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

10. Stock-Based Compensation

 

From time to time, we issue stock options and restricted stock as compensation for services rendered by our directors and employees.

 

 

Restricted Stock

 

On March 28, 2025, we granted 73,000 shares of restricted common stock to certain employees. The grants of restricted common stock were made in accordance with the 2015 Plan and 2024 Plan and were subject to vesting, as follows: 24,327 shares vested on March 28, 2025; 24,327 shares vest on March 28, 2026, and 24,346 shares vest on March 28, 2027.

 

On March 19, 2024, we granted 127,500 shares of restricted common stock to certain employees. The grants of restricted common stock were made in accordance with the 2015 Plan and were subject to vesting, as follows: 42,495 shares vested on March 19, 2024; 42,495 shares vest on April 2, 2025, and 42,510 shares vest on April 2, 2026.

 

Stock compensation of $430,862 and $397,901 were recorded on the issuance and vesting of common stock grants for the three months ended March 31, 2025 and 2024, respectively.

 

Stock Options

 

We did not make any stock option grants during the three months ended March 31, 2025 or 2024.

 

A summary of stock option activity during the three months ended March 31, 2025 and 2024 is as follows:

 

           Weighted-
       Weighted-   Average
   Shares   Average   Remaining
   Under   Exercise   Contractual
   Option   Price   Life
Outstanding at January 1, 2025   374,411   $6.22   8 years
Exercised   (6,000)   8.78    
Outstanding at March 31, 2025   368,411   $6.18   7 years
              
Exercisable at March 31, 2025   279,042   $6.00   6 years

 

           Weighted-
       Weighted-   Average
   Shares   Average   Remaining
   Under   Exercise   Contractual
   Option   Price   Life
Outstanding at January 1, 2024   357,887   $5.69   8 years
              
Outstanding at March 31, 2024   357,887   $5.69   7 years
              
Exercisable at March 31, 2024   186,594   $5.60   7 years

 

During the three months ended March 31, 2025 and 2024, stock-based compensation for options was $105,901 and $115,456, respectively.

 

As of March 31, 2025 and December 31, 2024, there was $107,346 and $213,247, respectively, of total unrecognized compensation costs related to stock options granted under our stock option agreements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of one year. The total fair value of stock options that vested during the three months ended March 31, 2025 and 2024 was $0.