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Share-based Compensation
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Share-based Compensation

Note 6 - Share-based Compensation

 

Stock Options

 

The fair value of each option award is estimated on the date of grant using a Black Scholes option valuation model that uses the assumptions noted in the following table. Because Black Scholes option valuation models incorporate ranges of assumptions for inputs, these ranges are disclosed. Expected volatilities and based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock, and other factors. The expected term of options granted is derived from the output of the valuation model and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

 

Schedule of assumptions      
   December 31, 2024  December 31, 2023
Per share fair value at grant date   $0.42 - $88.85    $5.68 - $88.85 
Risk-free interest rate   0.9% - 272%     0.9% - 272% 
Expected volatility   77.04% – 10,900%    77.04% - 10,900% 
Dividend yield   0%    0% 
Expected life in years   5.0 – 6.4    5.24 – 6.38 

 

The following table presents the activity for stock options outstanding:

        
   Options   Weighted Average Exercise Price 
Outstanding - December 31, 2022   66,527   $61.13 
Granted   26,726    11.42 
Forfeited/canceled   (8,358)   37.76 
Exercised   –    – 
Outstanding - December 31, 2023   84,895    47.79 
Granted   500,000    0.51 
Forfeited/canceled   (1,493)   58.39 
Exercised   –    – 
Outstanding - December 31, 2024   583,402   $7.24 

 

The following table presents the composition of options outstanding and exercisable:

                         
   Options Outstanding**   Options Exercisable** 
Exercise Prices  Number   Price   Life*   Number   Price* 
$0.51   500,000   $0.51    10.00    500,000   $0.51 
$72.39   2,131   $72.39    2.86    2,131   $72.39 
$106.50   6,853   $106.50    4.48    6,853   $106.50 
$69.75   30,891   $69.75    5.97    29,041   $69.75 
$44.75   7,250   $44.75    6.67    5,562   $44.75 
$30.25   15,577   $30.25    7.69    15,577   $30.25 
$9.90   2,000   $9.90    8.44    500   $9.90 
$6.25   18,700   $6.25    8.95    2,750   $6.25 
Total - December 31, 2024   583,402              562,414      

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* Price and Life reflect the weighted average exercise price and weighted average remaining contractual life, respectively.
** The Company’s options summarized above have been retroactively restated for the effect of the 25-for-1 reverse stock split.

 

Restricted Stock Units

 

The following table presents the activity for restricted stock units outstanding:

          
   Restricted
Stock Units		   Weighted Average
Grant Date
Fair Value		 
Outstanding - December 31, 2022   22,554   $53.61 
Granted   1,500    31.00 
Forfeited/canceled   (4,734)   45.66 
Exercised   (7,830)   45.66 
Outstanding - December 31, 2023   11,490    59.36 
Granted   –    – 
Forfeited/canceled   (500)    – 
Exercised   (6,245)   61.74 
Outstanding - December 31, 2024   4,745   $56.52 

  

The Company recognized share-based compensation expense related to stock options and restricted stock units of $736,797 and $1,025,420 for the years ended December 31, 2024 and 2023, respectively. The remaining unvested share-based compensation expense of $181,805 is expected to be recognized over the next 36 months.