NOTE 6 – STOCK-BASED COMPENSATION

In November 2020, the Company adopted the 2020 Equity Incentive Plan (the “2020 Plan”), which became effective in January 2021. The 2020 Plan provides for the grant of stock options and restricted stock awards to employees, directors and non-employee service providers of the Company.

Awards granted under the 2020 Plan expire no later than ten years from the date of grant. The exercise price of incentive stock options and nonqualified stock options granted under the 2020 Plan may not be less than 100% of the fair market value of the Company’s common stock on the date of grant. Awards generally vest over a four-year service period, although awards may be granted with different vesting terms. The 2020 Plan initially reserved 1,834,958 shares of the Company’s common stock for issuance.

Stock Options

No stock options were granted during the three months ended March 31, 2026 or 2025.

The Company recognizes stock-based compensation expense related to stock options on a straight-line basis over the requisite service periods of the individual awards. As of March 31, 2026 total unrecognized compensation expense related to unvested stock option was approximately $205,173, which is expected to be recognized over a weighted average period of approximately 1.1 years.

Warrants

No warrants were granted during the three months ended March 31, 2026 or 2025.

Summary of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense recognized in the accompanying condensed statements of operations: