v3.26.1
STOCK OPTIONS
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK OPTIONS

11. STOCK OPTIONS

 

A summary of option activity for the years ended December 31, 2025 and 2024 is presented below.

 

           Weighted-     
       Weighted-   Average     
       Average   Remaining   Aggregate 
       Exercise   Contractual   Intrinsic 
   Options   Price   Life (Years)   Value 
                 
Outstanding at January 1, 2024   10,435    240.14    4.60   $    - 
Granted   9,019    9.81    -    - 
Forfeited and other   (1,379)   333.58    -    - 
Exercised   -    -    -    - 
Outstanding at December 31, 2024   18,075    127.61    4.22    - 
Granted   13,451    6.59    -    - 
Forfeited and other   (285)   146.00    -    - 
Exercised   -    -    -    - 
Outstanding at December 31, 2025   31,241   $71.29    3.52   $- 
                     
Vested at December 31, 2025   31,241   $71.29    3.52   $- 
                     
Exercisable at December 31, 2025   31,241   $71.29    3.52   $- 

 

As of December 31, 2025, the intrinsic value of the outstanding options was $0.

 

On January 7, 2025, the Company granted stock options to a board member to purchase a total of 13,451 stock options. The options have an exercise price of $6.59, expire in five years, and vest one year from the grant date. The total grant date fair value of these options was $86 based on the Black-Scholes option pricing model.

 

On November 8, 2024, the Company granted stock options to a board member to purchase a total of 9,019 stock options. The options have an exercise price of $9.81, expire in five years, and vest one year from the grant date. The total grant date fair value of these options was $80 based on the Black-Scholes option pricing model.

 

The share-based compensation expense recognized relating to the vesting of stock options for the years ended December 31, 2025 and 2024 amounted to $816 and $689, respectively. As of December 31, 2025, the total amount of unrecognized share-based compensation expense was $0.

 

 

The grant date fair value of option awards is estimated using the Black-Scholes option pricing model based on the following assumptions:

 

   Years Ended December 31, 
   2025   2024 
         
Risk free interest rate   4.46%   4.20%
Average expected term   5 years    5 years 
Expected volatility   144%   145%
Expected dividend yield   -    - 

 

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected term of the share option award; the expected term represents the weighted-average period of time that option awards are expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility is based upon historical volatility of the Company’s common stock; and the expected dividend yield is based on the fact that the Company has not paid dividends in the past and does not expect to pay dividends in the future.