18. STOCK OPTION PLAN |
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| 18. STOCK OPTION PLAN | 18.STOCK OPTION PLAN AND RESTRICTED SHARE AWARDS
On March 27, 2020, the Company adopted an incentive stock option plan (the “Plan”). The Plan allows the Board of Directors of the Company to grant restricted shares and options to acquire shares of common stock of the Company to directors, officers, key employees and consultants. The option price, term and vesting periods are determined at the discretion of the Board of Directors, subject to certain restrictions as required by the policies of Section 422 of the Internal Revenue Code. The Plan is a fixed number plan with a maximum of 208,334 shares of common stock reserved for issuance under the Plan.
On September 7, 2024, the Company amended the 2020 Stock Plan to increase the number of shares of common stock of the Corporation available for grant under the plan from 208,334 (as adjusted for the 1 for 3 reverse split) to 500,000. On November 4, 2025, the Company’s shareholders approved the amendment to the 2020 Stock Plan.
The table below sets forth share options outstanding as of June 30, 2026.
During the three and six months ended June 30, 2026 and 2025, the Company recorded share-based compensation expense of $606,548 and $230,474, and $694,002 and $309,354, respectively.
As of June 30, 2026, the Company had $158,998 of unrecognized share-based compensation costs related to non-vested awards that will be recognized over a weighted average period of 3 years. As of June 30, 2026, 108,324 options have vested, and are exercisable.
The following sets forth the outstanding common share options and related activity for the period ended June 30, 2026:
As of the six months ended June 30, 2026, the Company recorded restricted share-based compensation expense of $566,790, as part of general and administrative expenses. As of June 30, 2026, the Company had $87,990 of unrecognized restricted share-based compensation costs related to non-vested awards that will be recognized over a weighted average period of 10 months. As of June 30, 2026, 404,500 restricted shares have vested. |
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