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Common Stock Options | 12 Months Ended
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Dec. 31, 2025
Common Stock Options |
Common Stock Options | Note 14 – Common Stock Options The Company’s Board of Directors and stockholders adopted the 2022 Equity Incentive Plan (the “2022 Plan”) effective January 1, 2022. The 2022 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and other equity-based awards to employees, directors, and consultants. The number of shares reserved for issuance under the 2022 Plan was initially 600,000 shares and was adjusted in connection with the Company’s 2023 reverse stock split. Pursuant to the 2022 Plan, the number of shares of common stock available for issuance thereunder automatically increases on the first day of each fiscal year of the Company in an amount equal to 5% percent of the total number of shares of our common stock outstanding on the last day of the immediately preceding fiscal year of the Company, unless the board of directors takes action prior thereto to provide that there will not be an increase in the share reserve for such year or that the increase in the share reserve for such year will be of a lesser number of shares of common stock than would otherwise occur. As of December 31, 2025, the annual increases to the plan resulted in 1,633,000 shares being able to be issued under the plan. As of December 31, 2025, a total of 1,603,000 shares were reserved for issuance under the 2022 Plan, of which options to purchase 1,383,470 shares of common stock were outstanding. During 2025, the Company granted options to purchase 790,000 shares of common stock with a total grant date fair value of $810,044 and exercise prices ranging from $1.93 to $2.50. The fair value of stock options granted during 2025 were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:
| ● | Risk-free interest rate: 4.12%
| ● | Expected volatility: 43% – 47%
| ● | Expected term: 5.0 – 6.5 years
| ● | Dividend yield: 0%
Expected volatility was based on the historical volatility of comparable public companies, and the expected term was determined using the simplified method. Stock options granted during 2025 generally vest over a three-year period and expire ten years from the grant date. Certain options granted in prior periods vested upon grant. The Company accounts for forfeitures as they occur and, accordingly, expects substantially all outstanding options to vest. As of December 31, 2025, options to purchase 803,542 shares of common stock were vested and exercisable, with a weighted-average exercise price of $2.42 with a weighted-average exercise price of $2.42 and a remaining contractual life of 7.9 years on a weighted-average basis. Schedule of Stock Option Activity
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Aggregate Grant Date Fair Value |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2024 |  |  | 593,470 |  |  | $ | 2.58 |  |  | $ | 52,821 |  |  |  |  |
Granted |  |  | 790,000 |  |  |  | 2.05 |  |  |  | 106,590 |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Outstanding at December 31, 2025 |  |  | 1,383,470 |  |  | $ | 2.28 |  |  | $ | 83,524 |  |  | $ | 3,037,738 |
Stock-based compensation expense was $245,419 and $414,614 for the years ended December 31, 2025, and 2024, respectively. As of December 31, 2025, total unrecognized compensation cost related to unvested stock options was $599,549, which is expected to be recognized over the remaining weighted-average vesting period of 2.4 years. As of December 31, 2025, the weighted-average remaining contractual life of outstanding options was 8.6 years.

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