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EQUITY AND LONG-TERM COMPENSATION | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
EQUITY AND LONG-TERM COMPENSATION | 8 – EQUITY AND LONG-TERM COMPENSATION Summary of Share Based Compensation Activity Power REIT’s 2020 Equity Incentive Plan, which superseded the 2012 Equity Incentive Plan, was adopted by the Board on May 27, 2020 and approved by shareholders on June 24, 2020. It provides for the grant of the following awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options; (iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards. The Plan’s purpose is to secure and retain the services of Employees, Trustees and Consultants; to provide incentives for such persons to exert maximum efforts for the success of the Trust and to provide a means by which such persons may be given an opportunity to benefit from increases in value of the common shares through the granting of awards. As of September 30, 2025, the aggregate number of shares of common shares that may be issued pursuant to outstanding awards is currently 2,348,710 which is subject to adjustment per the Plan. Summary of Share-Based Compensation Activity – Options On July 15, 2022, the Trust granted non-qualified stock options (“options”) to acquire 205,000 common shares at a price of $13.44 to its independent trustees, officers and an employee. The term of each option is 10 years. The options vest over three years as follows: in a series of thirty-six (36) equal monthly installments measured from the Vesting Commencement Date on the same date of the month as the Vesting Commencement Date which is August 1, 2022. The Trust accounts for share-based payments using the fair value method. The Trust recognizes all share-based payments in its financial statements based on their grant date fair values and market closing price, calculated using the Black-Scholes option valuation model. The following assumptions were made to estimate fair value: SCHEDULE OF STOCK BASED COMPENSATION VALUATION ASSUMPTION OF ACTIVITY OPTIONS
Expected Volatility |  |  | 63 | %
Expected Dividend Yield |  |  | 0 | %
Expected Term (in years) |  |  | 5.8 |
Risk Free Rate |  |  | 3.05 | %
Estimate of Forfeiture Rate |  |  | 0 | %
The Trust uses historical data to estimate dividend yield and volatility and the “simplified method” as described in the SEC Staff Accounting Bulletin #110 to determine the expected term of the option grants. The risk-free interest rate for the expected term of the options is based on the U.S. treasury yield curve on the grant date. The Trust does not have historical data of forfeiture and used a 0% forfeiture rate in calculating unrecognized share-based compensation expense and will account for forfeitures as they occur. During the quarter ended March 31, 2024, 4,722 of unvested options were forfeited and during the quarter ended September 30, 2025, 5,278 options that had previously vested were forfeited due to the death of a Trustee. The summary of share-based compensation activity for the nine months ended September 30, 2025, with respect to the Trust’s stock options, is as follows: SCHEDULE OF SHARE BASED COMPENSATION STOCK OPTION ACTIVITY
Summary of Activity - Options |  |  |  |  |  |  |  |  |
|  |  |  |  | Weighted |  |  |  |
|  | Number of |  |  | Average |  |  | Aggregate |
|  | Options |  |  | Exercise Price |  |  | Intrinsic Value |
Balance as of December 31, 2024 |  |  | 192,778 |  |  | $ | 13.44 |  |  |  | - |
Options Forfeited |  |  | (5,278 | ) |  |  | 13.44 |  |  |  | - |
Balance as of September 30, 2025 |  |  | 187,500 |  |  |  | 13.44 |  |  |  | - |
Options exercisable as of September 30, 2025 |  |  | 187,500 |  |  | $ | 13.44 |  |  |  | - |
The weighted average remaining term of the options is 6.79 years. Summary of Share-Based Compensation Activity – Restricted Stock The summary of share-based compensation activity for the nine months ended September 30, 2025, with respect to the Trust’s restricted stock, was as follows: SCHEDULE OF SHARE BASED COMPENSATION RESTRICTED STOCK UNITS AWARD ACTIVITY
Summary of Activity - Restricted Stock |  |  |  |  |  |
|  | Number of |  |  | Weighted |
|  | Shares of |  |  | Average |
|  | Restricted |  |  | Grant Date |
|  | Stock |  |  | Fair Value |
Balance as of December 31, 2024 |  |  | 3,887 |  |  |  | 13.44 |
Plan Awards |  |  | - |  |  |  | - |
Restricted Stock Forfeited |  |  | - |  |  |  | - |
Restricted Stock Vested |  |  | (3,887 | ) |  |  | 13.44 |
Balance as of September 30, 2025 |  |  | 0 |  |  |  | - |
Share-based Compensation During the nine months ended September 30, 2025, the Trust recorded approximately $52,000 of non-cash expense related to restricted stock and approximately $282,000 of non-cash expense related to options granted compared to approximately $174,000 of non-cash expense related to restricted stock and approximately $377,000 of non-cash expense related to options granted for the nine months ended September 30, 2024. During the three months ended September 30, 2025, the Trust recorded approximately $7,000 of non-cash expense related to restricted stock and approximately $40,000 of non-cash expense related to options granted compared to approximately $22,000 of non-cash expense related to restricted stock and approximately $121,000 of non-cash expense related to options granted for the three months ended September 30, 2024. As of September 30, 2025, there was no unrecognized share-based compensation expense for restricted stock and options. The Trust does not currently have a policy regarding the repurchase of shares on the open market related to equity awards and does not currently intend to acquire shares on the open market. Preferred Stock Dividends During the three and nine months ended September 30, 2025 and 2024, the Trust did not declare a quarterly dividend of approximately $163,000 and $490,000, respectively, of dividends to holders of Power REIT’s Series A Preferred Stock.

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