Note 7 – Stock-Based Compensation

a) Common Stock Warrants

The following table summarizes the changes in common stock warrants of the Company outstanding during the six-months period ended June 30, 2026.

The following table summarizes the changes in Series A and Series B Warrants outstanding during the six-months period ended June 30, 2026.

Below is a table summarizing the common stock warrants and the Series A and B warrants issued and outstanding as of June 30, 2026, which have an aggregate weighted average remaining contractual life of 3.82 years. The proceeds if exercised assume the warrants are exercised for cash.

Warrants Granted

2026

On January 15, 2026, in connection with the issuance of the 2026 Lind Note, the Company issued Common Stock Purchase Warrants for the purchase of up to 350,018 shares of our common stock at a price of $11.428 per share, subject to adjustment (and subsequently adjusted to $2.015 per share as a result of the June 2026 equity offering noted above), and are exercisable for five years.

On June 7, 2026, the Company entered into the Maxim Purchase Agreement with purchasers signatory thereto, in connection with the Company’s offer of an aggregate of 2,960,000 shares, common stock purchase warrants to purchase 1,480,000 shares of common stock to the purchasers pursuant to the prospectus registering such securities. The securities were sold at a combined offering price of $1.55 per share and accompanying warrant.

The warrants have an exercise price of $1.55 per share, are exercisable immediately, and are exercisable for a period of five years from the closing of the offering. The warrants may be exercised on a cashless basis only if there is no registration statement registering, or the prospectus contained therein is not available for, the issuance of the shares underlying the warrants to the holder.

The additional gross proceeds to the Company from the exercise of the warrants, if fully exercised on a cash basis, will be approximately $2.3 million.

Warrants Cancelled

2026

During the period 2,500 warrants granted to an employee expired and were cancelled on March 1, 2026.

Stock-based compensation expense related to warrants of $nil and $nil was recorded in the six-months ended June 30, 2026 and June 30, 2025, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $nil. As of June 30, 2026, the total intrinsic value of warrants outstanding was $nil.

Exercise Price Adjustments

2026

On June 9, 2026, as a result of the Company’s equity offering of common stock at a price of $1.55 per share, pursuant to the 2026 Maxim Purchase Agreement, the exercise price of the outstanding warrants issued to Lind was reduced pursuant to the down-round provisions contained in those warrants from $13.44 to $2.015 per share for the warrants issued in May 2025, and from $11.428 to $2.015 per share for the warrants issued in January 2026.

The Lind Warrants are classified within stockholders’ equity. In accordance with ASU 2017-11 and ASC 260-10, the Company measured the effect of the down-round feature as the difference between the fair value of the warrants immediately before and immediately after the reduction in exercise price. This resulted in an incremental value of $460,100, which the Company recorded as a deemed dividend through a reduction of income available to common stockholders, with an offsetting increase to additional paid-in capital. The deemed dividend is non-cash and had no effect on total stockholders’ equity, net loss, or comprehensive loss; it increased net loss attributable to common stockholders and, accordingly, loss per share for the period.

a) Options

The following table summarizes the changes in options outstanding of the Company during the three-month period ended June 30, 2026, all of which were issued pursuant to the 2015 Plan.

Below is a table summarizing the options issued and outstanding as of June 30, 2026, all of which were issued pursuant to the 2015 Plan and which have an aggregate weighted average remaining contractual life of 2.98 years. As of June 30, 2026, an aggregate of 485,000 shares of common stock were authorized for issuance under the 2015 Plan, of which nil shares of common stock remained available for future issuance thereunder.

Below is a table summarizing the options that were forfeited during the six-months ended June 30, 2026, all of which were issued pursuant to the 2015 Plan.

Stock-based compensation expense related to stock options of $nil and $nil was recorded in the six-months ended June 30, 2026 and June 30, 2025, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is $nil. As of June 30, 2026, the total intrinsic value of stock options outstanding was $nil.

c) (i) Restricted Stock Units – 2015 Plan

Below is a table summarizing the RSUs issued and outstanding as of June 30, 2026, all of which were issued pursuant to the 2015 Plan.

Below is a table summarizing the RSUs issued and outstanding as of June 30, 2026, all of which were issued pursuant to the 2015 Plan and which have an aggregate weighted average remaining contractual life of 0.68 years.

Stock-based compensation expense related to RSUs of $462,985 and $1,159,847 was recorded in the six-months ended June 30, 2026 and June 30, 2025, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $729,043.

Below is a table summarizing the RSUs vested and settled during the six-months ended June 30, 2026, all of which were issued pursuant to the 2015 Plan.

Below is a table summarizing the RSUs cancelled during the six-months ended June 30, 2026, all of which were originally issued pursuant to the 2015 Plan.

c) (ii) Restricted Stock Units – 2024 Plan

Below is a table summarizing the RSUs issued and outstanding as of June 30, 2026, all of which were issued pursuant to the 2024 Plan.

Below is a table summarizing the RSUs issued and outstanding as of June 30, 2026, all of which were issued pursuant to the 2024 Plan and which have an aggregate weighted average remaining contractual life of 1.04 years.

Below is a table summarizing the RSUs granted during the six-months ended June 30, 2026, all of which were issued pursuant to the 2024 Plan. The RSUs vest equally over periods stated on the dates noted, subject to the recipient’s continued service to the Company, and will result in the RSU compensation expense stated.

Below is a table summarizing the RSUs vested during the six-months ended June 30, 2026, all of which were originally issued pursuant to the 2024 Plan.

Below is a table summarizing the RSUs cancelled during the six-months ended June 30, 2026, all of which were originally issued pursuant to the 2024 Plan.

As of June 30, 2026, an aggregate of 375,000 shares of common stock were authorized for issuance under the 2024 Plan, of which 142,066 shares of common stock remained available for future issuance thereunder.