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SHAREHOLDERS EQUITY | 9 Months Ended
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Sep. 30, 2025
Shareholders' Equity: |
SHAREHOLDERS' EQUITY | NOTE 10. SHAREHOLDERS’ EQUITY Our Board of Directors (the “Board”) may, without further action by our shareholders, from time to time, direct the issuance of any authorized but unissued or unreserved shares of preferred stock in series and at the time of issuance, determine the rights, preferences and limitations of each series. The holders of such preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding up by us before any payment is made to the holders of our Common Stock. Furthermore, the Board could issue preferred stock with voting and other rights that could adversely affect the voting power of the holders of our Common Stock. Convertible Series A Preferred Stock Our authorized Convertible Series A Preferred Stock, $0.01 par value, consists of 1,000,000 shares. At September 30, 2025, and December 31, 2024, there were 63,750 shares issued and outstanding. The Convertible Series A Preferred Stock is convertible at the rate of one share of common stock for one share of Convertible Series A Preferred Stock. Convertible Series B Preferred Stock Our authorized Convertible Series B Preferred Stock, $1,000 stated value, 7.5% cumulative dividend, consists of 4,000 shares. At September 30, 2025, and December 31, 2024, there were no shares issued and outstanding. Each share of Convertible Series B Preferred Stock may be converted (at the holder’s election) into two hundred shares of our Common Stock. Common Stock In May 2024, we issued 60,000 shares of Common Stock valued at approximately $45,000 to members of our Board pursuant to our equity plan (see Note 12). In May 2025, we issued 60,000 shares of Common Stock valued at approximately $51,000 to members of our Board pursuant to our equity plan (see Note 12). Stock Options In May 2024, we issued options to purchase 225,000 shares of Common Stock to Officers at an exercise price of $0.75 per share pursuant to an employment agreement. The options were valued at $144,308 and have a contractual term of 10 years. We utilized the Black-Scholes model to fair value the options received by Officers with the following assumptions: volatility, 125%; expected dividend yield, 0%; risk free interest rate, 4.35%; and a contractual term of 10 years. The grant date fair value of each share of Common Stock underlying the options was $0.64. The following table summarizes stock options outstanding as of September 30, 2025, and December 31, 2024:
|  | September 30, 2025 (Unaudited) |  |  | December 31, 2024 |
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Number of Options |  |  | Weighted Average Exercise Price |
Outstanding, beginning of period |  |  | 805,042 |  |  | $ | 1.23 |  |  |  | 617,542 |  |  | $ | 1.38 |
Granted |  |  | - |  |  |  | - |  |  |  | 225,000 |  |  |  | 0.75 |
Exercised |  |  | - |  |  |  | - |  |  |  | (31,250 | ) |  |  | 0.88 |
Expired |  |  | (36,250 | ) |  |  | (1.04 | ) |  |  | (6,250 | ) |  |  | 0.80 |
Outstanding, end of period |  |  | 768,792 |  |  | $ | 1.24 |  |  |  | 805,042 |  |  | $ | 1.23 |
Options outstanding and exercisable by price range as of September 30, 2025, were as follows:
Outstanding Options |  |  | Average Weighted |  |  | Exercisable Options |
|  |  |  |  |  | Remaining Contractual |  |  |  |  |  | Weighted Average |
Range |  |  | Number |  |  | Life in Years |  |  | Number |  |  | Exercise Price |
$ | 0.71 |  |  |  | 7,042 |  |  |  | 2.31 |  |  |  | 7,042 |  |  | $ | 0.71 |
$ | 0.75 |  |  |  | 225,000 |  |  |  | 8.63 |  |  |  | 225,000 |  |  | $ | 0.75 |
$ | 0.80 |  |  |  | 2,500 |  |  |  | 2.32 |  |  |  | 2,500 |  |  | $ | 0.80 |
$ | 0.85 |  |  |  | 210,000 |  |  |  | 7.33 |  |  |  | 210,000 |  |  | $ | 0.85 |
$ | 1.12 |  |  |  | 270,000 |  |  |  | 6.30 |  |  |  | 270,000 |  |  | $ | 1.12 |
$ | 1.93 |  |  |  | 10,500 |  |  |  | 1.21 |  |  |  | 10,500 |  |  | $ | 1.93 |
$ | 4.40 |  |  |  | 12,500 |  |  |  | 0.34 |  |  |  | 12,500 |  |  | $ | 4.40 |
$ | 7.06 |  |  |  | 31,250 |  |  |  | 0.01 |  |  |  | 31,250 |  |  | $ | 7.06 |
|  |  |  |  | 768,792 |  |  |  | 6.81 |  |  |  | 768,792 |  |  | $ | 1.24 |
Stock Warrants The following table summarizes the outstanding common stock warrants as of September 30, 2025 and December 31, 2024:
|  | September 30, 2025 (Unaudited) |  |  | December 31, 2024 |
|  | Number of Warrants |  |  | Weighted Average Exercise Price |  |  | Number of Warrants |  |  | Weighted Average Exercise Price |
Outstanding, beginning of period |  |  | 2,765,846 |  |  | $ | 2.26 |  |  |  | 2,772,096 |  |  | $ | 2.25 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | (161,458 | ) |  |  | (1.19 | ) |  |  | (6,250 | ) |  |  | (1.12 | )
Outstanding, end of period |  |  | 2,604,388 |  |  | $ | 2.32 |  |  |  | 2,765,846 |  |  | $ | 2.26 |
Warrants outstanding and exercisable by price range as of September 30, 2025, were as follows:
Outstanding Warrants |  |  | Average Weighted |  |  | Exercisable Warrants |
Exercise Price |  |  | Number |  |  | Remaining Contractual Life in Years |  |  | Number |  |  | Weighted Average Exercise Price |
$ | 0.64 |  |  |  | 31,250 |  |  |  | 8.14 |  |  |  | 31,250 |  |  | $ | 0.64 |
$ | 0.80 |  |  |  | 125,000 |  |  |  | 8.33 |  |  |  | 125,000 |  |  | $ | 0.80 |
$ | 0.96 |  |  |  | 437,500 |  |  |  | 7.23 |  |  |  | 437,500 |  |  | $ | 0.96 |
$ | 1.68 |  |  |  | 1,434,721 |  |  |  | 0.99 |  |  |  | 1,434,721 |  |  | $ | 1.68 |
$ | 2.18 |  |  |  | 172,167 |  |  |  | 0.99 |  |  |  | 172,167 |  |  | $ | 2.18 |
$ | 4.00 |  |  |  | 28,750 |  |  |  | 4.57 |  |  |  | 28,750 |  |  | $ | 4.00 |
$ | 6.95 |  |  |  | 375,000 |  |  |  | 5.01 |  |  |  | 375,000 |  |  | $ | 6.95 |
|  |  |  |  | 2,604,388 |  |  |  | 3.10 |  |  |  | 2,604,388 |  |  | $ | 2.32 |
There were no unvested warrants outstanding as of September 30, 2025.

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