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Stock-Based Compensation
 6 Months Ended
Jun. 30, 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. As of March 28, 2025, 6,872 shares, representing an amount of $83,299, were surrendered to the Company by grant recipients in satisfaction of tax withholding obligations, and subsequently cancelled.

 

 

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. As of April 2, 2025, 12,599 shares, representing an amount of $179,925, were surrendered to the Company by grant recipients in satisfaction of tax withholding obligations, and subsequently cancelled. As of April 2, 2024, 10,315 shares, representing an amount of $69,526 were surrendered to the Company by grant recipients in satisfaction of tax withholding obligations, and subsequently cancelled.

 

Stock compensation is being recognized over the vesting period. For the three and six months ended June 30, 2025, $156,558 and $587,419, respectively, was recorded on the issuance of the common stock. For the three and six months ended June 30, 2024, respectively, $136,018 and $533,919 was recorded on the issuance of the common stock.

 

Stock Options

 

On June 21, 2025, we granted non-employee directors stock options to purchase 27,000 shares at an exercise price of $12.88 per share under the 2023 Non-Employee Director Compensation Plan. The options fully vested upon grant. The total fair value of $246,282 for these stock options was recognized as expense upon grant. We did not make any stock option grants during the six months ended June 30, 2024.

 

The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2025 was $9.12. The assumptions that were used in calculating such values, were based on estimates at the grant date in the table as follows:

 

Schedule of Estimated Values of Stock Option Grants Valuation Assumptions

   Grant Date
June 21, 2025		 
Risk-free interest rate   3.96%
Expected term   5 years 
Expected volatility   88.39%
Expected dividend yield   0.00%

 

A summary of stock option activity during the six months ended June 30, 2025 and 2024 is as follows:

 

Schedule of Stock Options Activity

           Weighted- 
       Weighted-   Average 
   Shares   Average   Remaining 
   Under   Exercise   Contractual 
   Option   Price   Life 
Outstanding at January 1, 2025   374,411   $6.22    8 years 
Exercised   (37,488)   5.13      
Granted   27,000    9.12      
 Forfeited   (4,000)   4.63      
Outstanding at June 30, 2025   363,923   $6.83    7 years 
                
Exercisable at June 30, 2025   349,423   $6.69    7 years 

 

           Weighted- 
       Weighted-   Average 
   Shares   Average   Remaining 
   Under   Exercise   Contractual 
   Option   Price   Life 
Outstanding at January 1, 2024   357,887   $5.69    8 years 
 Forfeited   (4,000)   4.63      
Outstanding at June 30, 2024   353,887   $5.07    7 years 
                
Exercisable at June 30, 2024   256,138   $5.75    7 years 

 

During the three and six months ended June 30, 2025 and 2024, stock-based compensation for options was $272,151 and $378,052, and $115,456 and $230,912, respectively.

 

As of June 30, 2025 and December 31, 2024, there were $85,474 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 six months ended June 30, 2025 and 2024 was $637,056 and $379,985, respectively.