| Share-based Compensation |
Note 6 - Share-based Compensation
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 are 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.
| Schedule of assumptions | |
| |
|
| | |
December 31, 2025 | |
December 31, 2024 |
| Per share fair value at grant date | |
$0.00 - $1,808.79 | |
$7.14 - $1,510.45 |
| Risk-free interest rate | |
0.9% - 272% | |
0.9% - 272% |
| Expected volatility | |
77.04% – 10,900% | |
77.04% - 10,900% |
| Dividend yield | |
0% | |
0% |
| Expected life in years | |
5.0 – 6.4 | |
5.0 – 6.4 |
The following table presents the activity for stock options outstanding:
| Schedule of stock option activity | |
| | |
| |
| | |
Options | | |
Weighted Average Exercise Price | |
| Outstanding - December 31, 2023 | |
| 5,017 | | |
$ | 812.43 | |
| Granted | |
| 29,413 | | |
| 8.67 | |
| Forfeited/canceled | |
| (89 | ) | |
| 992.63 | |
| Exercised | |
| – | | |
| – | |
| Outstanding - December 31, 2024 | |
| 34,341 | | |
| 123.08 | |
| Granted | |
| 104,405 | | |
| 1.94 | |
| Forfeited/canceled | |
| (3,026 | ) | |
| 1,031.14 | |
| Exercised | |
| – | | |
| – | |
| Outstanding - December 31, 2025 | |
| 135,720 | | |
$ | 9.85 | |
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 | | |
| 9.01 | | |
| 29,413 | | |
$ | 8.67 | |
| $1,230.63 | |
| 99 | | |
$ | 1,230.63 | | |
| 1.86 | | |
| 99 | | |
$ | 1,230.63 | |
| $1,808.79 | |
| 107 | | |
$ | 1,808.79 | | |
| 3.48 | | |
| 107 | | |
$ | 1,808.79 | |
| $1,185.75 | |
| 150 | | |
$ | 1,185.75 | | |
| 4.98 | | |
| 150 | | |
$ | 1,185.75 | |
| $760.75 | |
| 327 | | |
$ | 760.75 | | |
| 5.68 | | |
| 327 | | |
$ | 760.75 | |
| $168.30 | |
| 118 | | |
$ | 168.30 | | |
| 7.44 | | |
| 59 | | |
$ | 168.30 | |
| $106.25 | |
| 1,101 | | |
$ | 106.25 | | |
| 7.96 | | |
| 550 | | |
$ | 106.25 | |
| $1.94 | |
| 104,405 | | |
$ | 1.94 | | |
| 9.75 | | |
| 40,040 | | |
$ | 1.94 | |
| Total - December 31, 2025 | |
| 135,720 | | |
| | | |
| | | |
| 70,745 | | |
| | |
________________________
| * |
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-25 reverse stock split in 2024 and 1-for 17 reverse stock split in 2025. |
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, 2023 | |
| 676 | | |
$ | 1,009.12 | |
| Granted | |
| – | | |
| – | |
| Forfeited/canceled | |
| (29 | ) | |
| – | |
| Exercised | |
| (367 | ) | |
| 1,049.58 | |
| Outstanding - December 31, 2024 | |
| 280 | | |
| 1,006.64 | |
| Granted | |
| – | | |
| – | |
| Forfeited/canceled | |
| – | | |
| – | |
| Exercised | |
| (280 | ) | |
| 1,006.64 | |
| Outstanding - December 31, 2025 | |
| – | | |
$ | – | |
The Company
recognized share-based compensation expense related to stock options and restricted stock units of $207,667
and $736,797 for the
years ended December 31, 2025 and 2024, respectively. The remaining unvested share-based compensation expense of $169,580
is expected to be recognized over the next 36 months.
|