Note 7 - Stock Options

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

7.	Stock Options

The outstanding options at June 30, 2026 consisted of the following:

										*Weighted*
										*Average*
										*Remaining*
		*Number of*				*Exercise*				*Contractual Life*
		*Shares*				*Price*				*(years)*
Outstanding at December 31, 2025			977,250
Options Granted at $2.19 Exercise Price			1,394,400			$	2.19
Options Expired at $22.00 Exercise Price			(1,000	)		$	22.00
Options Expired at $15.00 Exercise Price			(80,000	)		$	15.00
Options forfeited at $22.00 Exercise Price			(1,000	)		$	22.00
Options forfeited at $90.00 Exercise Price			(25,000	)		$	90.00
Options forfeited at $20.00 Exercise Price			(25,000	)		$	20.00
Options forfeited at $24.00 Exercise Price			(9,090	)		$	24.00
Options forfeited at $21.00 Exercise Price			(47,650	)		$	21.00
Options forfeited at $21.10 Exercise Price			(131,075	)		$	21.10
Outstanding at June 30, 2026			2,051,835
Outstanding Options at $90.00 Exercise Price			675			$	90.00				4.48
Outstanding Options at $262.00 Exercise Price			675			$	262.00				2.05
Outstanding Options at $21.00 Exercise Price			11,200			$	21.00				7.03
Outstanding Options at $21.10 Exercise Price			5,385			$	21.10				7.72
Outstanding Options at $26.60 Exercise Price			2,500			$	26.60				7.62
Outstanding Options at $27.50 Exercise Price			200,000			$	27.50				0.60
Outstanding Option at $17.60 Exercise Price			10,000			$	17.60				7.97
Outstanding Options at $14.90 Exercise Price			2,000			$	14.90				7.93
Outstanding Options at $2.50 Exercise Price			415,000			$	2.50				8.70
Outstanding Options at $2.12 Exercise Price			10,000			$	2.12				8.89
Outstanding Options at $2.19 Exercise Price			1,394,400			$	2.19				9.88
Outstanding at June 30, 2026			2,051,835

As of June 30, 2026, 1,847,279 of the outstanding stock options were exercisable. Unrecognized compensation for unvested shares was $55,742 as of June 30, 2026.

As of June 30, 2026, the outstanding stock options had intrinsic value of $0.

On May 22, 2026, the Compensation Committee of the Company's Board of Directors granted the Company's non-employee directors and certain executives and consultants of the Company options to purchase 1,394,400 shares of common stock at an exercise price of $2.19 per share, all of which vested immediately upon grant and expire on the tenth anniversary of the grant date. The fair values of these options were calculated using the Black-Scholes valuation methodology. The inputs used are: (1) risk-free rate of 4.31%, (2) expected term of 5 years, (3) variability of 56.3% and (4) exercise price of $2.19.

Performance Options

On February 28, 2024, the Company issued options to an external party to purchase 200,000 shares of the Company's common stock at an exercise price of $27.50 per share, contingent upon achieving certain sales targets. On June 30, 2026, the sales targets were not met and therefore, no compensation expense was recorded for the six months ended June 30, 2026. The Company does not believe that the criteria will be met. These options expire on February 5, 2027.