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STOCKHOLDERS’ EQUITY
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

4. STOCKHOLDERS’ EQUITY

 

In February 2025, options to purchase 88,500 shares of our common stock, originally granted as incentive stock options pursuant to our 2013 Stock Option Plan, were assigned by the option holders to EDCO Partners LLLP and a third director. The Board of Directors approved the assignments and waived the non-transferability provisions of the applicable option agreements and the Plan solely to permit such assignments. Upon assignment, the options ceased to qualify as incentive stock options and were reclassified as nonqualified stock options for all tax, accounting, and compliance purposes. EDCO Partners LLLP, of which our CFO and board chairman is the general partner, and a third director then exercised the assigned options at a price of $3.80 per share for total proceeds of $336,300 to the Company. There was no intrinsic value on the exercised options. At March 31, 2026, 15,000 options remained outstanding with a weighted average life of 0.33 years. All 15,000 of these options were fully vested. The options outstanding at March 31, 2026 had an intrinsic value of $0.

 

At March 31, 2026, there were 68,750 warrants outstanding, all with an exercise price of $4.50 and all expiring December 31, 2030.