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COMMON STOCK
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
COMMON STOCK

7.     COMMON STOCK

 

At September 30, 2026, the Company’s authorized capital stock was 150,000,000 shares of common stock, par value $0.001 per share, and 25,000,000 shares of preferred stock, par value $0.001 per share. On that date, the Company had 58,513,071 shares of common stock issued and 56,837,868 shares of common stock outstanding. There were no shares of preferred stock outstanding.

 

Stock-based compensation expense related to Company restricted stock grants for the three and nine months ended September 30, 2026 was $1,355,748 and $3,892,007, respectively. Stock-based compensation expense related to Company restricted stock grants for the three and nine months ended September 30, 2025 was $1,265,591 and $2,892,309, respectively.

 

2026 Transactions – During the three and nine months ended September 30, 2026, the Company issued 610,800 and 2,491,475 shares of common stock, respectively, for vested stock awards and the exercise of stock options. The Company received proceeds during the three and nine months ended September 30, 2026, of $108,270 and $233,670, respectively, for the exercise of stock options.

 

During the three months ended September 30, 2026, the Company did not grant any restricted stock awards. During the nine months ended September 30, 2026, the Company granted 540,000 restricted stock awards with a weighted-average grant-date fair value of $6.01 per share. The awards vest over periods ranging from one to five years.

  

2025 Transactions – During the three and nine months ended September 30, 2025, the Company issued 631,800 and 1,619,214 shares of common stock, respectively, for vested stock awards and the exercise of stock options. The Company received proceeds during the three and nine months ended September 30, 2025 of $69,120 and $660,654, respectively, for the exercise of stock options.

 

During the three months ended September 30, 2025, the Company granted 380,000 restricted stock awards with a weighted-average grant-date fair value of $5.54 per share. These awards vest over periods ranging from one to five years. During the nine months ended September 30, 2025, the Company granted 6,356,000 restricted stock awards with a weighted-average grant-date fair value of $2.55 per share. Of these awards, 1,366,663 shares are subject to performance-based vesting and service requirements, and 2,500,000 shares were issued in connection with the Gamma acquisition (see “Note 2. Acquisition” in the notes to the accompanying condensed consolidated financial statements). The performance-based awards vest upon achievement of specified earnings targets and continued employee service through each applicable vesting period. The Company considers achievement of the performance targets probable. If the performance criteria are not met, the related compensation cost will be reversed. The restricted stock awards vest over periods ranging from one to five years.