9. Stock-Based Compensation
A summary of the Company’s outstanding stock
option activity for the three months ended March 31, 2025, and 2024 is as follows:
Schedule of Stock Option Activity
| | |
| | |
March 31, 2025 | | |
| |
| | |
| | |
Weighted- Average | | |
Weighted- Average Remaining Contractual | | |
| |
| | |
Options | | |
Exercise
Price | | |
Life (Years) | | |
Intrinsic
Value | |
| As of December 31, 2024 | |
| 35 | | |
$ | 18,872 | | |
| 5.5 | | |
$ | - | |
| Granted | |
| 50,000 | | |
| 3.18 | | |
| 10.0 | | |
| - | |
| Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
| Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
| Expired | |
| (1 | ) | |
| 97,196,800 | | |
| - | | |
| - | |
| As of March 31, 2025 | |
| 50,034 | | |
$ | 10.84 | | |
| 9.8 | | |
$ | - | |
| Exercisable at March 31, 2025 | |
| 50,034 | | |
$ | 18.84 | | |
| 9.8 | | |
$ | - | |
| Vested and expected to vest at March 31, 2025 | |
| 50,009 | | |
$ | 10.78 | | |
| 9.8 | | |
$ | - | |
| | |
| | |
March 31, 2024 | | |
| |
| | |
| | |
Weighted- Average | | |
Weighted- Average Remaining Contractual | | |
| |
| | |
Options | | |
Exercise
Price | | |
Life (Years) | | |
Intrinsic
Value | |
| As of December 31, 2023 | |
| 60 | | |
$ | 21,954 | | |
| 6.9 | | |
$ | - | |
| Granted | |
| - | | |
| - | | |
| - | | |
| - | |
| Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
| Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
| Expired | |
| - | | |
| - | | |
| - | | |
| - | |
| As of March 31, 2024 | |
| 60 | | |
$ | 21,954 | | |
| 6.9 | | |
$ | - | |
| Exercisable at March 31, 2024 | |
| 42 | | |
$ | 66,112 | | |
| 7.6 | | |
$ | - | |
| Vested and expected to vest at March 31, 2024 | |
| 49 | | |
$ | 23,920 | | |
| 7.7 | | |
$ | - | |
The Company estimates the fair value of each stock
option on the grant date using the Black-Scholes-Merton valuation model, which requires several estimates including an estimate of the
fair value of the underlying common stock on grant date. The expected volatility was based on an average of the historical volatility
of the Company. The expected term was contractual life of option. The risk-free interest rate was based on the U.S. Treasury yield curve
in effect at the time of grant for the expected term of the option
Of the 50,034 options outstanding as of March 31,
2025, 50,018 were awarded to non-executive members of the board of directors.
Unrecognized stock-based compensation as of March
31, 2025, is as follows (in thousands):
Schedule of Unrecognized Stock-based Compensation
| | |
| | |
Weighted Average | |
| | |
Unrecognized Stock-Based | | |
Remaining of Recognition | |
| | |
Compensation | | |
(in years) | |
| Stock options | |
$ | - | | |
| - | |
| Stock grants | |
$ | 125 | | |
| 2.7 | |
|