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Note O - Stock Options

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE O—STOCK OPTIONS

2023 Stock Incentive Plan

On December 14, 2023, the stockholders approved the 2023 Stock Incentive Plan. The 2023 Plan reserves 333,334 shares of common stock for issuance of options, restricted stock, and other equity based awards to employees, officers, directors, consultants advisors and independent contractors of the Company. Options are issued at exercise prices which may not be below 100% of fair market value (or 110% of the fair market value if, at the time the option is granted, the participant owns, directly or indirectly, more than 10% of the total combined voting power of all classes of our stock) and have terms not to exceed ten years. Options issued under the 2023 Plan vest pursuant to the terms of stock option agreements with the recipients. In the event of a change in control, certain awards issued under this plan may be subject to additional acceleration of vesting as may be provided in the participants’ written agreement or as determined by the Board or Compensation Committee. The 2023 Plan expires on December 13, 2033, unless terminated earlier. In 2024 the Company issued 177,433 restricted shares to employees of which 7,817 were forfeited. The Company also issued 7,761 shares to the Board of Directors for payments of Board fees.

2015 Stock Option Plan

On January 27, 2016, the stockholders approved the 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan initially reserved 10,417 shares of common stock for issuance of options, restricted stock, and other equity based awards to employees, officers, directors, and consultants of the Company. In 2021, the stockholders approved an amendment to the 2015 to increase the shares of common stock authorized for issuance under the 2015 Plan from 10,417 shares to 43,834 shares together with other technical changes. The term of stock options granted under the 2015 Plan, may not exceed ten years, exercise prices may not be below 100-110% of fair market value, and vesting occurs over time periods set forth in written agreements with the recipients. In the event of a change in control, certain stock awards issued under the 2015 Plan may be subject to additional acceleration of vesting as may be provided in the participants’ written agreement. The 2015 Plan expires in December 2025.

Non-Plan Stock Options

Periodically, the Company has granted options outside of the 2015 Plan to various employees and consultants. In the event of change in control, as defined, certain of the non-plan options outstanding vest immediately.

Stock Option Activity

Information summarizing option activity is as follows:

																			*Weighted*
															*Weighted*				*average*
		*Number of Options*													*average*				*remaining*				*Aggregate*
		*2015*					*Non*				*Total*				*exercise*				*life*				*intrinsic*
		*Plan*					*Plan*								*price*				*(in years)*				*value*

Outstanding, as of December 31, 2022			6,241					4,724				11,313			$	299.61				2.07			$	0
Granted			—					—				—				—
Exercised			—					—				—				—
Forfeited			(151	)				—				(151				94.44
Expired			(1,548	)								(1,895	)			256.30
Outstanding, as of December 31, 2023			4.542					4,724				9,266			$	311.16				0.96			$	0
Granted			—					—				—				—
Exercised			—					—				—				—
Forfeited			(348	)				—				(348	)			93.60
Expired			(1,187	)				(4,724	)			(5,911	)			380.51
Outstanding, as of December 31, 2024			3,007					-				3,007			$	197.31				1.14			$	0
Vested or expected to vest at December 31, 2024												3,007			$	197.31				1.14			$	0
Exercisable at December 31, 2024												3,007			$	197.31				1.14			$	0

The options outstanding and exercisable at December 31, 2024 were in the following exercise price ranges:

		Options Outstanding												Options Exercisable
						Weighted				Weighted								Weighted
						average				average								average
		Number of				exercise				remaining				Number				exercise
Range of exercise prices		shares				price				life (in years)				exercisable				price
$93.60 - 169.92			1,857			$	144.71				1.67				1,857			$	144.71
$169.93 - 504.00			1,150				282.24				0.22				1,150				282.24
$93.60 - 504.00			3,007												3,007

The aggregate intrinsic value in the table above represents the total intrinsic value, based on the Company’s closing stock price of $1.71, $3.00, and $10.62 as of December 31, 2024, 2023 and 2022, respectively, which would have been received by the option holders had all option holders exercised their options as of that date. There were no in-the-money options exercisable as of December 31, 2024, 2023 and 2022.

The weighted average fair value of options granted during the years ended December 31, 2024 and 2023 was $0 as no options were granted in either year. The total intrinsic value of options exercised during the years ended December 31, 2024 and 2023 was $0 as no options were exercised in either year. The total fair value of shares vested during the years ended December 31, 2024 and 2023 was $0 (none vested) and $18,310. respectively.

As of December 31, 2024, there was no future forfeiture adjusted compensation costs related to nonvested stock options.