v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders’ Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 6 – STOCKHOLDERS’ EQUITY

 

Common Stock

 

There was no common stock issued during the three months ended March 31, 2026 and 2025.

 

Warrants

 

The following is a summary of the Company’s warrant activity for the three months ended March 31, 2026:

 

   Number of
Shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Life		 
Outstanding, December 31, 2025   1,139,778   $4.36     4.0 Years  
Granted   
-
   $
-
    - 
Exercised/Cancelled   
-
   $
-
    - 
Outstanding, March 31, 2026   1,139,778   $4.36     3.8 Years  

Restricted Stock Awards

 

On April 16, 2025, the Company granted 200,000 restricted stock awards (RSAs) at par value to non-employee advisors under advisory agreements. The awards were issued on the grant date and vest in four equal tranches of 50,000 shares each: (i) immediately upon execution of the advisory agreements on March 30, 2025, (ii) six months later, (iii) twelve months later, and (iv) eighteen months later. The Company has the option to repurchase all or a portion of unvested shares in the event that the advisors voluntarily cease to serve as an advisor of the Company. The fair value per share on the grant date was $7.97, resulting in a total grant-date fair value of $1,594,000. As of September 30, 2025, $797,000 of fair value was recognized as expense, with $797,000 of unrecognized compensation expense to be recognized through October 2026.

 

The following is a summary of the Company’s RSA activity for the three months ended March 31, 2026:

 

  

Number of

Restricted
Stock

Awards

  

Weighted

Average

Grant Date
Fair

Value Price

 
Outstanding, December 31, 2025   100,000   $7.97 
Granted   
-
   $
-
 
Vested   50,000   $7.97 
Outstanding, March 31, 2026   50,000   $7.97 

 

Stock Options

 

Activity related to stock options for the three months ended March 31, 2026 is summarized as follows: 

 

       Weighted   Weighted     
       Average   Average   Aggregate 
   Number of   Exercise   Contractual   Intrinsic 
   Shares   Price   Life (Yrs.)   Value 
Outstanding, December 31, 2025   2,391,683   $18.75    7.6   $
-
 
Granted   
-
    
-
    -    
-
 
Exercised   
-
    
-
    -    
-
 
Forfeited/cancelled   (38,751)   26.56    8.6    
-
 
Outstanding, March 31, 2026   2,352,932    11.42    7.3    
-
 
Exercisable, March 31, 2026   1,794,754    10.67    7.0    
-
 

 

The following table summarizes stock option information as of March 31, 2026:

 

       Contractual     
Exercise Price  Outstanding   Life (Yrs.)   Exercisable 
$2.64 – $5.00   777,736    8.4    577,771 
$5.01 – $10.00   1,159,742    8.1    884,912 
$10.01 – $15.00   42,578    0.6    42,578 
$15.01 – $20.00   43,749    1.4    43,750 
$20.01 – $121.28   330,127    3.7    245,742 
    2,352,932    7.3    1,794,754 

 

During the three months ended March 31, 2026, the Company recognized approximately $0.8 million of stock option-based compensation expense. As of March 31, 2026, there was approximately $2.0 million of unrecognized compensation costs related to employee stock options outstanding which will be recognized in 2026 through 2028