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STOCK OPTIONS | 12 Months Ended
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Dec. 31, 2025
STOCK OPTIONS |
STOCK OPTIONS | 16. STOCK OPTIONS Stock options Options for the purchase of 3,649,508 shares of Common Stock have been issued under the 2008 Stock Option Plan. Options for the purchase of 122,150 shares under the 2008 Stock Option Plan were outstanding as of December 31, 2024. No shares are available for future issuance under the 2008 Stock Option Plan, which expired July 25, 2018. Options for the purchase of 2,000,000 shares of Common Stock are available for future issuance under the 2021 Stock Option Plan. ​ The Compensation and Benefits Committee administers the Company’s stock option plans. Stock option exercises No stock options were exercised in 2025, 2024, or 2023. Director, officer, and employee options A summary of Director, officer, and employee options granted and outstanding under the 2008 Stock Option Plan is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ ​ ​ | ​ | ​ ​ ​ | Weighted | ​ ​ ​ | ​ | ​ ​ ​ | Weighted | ​ ​ ​ | ​ | ​ ​ ​ | Weighted
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Exercise | ​ | ​ | ​ | Exercise | ​ | ​ | ​ | Exercise
​ | ​ | Shares | ​ | Price | ​ | Shares | ​ | Price | ​ | Shares | ​ | Price
Outstanding at beginning of period |  | 145,950 | ​ | $ | 2.05 |  | 147,150 | ​ | $ | 2.06 |  | 147,150 | ​ | $ | 2.06
Granted |  | — | ​ | $ | — |  | — | ​ | $ | — |  | — | ​ | $ | —
Exercised |  | — | ​ | $ | — |  | — | ​ | $ | — |  | — | ​ | $ | —
Forfeited |  | (23,800) | ​ | $ | 2.75 |  | (1,200) | ​ | $ | 2.75 |  | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at end of period |  | 122,150 | ​ | $ | 1.91 |  | 145,950 | ​ | $ | 2.05 |  | 147,150 | ​ | $ | 2.06
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at end of period |  | 122,150 | ​ | $ | 1.91 |  | 145,950 | ​ | $ | 2.05 |  | 147,150 | ​ | $ | 2.06
​ The following table summarizes information about Director, officer, and employee options outstanding under the 2008 Stock Option Plan at December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​ | ​
Exercise Prices | ​ ​ ​ | Shares Outstanding | ​ ​ ​ | Remaining Contractual Life | ​ ​ ​ | Shares Exercisable
$ | 1.05 |  | 60,000 | ​ | 0.99 | ​ | 60,000
$ | 2.75 |  | 62,150 | ​ | 0.69 | ​ | 62,150
​ Non-employee options ​ There were no non-director and non-employee options outstanding in 2025, 2024, or 2023. ​ Stock-based Compensation No stock-based compensation expense was recorded in 2025, 2024, or 2023. ​ Options Pricing Models – Assumptions The expected life is based on the Company’s historical experience with option exercise trends. The assumptions for expected volatility are based on a calculation of volatility over the five years preceding the grant date. Risk-free interest rates are set using grant-date U.S. Treasury yield curves. In its calculations, the Company assumed no dividends. The Company elected a policy to account for forfeitures as they occur, rather than on an estimated basis.

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