| Share-based Issuances |
Note 6 – Share-based Issuances
Stock Options
The fair value of each option award is estimated on
the date of grant using a Black Scholes option valuation model that uses the assumptions noted in the following table. Because Black Scholes
option valuation models incorporate ranges of assumptions for inputs, these ranges are disclosed. Expected volatilities and based on implied
volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock, and other factors.
The expected term of options granted is derived from the output of the valuation model and represents the period of time that options
granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S.
Treasury yield curve in effect at the time of grant.
The following table presents the activity for stock
options outstanding:
| Schedule of stock option activity | |
| | |
| |
| | |
Options | | |
Weighted Average Exercise Price | |
| Outstanding - December 31, 2024 | |
| 34,341 | | |
$ | 123.88 | |
| Granted | |
| – | | |
| – | |
| Forfeited/canceled | |
| – | | |
| – | |
| Exercised | |
| – | | |
| – | |
| Outstanding – June 30, 2025 | |
| 34,341 | | |
$ | 123.88 | |
| | |
| | |
| |
| | |
Options | | |
Weighted Average Exercise Price | |
| Outstanding - December 31, 2023 | |
| 4,994 | | |
$ | 812.43 | |
| Granted | |
| – | | |
| – | |
| Forfeited/canceled | |
| (50 | ) | |
| 1,011.16 | |
| Exercised | |
| – | | |
| – | |
| Outstanding – June 30, 2024 | |
| 4,944 | | |
$ | 810.56 | |
The following table presents the composition of options outstanding and
exercisable:
| Schedule of options outstanding and exercisable | |
| | |
| | |
| | |
| | |
| |
| | |
Options Outstanding** | | |
Options Exercisable** | |
| Exercise Prices | |
Number | | |
Price | | |
Life* | | |
Number | | |
Price* | |
| $8.67 | |
| 29,413 | | |
$ | 8.67 | | |
| 9.51 | | |
| 29,413 | | |
$ | 8.67 | |
| $1,230.63 | |
| 131 | | |
$ | 1,230.63 | | |
| 2.36 | | |
| 131 | | |
$ | 1,230.63 | |
| $1,808.79 | |
| 411 | | |
$ | 1,808.79 | | |
| 3.98 | | |
| 411 | | |
$ | 1,808.79 | |
| $1,185.75 | |
| 1,822 | | |
$ | 1,185.75 | | |
| 5.48 | | |
| 1,822 | | |
$ | 1,185.75 | |
| $760.75 | |
| 428 | | |
$ | 760.75 | | |
| 6.18 | | |
| 428 | | |
$ | 760.75 | |
| $514.25 | |
| 917 | | |
$ | 514.25 | | |
| 7.20 | | |
| 917 | | |
$ | 514.25 | |
| $168.30 | |
| 118 | | |
$ | 168.30 | | |
| 7.94 | | |
| 118 | | |
$ | 168.30 | |
| $106.25 | |
| 1,101 | | |
$ | 106.25 | | |
| 8.46 | | |
| 1,101 | | |
$ | 106.25 | |
| Total – June 30, 2025 | |
| 34,341 | | |
| | | |
| | | |
| 34,341 | | |
| | |
| * |
Price and Life reflect the weighted average exercise price and weighted average remaining contractual life, respectively. |
| ** |
The Company’s options summarized above have been retroactively restated for the effect of the 1-for-17 reverse stock split. |
Restricted Stock Units
The following table presents the activity for restricted
stock units outstanding:
| Schedule of restricted stock units outstanding | |
| | |
| |
| | |
Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
| Outstanding - December 31, 2024 | |
| 309 | | |
$ | 960.84 | |
| Granted | |
| – | | |
| – | |
| Forfeited/canceled | |
| (29 | ) | |
| 527.00 | |
| Vested/issued | |
| (280 | ) | |
| 1,006.64 | |
| Outstanding – June 30, 2025 | |
| – | | |
$ | – | |
| | |
Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
| Outstanding - December 31, 2023 | |
| 676 | | |
$ | 1,009.12 | |
| Granted | |
| – | | |
| – | |
| Forfeited/canceled | |
| – | | |
| – | |
| Vested/issued | |
| – | | |
| – | |
| Outstanding – June 30, 2024 | |
| 676 | | |
$ | 1,009.12 | |
The Company recognized share-based compensation expense
related to stock options and restricted stock units of $21,158 and $132,488 for the three months ended June 30, 2025 and 2024, respectively
and $98,064 and $305,777 for the six months ended June 30, 2025 and 2024. The remaining unvested share-based compensation expense of $83,918 is
expected to be recognized over the next 30 months.
|