500,000 RSUs remained non-vested, relating to the December 2025 grant to the Chief Executive Officer, with remaining quarterly vesting tranches scheduled for September 30 and December 31, 2026, subject to the terms of the award.

Stock - Based Compensation Expense

The total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows:

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Stock-based compensation and other equity compensation expense recognized during the six months ended June 30, 2026 included approximately $1.165 million related to RSU compensation and $159,750 related to common stock issued for services. The $227,730 of common stock issued in settlement of accounts payable was recorded as a non-cash settlement of an existing liability.

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As of June 30, 2026, unrecognized compensation cost associated with future 2026 RSU vesting tranches was approximately $1.165 million, expected to be recognized over the remaining applicable vesting periods during 2026.