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STOCKHOLDERS EQUITY | 9 Months Ended
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Sep. 30, 2025
STOCKHOLDERS EQUITY |
STOCKHOLDERS' EQUITY | NOTE 8 – STOCKHOLDERS’ EQUITY Common Stock Option Transactions A 2016 Stock Incentive Plan (2016 Plan) was approved by the Board during January 2016. The Company may grant up to 6,363,225 shares of Series A Preferred stock under the 2016 Plan. The 2016 Plan is administered by the Board of Directors, which has substantial discretion to determine persons, amounts, time, price, exercise terms, and restrictions of the grants, if any. The options issued under the 2016 Plan vest upon issuance. A new 2018 Stock Option Plan (2018 Plan) was approved by the Board on July 1, 2018 and amended on July 16, 2020. The Company may grant up to 4,000,000 shares of common stock under the 2018 Plan. The 2018 Plan is administered by the Board of Directors, which has substantial discretion to determine persons, amounts, time, price, vesting schedules, exercise terms, and restrictions of the grants, if any. Total stock-based compensation expense for grants to officers, employees and consultants was $716,463 and $956,816 for the three months ended September 30, 2025, and 2024, respectively, which was charged to general and administrative expense. Total stock-based compensation expense for grants to officers, employees and consultants was $1,827,275 and $1,942,945 for the nine months ended September 30, 2025, and 2024, respectively, which was charged to general and administrative expense. As of September 30, 2025, the company has $4,281,018 of unrecognized compensation cost related to unvested stock options granted and outstanding, net of estimated forfeitures. The cost is expected to be recognized on a weighted average basis over a period of approximately five years. During the three months ended September 30, 2025, employees exercised 880,000 stock options through a cashless exercise arrangement. Under this method, a portion of the exercised shares was withheld to cover the exercise cost, resulting in the net issuance of shares to employees. The total number of options granted during the year was 314,000.
|  |  |  |  | Weighted |  |  | Weighted Average |  |  | Aggregate |
|  | Number of Options |  |  | Average Exercise Price |  |  | Contractual Life in Years |  |  | Intrinsic Value |
Outstanding - December 31, 2023 |  |  | 10,149,770 |  |  | $ | 1.57 |  |  |  | 5.39 |  |  | $ | 5,683,871 |
Granted |  |  | 1,025,000 |  |  | $ | 0.90 |  |  |  | 7.30 |  |  | $ | - |
Outstanding – September 30, 2024 |  |  | 11,174,770 |  |  | $ | 1.54 |  |  |  | 4.73 |  |  | $ | 5,715,434 |
Exercisable (Vested) - September 30, 2024 |  |  | 5,455,207 |  |  | $ | 0.87 |  |  |  | 3.95 |  |  |  |  |
|  |  |  |  | Weighted |  |  | Weighted Average |  |  | Aggregate |
|  | Number of Options |  |  | Average Exercise Price |  |  | Contractual Life in Years |  |  | Intrinsic Value |
Outstanding - December 31, 2024 |  |  | 11,271,770 |  |  | $ | 1.49 |  |  |  | 4.83 |  |  | $ | 5,410,450 |
Forfeited or Expired |  |  | (100,000 | ) |  | $ | 1.74 |  |  |  | - |  |  | $ | - |
Exercised |  |  | (1,108,482 | ) |  | $ | 0.87 |  |  |  | - |  |  | $ | - |
Outstanding - September 30, 2025 |  |  | 10,063,288 |  |  | $ | 1.50 |  |  |  | 4.47 |  |  | $ | 5,023,856 |
Exercisable (Vested) - September 30, 2025 |  |  | 5,554,724 |  |  | $ | 0.87 |  |  |  | 3.1 |  |  |  |  |

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