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Common Stock Options and Restricted Stock

6 Months Ended

Jun. 30, 2025

Common Stock Options and Restricted Stock

Common Stock Options,Restricted Stock Unitsand Restricted Stock

Note 8 - Common Stock Options, Restricted Stock Units and Restricted Stock

Common Stock Options

Stock options are awarded to the Company’s employees, consultants and non-employee members of the board of directors under the Omnibus Plan and are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. There were no issuances of stock options in the quarter ended June 30, 2025. A summary of option activity under the Company’s Omnibus Plan as of June 30, 2025, and changes during the quarter then ended, is presented below:

						Weighted
				Weighted		Average
				Average		Remaining
	Number of			Exercise		Contractual
	Options			Price		Term (Years)
Balance outstanding at December 31, 2024		278		$	30,628.90		5.35
Granted		-			-		-
Exercised		-			-		-
Forfeited		-			-		-
Cancelled or expired		(12	)		120,055.83		-
Balance outstanding at June 30, 2025		266		$	26,594.61		5.05
Exercisable at June 30, 2025		228		$	29,809.64		4.63

Restricted Stock Units

On June 11, 2025, the Company granted a total of 161,527 restricted stock units ("RSUs") under its Omnibus Plan. The fair value per share (closing stock price) was $3.37. The grants included both standard RSUs issued to members of the Board of Directors and performance-based RSUs ("PBRSUs") issued to employees. The PBRSUs are subject to both service and performance vesting conditions.

During the three months ended June 30, 2025, the Company recognized $39,530 in stock-based compensation expense related to these RSU and PBRSU grants. This expense is included in total operating expenses in the condensed consolidated statements of operations.

Unrecognized stock-based compensation expense related to these RSUs will be recognized over the remaining vesting period, which is one year for standard RSUs and subject to performance conditions for PBRSUs. As of June 30, 2025, the total compensation expense to be recognized in future periods is $504,816 over the next two years.

Restricted Common Stock

On November 30, 2023, the Company issued 115 shares of restricted common stock (the “Restricted Stock”) of the Company to PatentVest, Inc. (“PatentVest”) pursuant to a Restricted Stock Agreement and Consulting Services Agreement, each with PatentVest, in exchange for certain services related to the Company’s patent portfolio. The fair value of the Restricted Stock was determined to be $200,485 using the market price of the stock on the date of the issuance. The Restricted Stock is subject to a vesting schedule pursuant to the Restricted Stock Agreement and the shares may not be sold, assigned, transferred, pledged, hypothecated, disposed of or otherwise encumbered prior to becoming vested. During the three months ended March 31, 2024, the Company recorded as vested 46 shares valued at $80,000. The Restricted Stock is subject to a vesting schedule pursuant to the Restricted Stock Agreement and the shares may not be sold, assigned, transferred, pledged, hypothecated, disposed of or otherwise encumbered prior to becoming vested. No services were provided by PatentVest, Inc. in the period ended June 30, 2025.