Note 11 - Common Stock

Stock-based compensation expense related to vested restricted stock awards during the periods ended June 30, 2026 and 2025 was $290,144 and $243,017 respectively. As of June 30, 2026 and December 31, 2025, there was $1,275,370, and $1,471,530 respectively of unrecognized compensation cost related to unvested restricted stock.

On May 15, 2026, the Company cancelled 3,500 unvested restricted stock awards that were forfeited upon the employee's resignation.

Restricted Stock shall vest and become nonforfeitable in accordance with the vesting schedule contained in the Notice of Restricted Stock Grant, except that 100% of grantee's nonvested shares shall become fully vested upon a change of controls defined in the Notice of Restricted Stock Grant. If grantee's service with the Company ceases for any reason other than grantee's (a) death, (b) disability, (c) retirement, or (d) termination by the Company without cause, any nonvested shares shall be automatically forfeited to the Company.

Share Purchase Plan

On August 12, 2025, the Company announced that the Company's board of directors formally ratified and approved a share purchase plan (the "August 2025 Share Repurchase Plan"). The board of directors authorized the repurchase of the Company's common stock with a par value of $0.001 per share pursuant to a trading plan that qualifies for the safe harbor provisions of Rule 10b-18 and Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended. The August 2025 Share Repurchase Plan provided for an aggregate purchase of currently outstanding common stock up to $750,000 commencing August 19, 2025 through December 31, 2025. On December 15, 2025, the Company's board of directors approved the extension of the August 2025 Share Repurchase Plan through March 31, 2026.

On May 11, 2026, the board of directors ratified and approved a second share purchase plan (the "May 2026 Share Repurchase Plan"). The board of directors authorized the repurchase of the Company's common stock with a par value of $0.001 per share pursuant to a trading plan that qualifies for the safe harbor provisions of Rule 10b-18 and Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended. The May 2026 Share Repurchase Plan provides for an aggregate purchase of currently outstanding common stock up to $419,410, which was the remaining balance of the Plan, commencing May 18, 2026, through December 31, 2026.

Share repurchases may be made from time to time through open market purchases, privately negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Plans does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time.

Payment for shares repurchased under the share purchase plan are funded using the Company's cash on hand and cash flow from operations.  As of the effective date of the August 2025 Share Repurchase Plan, the Company deposited $260,000 with a broker to be held in the Company's name in trust for the purpose of repurchasing the related shares (the "Funded Account").  During the year ended December 31, 2025, the Company replenished the account with $260,000. Upon the expiration of the August 2025 Share Repurchase Plan, the remaining funds were retained by the Company's brokers and are being utilized to facilitate share repurchases under the May 2026 Share Repurchase Plan. The Company expects to make additional contributions to the account as necessary to fund future repurchases.

During the periods ending June 30, 2026 and December 31, 2025, 10,400 and 21,300 shares, were repurchased for $101,893 and $255,058, respectively.  During the period, 29,524 treasury shares with an aggregate cost of $330,583 were cancelled and retired. All repurchased shares were retired at the end of the Plan period and reflected as a reduction of common stock for the par value of the shares, with the excess applied as a reduction to retained earnings. Restricted Cash as of June 30, 2026 and December 31, 2025 were $143,042 and $244,936, respectively.