On November 4, 2020, our Company enacted the 2020 Stock Incentive Plan, which was also approved by our Company’s stockholders on December 8, 2020 (as amended, the “2020 Plan”). Under the 2020 Plan, the number of permitted authorized shares for issuance was originally set at 1,250,000, plus any shares reserved for awards outstanding under the 2010 Plan that were subsequently forfeited (for instance, through a then outstanding out of the money option) or if the related shares are repurchased, a corresponding number of shares would automatically become available for issuance under the 2020 Plan. On December 7, 2023, our Company’s stockholders, upon recommendation of our Company’s board of directors, approved the First Amendment to the 2020 Stock Incentive Plan, increasing the number of shares of Class A Common Stock reserved for issuance under the 2020 Plan by an additional 971,807 shares. On December 5, 2024, the Company’s stockholders, upon recommendation of the Company’s board of directors, approved the Second Amendment to the 2020 Stock Incentive Plan, increasing the number of Class A Common Stock reserved for issuance under the 2020 Plan by an additional 3,500,000 shares.

Under the 2020 Plan, the Company may grant stock options and other share-based payment awards of our Class A Common Stock to eligible employees, directors and consultants. At June 30, 2025, there were 1,278,291 shares of Class A Common Stock available for issuance under the 2020 Plan.

Stock options are granted at exercise prices equal to the grant-date market prices and typically expire on either the fifth or tenth anniversary of the grant date, although the Company’s Compensation and Stock Options Committee (the “Compensation Committee”) may set different vesting times. In contrast to a stock option where the grantee buys our Company’s share at an exercise price determined on the grant date, a restricted stock unit (“RSU”) entitles the grantee to receive one share for every RSU based on a vesting plan, typically between one year and four years from grant. As discussed further below, a performance component has been added to certain of the RSUs or options granted to management. At the time the options are exercised or RSUs vest and are settled, at the discretion of management, we may issue treasury shares or make a new issuance of shares to the option or RSU holder.

We have estimated the grant-date fair value of our stock options using the Black-Scholes option-valuation model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options. We expensed the estimated grant-date fair values of options over the vesting period on a straight-line basis. Based on our historical experience, the “deemed exercise” of expiring in-the-money options and the relative market price to strike price of the options, we have not estimated any forfeitures of vested or unvested options.

For the quarter and six months ended June 30, 2025, we recorded a compensation expense of $265,000 and $564,000, respectively, relating to our prior stock option grants. For the quarter and six months ended June 30, 2024, we recorded a compensation expense of $115,000, and $164,000, respectively, relating to our prior stock option grants. At June 30, 2025, the total unrecognized estimated compensation expense related to non-vested stock options was $1.2 million, which we expect to recognize over a weighted average vesting period of 1.29 years. The intrinsic, unrealized value of all options outstanding vested and expected to vest, at June 30, 2025, was nil, as the closing price of our Class A Common Stock on that date was $1.34.

The following table summarizes the number of options outstanding and exercisable as of June 30, 2025, and December 31, 2024:



	Outstanding Stock Options - Class A Shares
	Number ‎of Options	Weighted ‎Average ‎Exercise Price		Weighted ‎Average ‎Remaining ‎Years of ‎Contractual ‎Life	Aggregate ‎Intrinsic ‎Value
	Class A	Class A		Class A	Class A
Balance - December 31, 2023	412,779	$	14.19	1.79	$	—
Granted	1,499,755		1.49	—		—
Exercised	—		—	—		—
Forfeited	(205,122)		—	—		—
Balance - December 31, 2024	1,707,412	$	1.63	9.44	$	—
Granted	1,989,250		1.43	—		—
Exercised	—		—	—		—
Forfeited	—		—	—		—
Balance - June 30, 2025	3,696,662	$	1.51	6.79	$	—

The following table summarizes the status of RSUs granted to date as of June 30, 2025:



	Restricted Stock Units
	RSU Grants (in units)			Vested,	Unvested,	Forfeited,
Grant Date	Directors	Management	Total ‎Grants	June 30, 2025	June 30, 2025	June 30, 2025

Opening balance	339,438	1,222,252	1,561,690	1,294,462	158,920	108,308

April 11, 2023	—	413,536	413,536	208,289	201,689	3,558
April 21, 2023	—	237,719	237,719	106,295	128,066	3,358
April 28, 2023	—	20,427	20,427	10,218	8,661	1,548

Total	339,438	1,893,934	2,233,372	1,619,264	497,336	116,772

Time vested RSU awards to management typically vest 25% on the anniversary of the grant date and the remainder over a period of four years. Beginning in 2020, a performance component has been added to certain management equity grants, which vest on the third anniversary of their grant date based on the achievement of certain performance metrics. From 2021 onwards, RSUs have two vesting structures, which include time vesting and performance vesting. The majority of RSUs vest 75% evenly over a period of four years, with the remaining 25% contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the date of the grant. In the case of our Chief Executive Officer, RSUs vest 50% evenly over a period of four years with the remaining 50%, contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the grant date. In 2024 and in the second quarter of 2025, our Compensation Committee, upon the recommendation of our Chief Executive Officer and Board Chair, determined that due to liquidity management concerns, our Company would not pay cash bonuses for which our executive officers and other senior management may have been potentially eligible, and to issue stock options in lieu of such bonuses. Also in the second quarter of 2024, our Compensation Committee determined not to issue long term incentive stock options or RSUs.

For the quarter and six months ended June 30, 2025, we recorded compensation expense of $264,000 and $565,000, respectively. For the quarter and six months ended June 30, 2024, we recorded compensation expense of $341,000, and $1.0 million, respectively. The total unrecognized compensation expense related to the non-vested RSUs was $1.5 million as of June 30, 2025, which we expect to recognize over a weighted average vesting period of 0.73 years.

Our Stock Repurchase Program expired on March 10, 2024, and has not been renewed.