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Stock Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Compensation

Note 8 - Stock Compensation

 

Stock Options

 

Option awards are generally granted with an exercise price equal to the market price of the Company’s Common Stock at the date of grant; those options generally vest based on three years of continuous service and have ten-year contractual terms. Certain option and share awards provide for accelerated vesting if there is a change in control, as defined in the plans.

 

The Company granted no options for the three months ended March 31, 2025 and 2024, respectively. The Company recognized stock compensation expense for stock options of $36,365 and $42,152 for the three months ended March 31, 2025 and 2024, respectively, of which $0 and $12,041 of expense are recorded in discontinued operations.

 

 

The fair value of each option award is estimated on the date of grant using a Black Scholes option-pricing model. The Company uses historical option exercise and termination data to estimate the term the options are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is calculated using historical dividend amounts and the stock price at the option issue date. The expected volatility is determined using the volatility of peer companies.

 

The fair value of each stock option grant is estimated on the date of grant using the Black Scholes option pricing model with the following assumptions:

 

   March 31, 2024 
Expected volatility   51.02 - 116.56%
Expected dividends   0%
Expected term (years)   5.0 - 6.0 
Risk-free rate   .40 - 4.33%
Fair value of common shares on grant date   $20.40 - $394.56 

 

The summary of activity under the plans as of March 31, 2025, and change during the three months ended March 31, 2025, is as follows:

 

           Weighted     
       Weighted   average     
       average   remaining   Aggregate 
       exercise   contractual   intrinsic 
Options  Shares   price   term   value 
Outstanding as of December 31, 2024   9,022   $91.06    7.6   $- 
Granted   -    -           
Exercised   -    -           
Forfeited   -    -           
Expired   -    -           
Outstanding as of March 31, 2025   9,022   $91.06    7.4   $- 
Exercisable as of March 31, 2025   6,924   $96.28    7.4   $- 

 

The summary of activity under the plans as of March 31, 2024, and change during the three months ended March 31, 2024, is as follows:

 

           Weighted     
       Weighted   average     
       average   remaining   Aggregate 
       exercise   contractual   intrinsic 
Options  Shares   price   term   value 
Outstanding as of December 31, 2023   34,569   $105.48    7.7   $3,750 
Granted   -    -           
Exercised   -    -           
Forfeited   (8,565)   68.52           
Expired   (3,715)   109.32           
Outstanding as of March 31, 2024   22,289   $119.04    4.4   $3,650 
Exercisable as of March 31, 2024   17,519   $130.08    3.2   $3,650 

 

Unamortized stock compensation expense of $72,715 will be amortized through 2026 for 2,099 of unvested options and has a weighted average recognition period of 2.0 years.

 

Restricted Stock Units

 

The Company’s Compensation Committee recommended to the Board of Directors and the Board approved the granting of certain restricted stock units (“RSU”) to members of the senior leadership team and the Board of Directors. For the three months ended March 31, 2025, the RSUs vest at quarterly intervals through September 30, 2025. The following is a summary of RSU activity for the three months ended March 31, 2025:

 

       Weighted   Weighted     
       Average   Average     
       Grant   Remaining   Aggregate 
       Date Fair   Contractual   Intrinsic 
   Shares   Value   Term   Value 
Outstanding as of December 31, 2024   12,501   $7.74    13.13    - 
Granted   -    -    -    - 
Cancelled   -    -    -    - 
Vested and released   -    -    -    - 
Outstanding and unvested as of March 31, 2025   12,501   $8.89    11.19   $- 

 

The Company recognized $33,095 as part of the total stock compensation expense related to RSU awards for the three months ended March 31, 2025. The total unrecognized compensation cost related to unvested RSUs as of March 31, 2025 was $73,699.

  

 

For the three months ended March 31, 2024, the RSUs vest at quarterly intervals through December 31, 2024. The following is a summary of RSU activity for the three months ended March 31, 2024:

 

       Weighted   Weighted     
       Average   Average     
       Grant   Remaining   Aggregate 
       Date Fair   Contractual   Intrinsic 
   Shares   Value   Term   Value 
Outstanding as of December 31, 2023   -   $-    -    - 
Granted   25,000    16.80    -    - 
Cancelled   -    -    -    - 
Vested and released   6,250    -    -   $3,200 
Outstanding and unvested as of March 31, 2024   18,750   $16.80    3.78   $- 

 

The Company recognized $108,000 as part of the total stock compensation expense related to RSU awards for the three months ended March 31, 2024. The total unrecognized compensation cost related to unvested RSUs as of March 31, 2024 was $311,200.