5.
Stockholders’ Equity
Employee
Stock Plans
The
following table presents a summary of the activity relating to the Company’s issuance of restricted shares of common stock and
common stock options:
Schedule of Restricted Shares of Common Stock and
Common Stock Options
| | |
Six Months Ended
June 30,
| |
| | |
2025 | | |
2024 | |
| Board of Director restricted share issuances (1) | |
| 250,000 | | |
| 300,000 | |
| Aggregate grant date fair value | |
$ | 0.02 million | | |
$ | 0.02 million | |
| | |
| | | |
| | |
| Employee stock plan issuances (2) | |
| | | |
| | |
| Option issuances | |
| 215,000 | | |
| 290,000 | |
| Exercise price per share | |
$ | 0.06 | | |
$ | 0.08 | |
| Weighted-average grant date fair value per share | |
$ | 0.04 | | |
$ | 0.07 | |
| Aggregate fair value of options issued (3) | |
$ | 0.01
million | | |
$ | 0.02
million | |
| | |
| | | |
| | |
| Weighted-average assumptions used to estimate the fair value of the options issued during the period: | |
| | | |
| | |
| Risk-free interest rate | |
| 3.91 | % | |
| 4.33 | % |
| Expected term | |
| 5 years | | |
| 5 years | |
| Expected volatility | |
| 77.90 | % | |
| 129.18 | % |
| Dividend yield | |
| Zero | | |
| Zero | |
| (1) |
The
shares of common stock were fully vested upon issuance but are restricted from trading for a period of one year from the date of
grant. |
| (2) |
The
options were fully vested upon issuance and have contractual terms of 10 years. |
| (3) |
Determined
by using the Black-Scholes valuation model. |
As
of June 30, 2025, there were 3,080,646 outstanding common stock options under the Company’s equity incentive plan of which 100%
were vested. There was no unamortized stock-based compensation as of June 30, 2025. The weighted-average remaining contractual life,
weighted-average exercise price per share and the aggregate intrinsic value of the outstanding common stock options as of June 30, 2025
were 5.1 years, $0.09 and approximately $0.01 million, respectively.
|