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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

NOTE 3 – STOCK-BASED COMPENSATION

 

On September 6, 2021, the Company’s Board of Directors, and holders of a majority of the voting power of the Company’s stockholders approved the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) and reserved 60,000 shares of common stock for the issuance of awards thereunder. The 2021 Plan provides for the granting to our employees, officers, directors, consultants, and advisors of performance awards payable in shares of common stock, stock options (non-statutory and incentive), restricted stock awards, stock appreciation rights (“SARs”), restricted share units (“RSUs”) and other stock-based awards. The purpose of the 2021 Plan is to secure for the Company and its stockholders the benefits arising from capital stock ownership by eligible participants who are expected to contribute to the Company’s future growth and success. As of December 31, 2025, stock options to purchase 11,183 common shares had been granted under the 2021 Plan.

 

The Company has also reserved stock options to purchase 3 common shares under its 2016 Stock Incentive Plan (the “Prior Plan”). In July 2016, the Company granted 10-year options to one party under the Prior Plan for accepting appointment to the Company’s scientific advisory board. The award consisted of options to purchase 1 share of common stock at $75,000 per share. The options are accounted for as non-employee stock options and thus revalued for reporting purposes at the end of each quarter. The Company does not expect to make any future awards under the Prior Plan.

 

During 2025 and 2024, the fair market value of the options was insignificant to the financial statements.

 

Since the expected life of the options was greater than the Company’s historical stock information available, the Company determined the expected volatility based on price fluctuations of comparable public companies.

 

There were no options issued during the years-ended December 31, 2025 and 2024.

 

Option activity for the years ended December 31, 2025, and 2024 consists of the following:

 

 

 

Stock

 Options

 

 

Weighted

Average

Exercise

 Price

 

 

Weighted

Average

 Life

 Remaining

 

Outstanding, December 31, 2023

 

 

11,183

 

 

$83.96

 

 

 

8.11

 

Issued

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Expired

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, December 31, 2024

 

 

11,183

 

 

$83.96

 

 

 

7.11

 

Issued

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Expired

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, December 31, 2025

 

 

11,183

 

 

$83.96

 

 

 

6.11

 

Vested, December 31, 2025

 

 

7,735

 

 

$83.96

 

 

 

6.11

 

 

In February 2022, we granted a total of 11,183 options to Timothy Warbington and Donald Dickerson at an exercise price of $16.90. Stock-based compensation recorded during the years ended December 31, 2025 and 2024 were $3,485 and $36,647 respectively, and recorded within selling, general and administration expenses. The value of the options was determined to be $145,525 based upon the Black-Scholes method, see variables used below. As of December 31, 2025, future estimated stock-based compensation expected to be recorded was estimated is $0. 

 

 

 

Inputs

Used

 

 

 

 

 

Annual dividend yield

 

$-

 

Expected life (years)

 

 

6.5

 

Risk-free interest rate

 

 

0.81%

Expected volatility

 

 

92.95%

Common stock price

 

$16.90