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STOCK–BASED COMPENSATION
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK–BASED COMPENSATION

 

7. STOCK–BASED COMPENSATION

 

Stock-based compensation expense recognized under ASC Topic 718, “Compensation—Stock Compensation,” was $2,178 and $3,266 for the three-month periods ended September 30, 2026 and 2025, respectively, and $8,710 and $9,798 for the nine-month periods ended September 30, 2026 and 2025, respectively. These amounts represent the amortization of the $195,968 fair value of 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value was amortized over 15 years and was fully amortized as of September 30, 2026.

 

One-third of the restricted shares vested on September 9, 2026. One-half of the remaining restricted shares will vest on each of September 9, 2027 and September 9, 2028.