v3.26.1
Stock Options and Warrants
 12 Months Ended
Dec. 31, 2025
Stock Options and Warrants [Abstract]  
Stock Options and Warrants

Note 14 – Stock Options and Warrants

 

The following table summarizes the changes in options outstanding and the related prices for the shares of the Company’s common stock issued to employees and consultants under a stock option plan at December 31, 2025:

 

    Options Outstanding  Options Exercisable
Exercise Price ($)   Number
Outstanding		  Weighted
Average
Remaining
Contractual Life
(Years)		   Weighted
Average
Exercise
Price ($)		   Number
Exercisable		  Weighted
Average
Exercise
Price ($)		 
$2.38   1,200,000   4.71   $2.38  
-
  $
-
 

 

The stock option activity for the year ended December 31, 2025 and 2024 is as follows:

 

   Options
Outstanding		   Weighted
Average
Exercise
Price		 
Outstanding at December 31, 2023   252,102   $6.15 
Granted   84,034    10.71 
Exercised   
-
    
-
 
Expired or canceled   (84,034)   (10.71)
Outstanding at December 31, 2024   252,102    6.15 
Granted   1,200,000    2.38 
Exercised   
-
    
-
 
Expired or canceled   (252,102)   (6.15)
Outstanding at December 31, 2025   1,200,000   $2.38 
Exercisable at December 31, 2025   
-
   $
-
 

 

Stock-based compensation expense related to options was $136,248 and $0 during the years ended December 31, 2025 and 2024, respectively, and is recognized using the straight-line method. Stock options outstanding as of December 31, 2025 and 2024, as disclosed in the above table, have an intrinsic value of $0 and $119,748, respectively. As of December 31, 2025, unamortized stock-based compensation costs related to options was $1,259,437 and will be recognized over a period of 2.75 years.

 

The following table summarizes the changes in warrants at December 31, 2025:

 

    Warrants Outstanding  Warrants Exercisable
Exercise Price ($)   Number
Outstanding		  Weighted
Average
Remaining
Contractual
Life
(Years)		   Weighted
Average
Exercise
Price ($)		   Number
Exercisable		  Weighted
Average
Exercise
Price ($)		 
$     2.75-11.70   156,000   3.35   $8.69   103,500  $11.70 

The warrant activity for the year ended December 31, 2025 is as follows:

 

   Warrants
Outstanding		   Weighted
Average
Exercise
Price		 
Outstanding at December 31, 2023   
-
   $
-
 
Granted   103,500    11.70 
Exercised   
-
    
-
 
Expired or canceled   
-
    
-
 
Outstanding at December 31, 2024   103,500    11.70 
Granted   481,070    0.30 
Exercised   (428,570)   (0.00001)
Expired or canceled   
-
    
-
 
Outstanding at December 31, 2025   156,000   $8.69 
Exercisable at December 31, 2025   103,500   $11.70 

 

Stock warrants outstanding as of both December 31, 2025 and 2024, as disclosed in the above table, have an intrinsic value of $0.

 

During June 2025, the Company issued 428,570 warrants valued at $899,993 to settle a loan payable to a shareholder. The Company determined the value of the warrants using the Black-Scholes fair value option-pricing model with the following weighted average assumptions: estimated fair value of the Company’s common stock of $2.10, risk-free interest rate of 4.30%, volatility of 97%, expected term of 0.1 years and dividend yield of 0%.