Quarterly report [Sections 13 or 15(d)]

Share-based Compensation (Tables)

v3.25.1
Share-based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Information about Incentive Plan

The following table contains information about the 2019 Plan as of March 31, 2025:

  

    Awards     Awards           Awards  
    Reserved for     Issued &     Awards     Available for  
    Issuance     Outstanding     Exercised     Grant  
2019 Plan(1)     1,651,429       814,985       160,922       675,522  
Awards issued in excess of 2019 Plan(2)     -       100,821       74,705       -  

 

(1)

Includes incentive stock options and restricted stock units discussed below.

(2) Includes shares of restricted common stock granted outside of the 2019 Plan to our Chief Executive Officer, Adam Levy.
Schedule of Incentive Stock Option Activity

The following table summarizes the Company’s incentive stock option activity and related information for the period ended March 31, 2025:

   

                Weighted  
          Weighted     Average  
          Average     Contractual  
    Number of     Exercise     Term in  
    Options     Price     Years  
Outstanding at January 1, 2025     588,397     $ 2.67       7.81  
Granted     250,000       3.83       5.0  
Exercised     (6,458 )     2.05        
Forfeited                  
Cancelled     (58,542 )     2.01        
Expired     (14,286 )     5.25        
Outstanding at March 31, 2025     759,111     $ 3.06       8.21  
Exercisable at March 31, 2025     349,111     $ 2.09       7.30  
Schedule of Assumptions used in Share-based Compensation

The following assumptions were used to calculate share-based compensation expense for the three months ended March 31, 2025 and 2024:

   

    2025     2024  
Volatility     78.21 %    

258.01

%
Risk-free interest rate     4.38 %     4.42 %
Dividend yield     0.0 %     0.0 %
Expected term     5.00 years       5.00 years  
Schedule of Restricted Stock Units Granted

 

          Weighted  
          Average  
    Number of     Grant Date  
    Units     Fair Value  
Outstanding at January 1, 2025     55,874     $ 2.16  
Granted     35,198       3.92  
Exercised and converted to common shares     (9,082 )     4.19  
Forfeited            
Outstanding at March 31, 2025     81,990     $ 2.69  
Exercisable at March 31, 2025     30,404     $ 2.41  
Schedule of Common Stock Warrants

The following table shows a summary of common stock warrants through March 31, 2025:

  

          Weighted     Weighted  
          Average     Average  
    Number of     Exercise     Contractual  
    Warrants     Price     Term in Years  
Outstanding at January 1, 2025     4,765,205     $ 5.18       2.42  
Granted                  
Exercised                  
Forfeited                  
Cancelled                  
Expired                  
Outstanding at March 31, 2025     4,765,205     $ 5.18       2.18  
Exercisable at March 31, 2025     4,765,205     $ 5.18       2.18