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

NOTE 10. STOCK OPTION PLANS

 

Approval of the 2016 Stock Option Plan

 

In November 2016, the Board of Directors approved, and the Company adopted the 2016 Stock Option Plan (“the 2016 Plan”). The 2016 Plan provides for the granting of up to 12,000,000 stock options to key employees, directors and consultants, of common shares of the Company. Under the 2016 Plan, the granting of incentive and non-qualified stock options, exercise prices and terms are determined by the Company's Option Committee, a committee designated to administer the 2016 Plan by the Board of Directors. For incentive options, the exercise price shall not be less than the fair market value of the Company's common stock on the grant date. (In the case of options granted to an employee who owns stock possessing more than 10% of the voting power of all classes of the Company's stock on the date of grant, the option price must not be less than 110% of the fair market value of common stock on the grant date.) Options granted are not to exceed terms beyond ten years (five years in the case of an incentive stock option granted to a holder of 10 percent of the Company's common stock).

 

As of December 31, 2025, there were 11,910,000 shares available for grant.

 

2006 Stock Option Plan

 

In June 2006 the stockholders approved, and the Company adopted its 2006 Stock Option Plan (“the 2006 Plan”). The 2006 Plan provides for the granting of up to 800,000 stock options to key employees, directors and consultants, of common shares of the Company. Under the 2006 Plan, the granting of incentive and non-qualified stock options, exercise prices and terms are determined by the Company's Option Committee, a committee designated to administer the 2006 Plan by the Board of Directors. For incentive options, the exercise price shall not be less than the fair market value of the Company's common stock on the grant date. (In the case of options granted to an employee who owns stock possessing more than 10% of the voting power of all classes of the Company's stock on the date of grant, the option price must not be less than 110% of the fair market value of common stock on the grant date.) Options granted are not to exceed terms beyond ten years (five years in the case of an incentive stock option granted to a holder of 10 percent of the Company's common stock).

 

In June 2016, the 2006 Plan expired so that no common stock options may be issued under this Plan.

 

Stock Option Activity

 

Activity under the 2016 and 2006 Plan is summarized as follows:

                       
    Number of
Stock Options
Outstanding		     Weighted
Average
Exercise
Price		     Weighted
Average
Remaining
Contractual
Life
(Years)		     Aggregate
Intrinsic
Value		  
Balance December 31, 2022     367,000     $ 0.85       2.24       0.00  
Option granted     –     $ –                  
Options cancelled     (30,000 )   $ 0.62                  
Options exercised     –     $ –                  
Balance December 31, 2023     337,000     $ 0.85       1.24       0.00  
Option granted     –     $ –                  
Options cancelled     (247,000 )   $ 1.24                  
Options exercised     –     $ –                  
Balance December 31, 2024     90,000     $ 0.05       2.87       0.00  
Option granted     –     $ –                  
Options cancelled     –     $ –                  
Options exercised     –     $ –                  
Balance December 31, 2025     90,000     $ 0.05       1.87       0.00  
                                 
Exercisable at December 31, 2025     90,000     $ 0.05       1.87       0.00  

  

All outstanding and exercisable common stock options at December 31, 2025 are issued under the 2016 Plan with an exercise price of $0.05 per share.

 

As of December 31, 2025, 2024 and 2023, there was no unrecognized compensation cost related to all options granted and outstanding.