Stock-based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of total compensation expense recognized |
Total
compensation expense recognized for stock-based compensation for the three and nine months ended September 30, 2026 and 2025 was
as follows:
Schedule of total compensation expense recognized
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Three months ended | | |
Nine months ended | |
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September 30, | | |
September 30, | |
| Financial Statement Line Item | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Management and advisory fees | |
$ | 304,936 | | |
$ | - | | |
$ | 979,272 | | |
| 5,005,505 | |
| Salaries and wages | |
| 72,130 | | |
| - | | |
| 115,354 | | |
| 75,900 | |
| Professional fees | |
| 32,356 | | |
| - | | |
| 33,762 | | |
| - | |
| Total stock-based compensation | |
$ | 409,422 | | |
$ | - | | |
$ | 1,128,388 | | |
$ | 5,081,405 | |
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Three months ended | | |
Nine months ended | |
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September 30, | | |
September 30, | |
| Compensation Type | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Stock options | |
$ | 393,626 | | |
$ | - | | |
$ | 565,919 | | |
$ | 2,130,404 | |
| RSUs | |
| 15,796 | | |
| - | | |
| 26,269 | | |
| 270,000 | |
| Warrants | |
| - | | |
| - | | |
| 536,200 | | |
| 2,681,001 | |
| Total stock-based compensation | |
$ | 409,422 | | |
$ | - | | |
$ | 1,128,388 | | |
$ | 5,081,405 | |
|
| Schedule of stock options |
A
summary of stock option activity within the Company’s LTIP plan for the nine months ended September 30, 2026 and 2025 is
as follows:
| Schedule of stock options | |
Number
of Stock Options
Outstanding | | |
Weighted
Average Exercise Price ($) | | |
Weighted
Average Contractual Life (Years) | |
| Balance, December 31, 2024 | |
| 665,000 | | |
| 2.80 | | |
| 3.90 | |
| Granted | |
| 860,000 | | |
| 3.10 | | |
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| Balance, September 30, 2025 | |
| 1,525,000 | | |
| 3.01 | | |
| 3.87 | |
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| Balance, December 31, 2025 | |
| 1,607,500 | | |
| 3.11 | | |
| 3.68 | |
| Granted | |
| 939,000 | | |
| 9.80 | | |
| | |
| Expired/ Forfeited | |
| (57,500 | ) | |
| 3.57 | | |
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| Balance, September
30, 2026 | |
| 2,489,000 | | |
| 5.63 | | |
| 3.65 | |
| Exercisable,
September 30, 2026 | |
| 1,503,334 | | |
| 3.06 | | |
| 2.91 | |
|
| Schedule of activity related to restricted share units |
A
summary of activity related to restricted share units (“RSUs”) during the nine-month period ended September 30, 2026,
is presented below:
Schedule
of activity related to restricted share units
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Weighted | |
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Average | |
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Grant | |
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Number of | | |
Date Fair | |
| | |
Units | | |
Value | |
| Unvested grants outstanding at December
31, 2025 | |
| 133,135 | | |
$ | 3.87 | |
| Granted during the period | |
| 55,324 | | |
| 8.29 | |
| Forfeited during the period | |
| - | | |
| - | |
| Vested during the period | |
| - | | |
| - | |
| Unvested grants outstanding
at September 30, 2026 | |
| 188,459 | | |
$ | 5.17 | |
|
| Schedule of warrant activity related to financing events |
A
summary of the Company’s warrant activity related to financing events for the nine months ended September 30, 2026 and 2025
are as follows:
| Schedule of warrant activity related to financing events | | |
Number | | |
Weighted
Average
exercise
price | |
| | Balance, December 31, 2024 | | |
| 7,949,531 | | |
$ | 4.70 | |
| | Issued | | |
| 215,872 | | |
| 6.00 | |
| | Exercised | | |
| (1,200,121 | ) | |
| 3.90 | |
| | Expired | | |
| (44,443 | ) | |
| 3.50 | |
| | Balance, September 30, 2025 | | |
| 6,920,839 | | |
$ | 4.90 | |
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| | Balance, December 31, 2025 | | |
| 397,049 | | |
$ | 4.87 | |
| | Issued | | |
| - | | |
| - | |
| | Exercised | | |
| (185,000 | ) | |
| 4.86 | |
| | Expired | | |
| (94,821 | ) | |
| 5.29 | |
| | Balance, September 30, 2026 | | |
| 117,228 | | |
$ | 4.27 | |
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