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EQUITY COMPENSATION
 3 Months Ended
Mar. 31, 2026
Compensation Related Costs [Abstract]  
EQUITY COMPENSATION

NOTE 15 – EQUITY COMPENSATION

 

2025 Equity Incentive Plan

 

As of March 31, 2026 and December 31, 2025, there were, respectively, 252,784 and 630,000 shares of common stock available for issuance pursuant to future stock or option grants under the 2025 Plan.

 

Stock-based compensation costs recognized under the plan were 211,123 and $nil for the three-months ended March 31, 2026 and 2025, respectively.

 

As of March 31, 2026, there is no accrued stock compensation for awards earned and not granted. As of December 31, 2025, the Company had accrued $736,563 in respect of accrued stock bonuses and restricted stock / option awards to be granted in 2026 under the 2025 Plan. During the first quarter of 2026, the equity awards related to the accrued expenses were granted and reclassified to equity.

 

Stock Options Issued and Outstanding

 

A summary of stock option activity during the three months ended March 31, 2026 is presented in the table below:

 

   Number of Options   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term   Aggregate Intrinsic Value 
                 
Outstanding, December 31, 2025   87,274   $19.26    5.6   $     - 
Granted   75,394   $2.79    9.8    - 
Exercised   -    -    -    - 
Forfeited   -    -    -    - 
Expired   -    -    -    - 
Outstanding, March 31, 2026   162,668   $11.62    7.4   $- 
Exercisable, March 31, 2026   107,048   $16.06    6.2   $- 

 

   Number of Options   Weighted Average Grant-Date Fair Value   Aggregate Intrinsic Value   Grant-Date Fair Value 
                 
Nonvested, December 31, 2025   6,313   $7.17   $      -   $45,247 
Granted   75,394   $2.65    -    199,527 
Vested   (26,087)  $3.48    -    (90,864)
Forfeited   -    -    -    - 
Expired   -    -    -    - 
Nonvested, March 31, 2026   55,620   $2.77   $-   $153,904 

 

The aggregate intrinsic value for the stock options was $nil because exercise prices of the outstanding options exceeded the market price of the Company’s common stock at March 31, 2026. 

 

The grant date fair value of the options granted was calculated using the Black-Scholes pricing model with the following assumptions: 116.43% - 121.86% volatility, risk free interest rate of 3.68% - 3.78%, an expected life of ten years and no dividend.

 

Compensation costs associated with stock options represented $136,122 and $nil of the total share-based payment expense recorded in the three months ended March 31, 2026 and 2025, respectively.

 

As of March 31, 2026, there was $67,084 of unrecognized stock-based compensation expense related stock options to be recognized over a weighted average period of 0.33 years.

 

Restricted Stock Awards

 

A summary of restricted stock awards during the three months ended March 31, 2026 is presented in the table below:

 

   Number of Units   Weighted Grant Date Fair Value   Aggregate Intrinsic Value 
             
Outstanding, December 31, 2025   -   $-   $- 
Granted   301,822   $2.83    434,624 
Vested and to be settled with share issuance   (237,622)  $(2.83)   (342,175)
Forfeited   -   $-    - 
Outstanding, March 31, 2026   

64,200

   $

2.80

   $

92,449

 

 

The weighted average grant date fair value of the restricted stock granted during the three months ended March 31, 2026, was $2.83. The total fair value of restricted stock vested during the three months ended March 31 2026 was $673,233. There were no grants or award vestings during the three months ended March 31 2025.

 

Compensation costs associated with restricted stock was $75,000 for the three months ended March 31, 2026. There were no restricted stock awards granted during the three months ending March 31, 2025. As of March 31, 2026, there was $100,000 unrecognized compensation costs related to restricted stock to be recognized over the weighted average period of 0.33 years.