Stockholders’ Equity |
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| Stockholders’ Equity | Stockholders’ Equity Common Stock
The holders of our Common Stock have the right to vote their interest on a per share basis. At December 31, 2025 and 2024, there were 29,846,479 and 24,950,261 shares, respectively, of our Common Stock outstanding.
Preferred Stock
On February 13, 2013, we authorized 10 million shares of preferred stock. As of December 31, 2025, no preferred shares were issued or outstanding.
Stock-Based Compensation
We adopted the 2006 Stock Option and Incentive Plan (as amended, the “2006 Plan”), under which the board of directors may grant incentive or non-qualified stock options and stock grants to key employees, directors, advisors and our consultants. The 2006 Plan was amended at various dates by the Board of Directors to increase the reserved shares of common stock issuable under the 2006 Plan to 3,838,750 as of December 31, 2025, and in June 2017 stockholders approved an amendment to extend the termination date of the 2006 Plan to January 1, 2026 and to ratify all of our option grants issued after January 1, 2016 (the “Amended Plan”). On January 1, 2026 the Amended Plan expired, no further incentive or non-qualified stock options may be granted.
Stock options vest based upon the terms within the individual option grants, with an acceleration of the unvested portion of such options upon a change in control event, as defined in the 2006 Plan. The options are not transferable except by will or domestic relations order. The option price per share under the Amended Plan cannot be less than the fair market value of the underlying shares on the date of the grant. The number of shares remaining available for future issuance under the Amended Plan as of December 31, 2025 and 2024 was 1,151,068 and 1,108,168, respectively.
During the year ended December 31, 2025, we granted nonqualified options to purchase an aggregate of 58,500 shares of common stock at prices between $2.14 and $8.61 per share to key employees. These options have a vesting schedule of four years and expire in ten years. The fair value of the options issued in 2025 was $137,413. The weighted-average grant date fair value of stock options granted during 2025 was $2.35 per share. During the year ended December 31, 2024 no options were granted.
We adopted the 2022 Stock Incentive Plan (the "2022 Plan") on March 1, 2022, under which the Board of Directors may grant incentive or non-qualified stock options and stock grants to key employees, directors, advisors and consultants. We have reserved 3,800,000 shares of our common stock for issuance pursuant to awards under the 2022 Plan. The adoption of the 2022 Plan was approved by our shareholders on June 9, 2022. The 2022 Plan expires ten years from its effective date or March 1, 2032.
Under the 2022 Plan, stock options vest based upon the terms within the individual option grants, with an acceleration of the unvested portion of such options upon a change in control event, as defined in the 2022 Plan. The options are not transferable except by will or domestic relations order. The option price per share under the 2022 Plan cannot be less than the fair market value of the underlying shares on the date of the grant.
During the year ended December 31, 2025, we granted nonqualified options to purchase an aggregate of 221,336 shares of common stock at $8.35 per share to officers and directors. These options have a vesting schedule of four years and expire in ten years. The fair value of the options issued in 2025 was $918,035. The weighted-average grant date fair value of stock options granted during 2025 was $4.15 per share. Also, during the year ended December 31, 2025, we granted restricted stock awards, with respect to 95,808 shares of common stock priced at $8.35 per share to officers which vest in equal annual installments over the four year period commencing on the date of grant.
During the year ended December 31, 2024, we granted nonqualified options under the 2022 Plan to purchase an aggregate of 125,000 shares of common stock at $0.77 per share to certain directors, officers and key employees. These options have a vesting schedule of to four years and expire in ten years. The fair value of the options issued in 2025 was $44,750. The weighted-average grant date fair value of stock options granted during 2025 was $0.36 per share.
The number of shares remaining available for future issuance under the 2022 Plan as of December 31, 2025 and December 31, 2024 was 2,632,856 and 2,950,000, respectively.
During the year December 31, 2025, options for 575,154 shares of common stock were exercised. During the year ended December 31, 2024, options for 100,000 shares of common stock were exercised.
Stock option activity for the year ended December 31, 2025 was as follows:
We used a forfeiture rate of 15% to calculate the expected to vest shares in the table above. We use the Black-Scholes option pricing model to determine the fair value of stock options granted. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the average volatility of four comparable publicly traded companies. The average expected life was estimated using the simplified method to determine the expected life based on the vesting period and contractual terms, since we do not have the necessary historical exercise data to determine an expected life for stock options. We use a single weighted-average expected life to value option awards and recognize compensation on a straight-line basis over the requisite service period for each separately vesting portion of the awards. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term which approximates the expected life assumed at the date of grant.
The weighted average assumptions used in the Black-Scholes option pricing model for options granted in years ended December 31, 2025 and 2024 are as follows:
During the years ended December 31, 2025 and 2024, we recognized stock-based compensation expense of $260,051 and $172,987, respectively, related to the issuance of stock options.We recognized stock-based compensation expense of $87,978 for restricted stock awards granted during the year ended December 31, 2025. No tax benefit was recognized related to the stock-based compensation expense recorded during either of the years. At December 31, 2025 and 2024, the total compensation cost related to unvested stock option awards and restricted stock awards not yet recognized is $1,785,884 and $278,461, respectively. The unvested stock compensation at December 31, 2025 will be recognized over a weighted average period of 2.26 years.
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