v3.26.1
Options (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Forth Shares Authorized and Available Under our Incentive Plans

The following table sets forth shares authorized and available under our incentive plans at December 31, 2025:

 

 

 

Options Authorized

 

 

Options Granted

 

 

Options Exercised

 

 

Options Cancelled or Expired

 

 

Options Outstanding

 

 

Options Available to be Issued

 

 2016 Plan

 

 

12,712

 

 

 

3,333

 

 

 

-

 

 

 

2,000

 

 

 

1,333

 

 

 

11,379

 

 2020 Plan

 

 

2,964,150

 

 

 

2,443,599

 

 

 

50,459

 

 

 

869,493

 

 

 

1,523,647

 

 

 

1,440,503

 

 2024 Plan

 

 

3,000,000

 

 

 

170,033

 

 

 

-

 

 

 

129,822

 

 

 

40,211

 

 

 

2,959,789

 

Schedule of Options Outstanding and Exercisable

The following is a summary of information about the Stock Options outstanding at December 31, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Underlying

 

 

 

 

 

 

 

Shares Underlying Options Outstanding

 

 

Options Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

Average

 

Weighted

 

 

Shares

 

 

Weighted

 

 

 

 

 

 

 

Underlying

 

 

 

 

Remaining

 

Average

 

 

Underlying

 

 

Average

 

 

 

 

 

 

 

Options

 

 

Range of

 

Contractual

 

Exercise

 

 

Options

 

 

Exercise

 

 

 

 

 

 

 

Outstanding

 

 

Exercise Prices

 

Life (in years)

 

Price

 

 

Exercisable

 

 

Price

 

December 31, 2024

 

 

 

 

 

 

2,584,791

 

 

$2.35 - $40.00

 

8.35

 

$

20.06

 

 

 

552,856

 

 

$

6.56

 

December 31, 2025

 

 

 

 

 

 

1,777,024

 

 

$0.67 - $40.00

 

7.52

 

$

20.44

 

 

 

782,537

 

 

$

7.04

 

Options Activity

The following is a summary of activity of outstanding stock options at December 31, 2025:

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

 

 

 

 

 

Number

 

 

Exercise

 

 

Intrinsic

 

 

 

 

 

 

 

of Shares

 

 

Prices

 

 

Value

 

Balance, December 31, 2023

 

 

 

 

 

 

2,620,813

 

 

$

19.38

 

 

$

50,802,052

 

Options granted

 

 

 

 

 

 

118,111

 

 

 

15.37

 

 

 

 

Options exercised

 

 

 

 

 

 

(50,459

)

 

 

(3.25

)

 

 

 

Options cancelled

 

 

 

 

 

 

(88,850

)

 

 

(6.84

)

 

 

 

Options expired

 

 

 

 

 

 

(14,824

)

 

 

(9.67

)

 

 

 

Balance, December 31, 2024

 

 

 

 

 

 

2,584,791

 

 

$

20.06

 

 

$

51,844,122

 

Options granted

 

 

 

 

 

 

113,469

 

 

 

2.64

 

 

 

 

Options exercised

 

 

 

 

 

 

-

 

 

 

-

 

 

 

 

Options cancelled

 

 

 

 

 

 

(921,236

)

 

 

(25.74

)

 

 

 

Options expired

 

 

 

 

 

 

-

 

 

 

-

 

 

 

 

Balance, December 31, 2024

 

 

 

 

 

 

1,777,024

 

 

$

20.06

 

 

$

35,647,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable, December 31, 2025

 

 

 

 

 

 

782,537

 

 

$

7.04

 

 

$

5,509,060

 

Schedule of Compensation Expense Net of Forfeitures Related to Common Stock Options

The Company recognized compensation expense net of forfeitures related to common stock options that are being amortized over the implied service term, or vesting period, of the options during the twelve months ended December 31, 2025 and 2023, as follows:

 

 

 

For the Year Ended

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Directors

 

$

17,581

 

 

$

86,892

 

Officers and employees

 

 

1,410,364

 

 

 

4,424,765

 

Total amortized options expense

 

$

1,427,945

 

 

$

4,511,657