XML 33 R20.htm IDEA: XBRL DOCUMENT v3.25.3
Stock Options
 9 Months Ended
Sep. 30, 2025
Stock Options  
Stock Options

13. Stock Options

 

On January 15, 2025, the Company granted 400,000 stock options to employees with an exercise price of $11.50. These options expire on January 15, 2028, and vest equally on June 30, 2025, December 31, 2025, June 30, 2026 and December 31, 2026. The stock-based compensation expense recognized for these options for the three and nine-month periods ended September 30, 2025 was $257,476 and $1,247,768, respectively. Future expense for this stock option grant will be $257,476 for the fourth quarter of 2025, $138,641 for each of the first and second quarters of 2026, and $59,418 for each of the third and fourth quarters of 2026. The fair value of stock option awards granted, and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows:

 

Fair value

 

$1,901,360

 

Options issued

 

 

400,000

 

Exercise price

 

$11.50

 

Expected term (in years)

 

 

3.0

 

Risk-free rate

 

 

4.34%

Volatility

 

 

64.2%

 

Activity in the Company’s stock options is as follows:

 

 

 

Number of

Options

 

 

Weighted

Average

Exercise

Prices

 

Balance December 31, 2024

 

 

77,000

 

 

$5.17

 

Granted

 

 

400,000

 

 

$11.50

 

Exercised

 

 

(131,125)

 

$7.93

 

Expired

 

 

(3,000)

 

$5.25

 

Outstanding at September 30, 2025

 

 

342,875

 

 

$11.50

 

 

In the three and nine-month periods ended September 30, 2025, 86,625 options were exchanged for 49,003 shares, and 106,625 options were exchanged for 62,284 shares, respectively, in cashless exercises by employees. The intrinsic value of all options exercised was $1,449,138 and $1,660,969 for the three and nine-month periods ended September 30, 2025, respectively. At September 30, 2025, outstanding stock options have a weighted average remaining term of approximately 2.3 years and have an intrinsic value of $7,642,684.