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Stock Option Plan | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock Option Plan | Stock Option Plan In 2010, the Company adopted the 2010 Equity Incentive Plan (the “2010 Plan”), which provides for the grant of restricted stock awards, stock options, and other share-based awards to employees, consultants, and directors. In November 2020, the Company’s Board of Directors extended the term of the 2010 Plan to July 1, 2021. In 2021, the Company adopted the 2020 Equity Incentive Plan (the “2020 Plan”), which provides for the grant of restricted stock awards, incentive and non-statutory stock options, and other share-based awards to employees, consultants, and directors. In June 2023, the 2020 Plan was amended, as approved by shareholders, to increase the shares of common stock reserved for issuance under the plan by 10,000 shares. As of March 31, 2025, there is an aggregate of 63,497 shares of common stock reserved for issuance under the 2020 Plan. All options granted to date have a ten year contractual life and vesting terms of four years. In general, vested options expire if not exercised 90 days after termination of service. A total of 55,408 shares of common stock remained available for future issuance under the 2020 Plan as of May 7, 2025. Forfeitures are accounted for as they occur. Stock-based compensation expense recognized in selling, general, and administrative, and research and development are as follows:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Options | $ | 554,659 |  |  | $ | 677,483 |  |  |  |  |
Restricted stock | — |  |  | 168,904 |  |  |  |  |
Stock options - modified options | — |  |  | 169 |  |  |  |  |
Profit interest units | — |  |  | 31,226 |  |  |  |  |
Total | $ | 554,659 |  |  | $ | 877,782 |  |  |  |  |
The following is a summary of the stock option activity under the 2010 Plan for the three months ended March 31, 2025:
| Shares |  | Weighted- Average Exercise Price per Share($) |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value($)
Outstanding - December 31, 2024 | 1,916 |  |  | 1,033.97 |  |  | 2.54 |  | — |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | — |  |  | — |
Expired/Cancelled | — |  |  | — |  |  | — |  |  | — |
Outstanding - March 31, 2025 | 1,916 |  |  | 1,034.00 |  |  | 2.23 |  | — |
Options Exercisable at March 31, 2025 | 1,916 |  |  | 1,033.60 |  |  | 2.23 |  | — |
Options Vested at March 31, 2025 | 1,916 |  |  | 1,033.60 |  |  | 2.23 |  | — |
The weighted-average grant-date fair value of options granted during the three months ended March 31, 2025 was zero. The following is a summary of the stock option activity under the 2020 Plan for the three months ended March 31, 2025:
| Shares |  | Weighted- Average Exercise Price per Share ($) |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value($)
Outstanding - December 31, 2024 | 4,743 |  |  | 3,874.89 |  |  | 6.68 |  | — |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | — |  |  | — |
Expired/Cancelled | (10) |  |  | 2,708.00 |  |  | — |  |  | — |
Outstanding - March 31, 2025 | 4,733 |  |  | 3,877.35 |  |  | 6.45 |  | — |
Options Exercisable at March 31, 2025 | 3,650 |  |  | 4,993.33 |  |  | 6.18 |  | — |
Options Vested at March 31, 2025 | 3,650 |  |  | 4,993.33 |  |  | 6.18 |  | — |
The weighted-average grant-date fair value of options granted during the three months ended March 31, 2025 was zero. During the year ended December 31, 2021, 4,100 options were modified to lower the exercise price by $240.00 per share, which resulted in $246,000 of incremental compensation cost to be recognized over the remaining vesting period. The amount of additional compensation expense for the three months ended March 31, 2024, was $169. Other Information:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |
Amount received from option exercised |  | $ | — |  |  | $ | — |  |  |
|  | March 31, 2025 |  |  |  | Weighted average remaining recognition period
Total unrecognized options compensation costs |  | $ | 38,505 |  |  |  |  | 1.36
No amounts relating to the 2010 Plan or 2020 Plan have been capitalized. Compensation cost is recognized over the requisite service period based on the fair value of the options. The Company did not have any nonvested restricted stock units as of the three months ended March 31, 2025. As of March 31, 2025, there was zero of total unrecognized compensation cost related to nonvested restricted stock.

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