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Stock Option Plan | 9 Months Ended
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Sep. 30, 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 Board 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 August 2025, the 2020 Plan was amended, as approved by shareholders, to increase the shares of common stock reserved for issuance under the plan by 14,944,592 shares. As of September 30, 2025, there is an aggregate of 15,000,000 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 14,494,098 shares of common stock remained available for future issuance under the 2020 Plan as of November 8, 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Options | $ | 8,124 |  |  | $ | 598,588 |  |  | $ | 576,805 |  |  | $ | 1,638,820 |
Restricted stock | 237,500 |  |  | 2,487 |  |  | 237,500 |  |  | 290,443 |
Stock options - modified options | — |  |  | — |  |  | — |  |  | 169 |
Profit interest units(1) | — |  |  | — |  |  | — |  |  | 62,452 |
Total | $ | 245,624 |  |  | $ | 601,075 |  |  | $ | 814,305 |  |  | $ | 1,991,884 |
__________________ (1) Profit interest is related to Levo which has been dissolved as an entity. See Note 18. The following is a summary of the stock option activity under the 2010 Plan for the nine months ended September 30, 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 | (747) |  |  | 508.47 |  |  | — |  |  | — |
Outstanding - September 30, 2025 | 1,169 |  |  | 1,369.78 |  |  | 2.94 |  | — |
Options Exercisable at September 30, 2025 | 1,169 |  |  | 1,369.78 |  |  | 2.94 |  | — |
Options Vested at September 30, 2025 | 1,169 |  |  | 1,369.78 |  |  | 2.94 |  | — |
The weighted-average grant-date fair value of options granted during the nine months ended September 30, 2025 was zero. The following is a summary of the stock option activity under the 2020 Plan for the nine months ended September 30, 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 - September 30, 2025 | 4,733 |  |  | 3,877.35 |  |  | 5.95 |  | — |
Options Exercisable at September 30, 2025 | 3,746 |  |  | 4,879.38 |  |  | 5.72 |  | — |
Options Vested at September 30, 2025 | 3,746 |  |  | 4,879.38 |  |  | 5.72 |  | — |
The weighted-average grant-date fair value of options granted during the nine months ended September 30, 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 and nine months ended September 30, 2024, was $169. Other Information:
|  | Nine Months Ended September 30, |  |
|  | 2025 |  | 2024 |  |
Amount received from option exercised |  | $ | — |  |  | $ | — |  |  |
|  | September 30, 2025 |  |  |  | Weighted average remaining recognition period
Total unrecognized options compensation costs |  | $ | 16,358 |  |  |  |  | 1.58
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 nine months ended September 30, 2025.
| Shares |  | Weighted- Average Grant Date Fair Value($)
Nonvested at December 31, 2024 | — |  |  | — |
Granted | 500,000 |  |  | 0.48 |
Vested/Release | (500,000) |  |  | — |
Cancelled/Forfeited | — |  |  | — |
Nonvested and Outstanding at September 30, 2025 | — |  |  | — |
As of September 30, 2025, there was zero of total unrecognized compensation cost related to nonvested restricted stock.

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