Stock Options |
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Stock Options | 13. Stock Options
On January 15, 2025, the Company granted 400,000 stock options to employees with an exercise price of $11.50. These options expire on January 15, 2028, and vest equally on June 30, 2025, December 31, 2025, June 30, 2026 and December 31, 2026. The stock-based compensation expense recognized for these options for the three and six-month periods ended June 30, 2025 was $495,146 and $990,292, respectively. Future expense for this stock option grant will be $257,476 for Q3 and Q4 2025 each, $138,641 for Q1 and Q2 2026 each, and $59,418 for Q3 and Q4 2026 each. The fair value of stock option awards granted, and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows:
Activity in the Company’s stock options is as follows:
In the three and six-month periods ended June 30, 2025, 14,000 options were exchanged for 9,559 shares, and 20,000 options were exchanged for 13,281 shares, respectively, in cashless exercises by employees. The intrinsic value of these options was $160,355 and $211,831 for the three and six-month periods ended June 30, 2025, respectively. At June 30, 2025, outstanding stock options have a weighted average remaining term of approximately 2.25 years and have an intrinsic value of $1,084,250. |
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