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

NOTE 11 – OPTIONS

 

The Company maintains stock option plans under which certain employees are awarded option grants based on a combination of performance and tenure. The stock option plans provide for the grant of up to 155,556 shares, and the Plan provides for automatic increases in the number of shares available under such plan (currently 133,333 shares) on April 1st of each calendar year, beginning in 2021 and ending in 2029 (each a “Date of Determination”), in each case subject to the approval and determination of the administrator of the plan (the Board of Directors or Compensation Committee) on or prior to the applicable Date of Determination, equal to the lesser of (A) ten percent (10%) of the total shares of common stock of the Company outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares as determined by the administrator. The administrator as a result of the annual meeting shareholder vote increased the number of shares available to grant to employees under the Plan by 2,000,000. The administrator did not approve an increase in the number of shares covered under the Plan as of April 1, 2022.

 

The Company’s board of directors and stockholders approved an amendment to the Plan increasing the available shares under the Plan to 5,000,000 shares of the Common Stock as such common stock existed on July 24, 2024.

 

Total compensation cost related to stock options granted was $437 and $24,266 for the three months ended March 31, 2025, and 2024, respectively.

 

The following table represents stock option activity for the three-month period ended March 31, 2025:

 

  

Number

Outstanding

  

Weighted-Average

Exercise Price

  

Weighted-Average

Contractual Life

in Years

  

Intrinsic

Value

 
Options outstanding as of December 31, 2024   23,930   $42.16    2.73   $- 
Options exercisable as of December 31, 2024   23,930    42.16    1.83    - 
Options granted   -    -    -    - 
Options adjusted   -    -    -    - 
Options expired   -    -    -    - 
Options exercised   -    -    -    - 
Options outstanding as of March 31, 2025   23,930   $42.16    2.43    - 
Options exercisable as of March 31, 2025   23,930   $42.16    1.64    -