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

NOTE 7 – STOCK OPTIONS

 

The following table summarizes stock option activity:

 

   Number of  Weighted Average
   Options  Exercise Price
Outstanding, December 31, 2024   20,002   $36.56 
Granted   —      —   
Exercised   —      —   
Outstanding, March 31, 2025 (unaudited)   20,002   $36.56 
Exercisable, March 31, 2025 (unaudited)   20,002   $36.56 

 

Effective July 8, 2016 the Company’s board of directors approved the Polar Power 2016 Omnibus Incentive Plan (the “2016 Plan”), authorizing the issuance of up to 250,627 shares of common stock as incentives to employees and consultants to the Company with awards limited to a maximum of 50,125 shares to any one participant in any calendar year.

 

At December 31, 2024, the Company had total outstanding options of 20,002, which were carried forward to March 31, 2025. These options are fully vested, exercise prices ranging from $33.88 to $39.20, and with 4,287 option shares set to expire in December 2027 and the remaining 15,715 option shares set to expire in April 2028.

 

The outstanding options had no intrinsic value at March 31, 2025.