Annual report [Section 13 and 15(d), not S-K Item 405]

Stock-Based Compensation (Tables)

v3.25.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Assumptions Used to Estimate the Fair Value of Stock Options Granted

Assumptions used to estimate the fair value of stock options granted were as follows:

 

Granted in Period   High     Low     Weighted Average  
Award/Strike Price     0.48       0.48       0.48  
Market Price     0.48       0.48       0.48  
Volatility     120.76 %     110.12 %     114.00 %
Dividend Yield     0.00 %     0.00 %     0.00 %
Expected Life     5.50 yrs       2.50 yrs       4.74 yrs  
Risk Free Rate     3.53 %     3.49 %     3.50 %
Summary of Stock Option Activity

Stock option activity for the year ended December 31, 2024 was as follows:

 

    Number of Shares     Weighted Average Exercise Price     Weighted Average Remaining Contractual Term
(In Years)
    Aggregate Intrinsic Value(1)  
Outstanding at December 31, 2023     244,733     $ 20.17       8.73     $ 74,559  
Granted     799,583       0.48              
Forfeited     (50,563 )     13.76              
Outstanding at December 31, 2024     993,753       4.65       6.72        
Exercisable at December 31, 2024     922,353       4.97       6.49        

 

(1)   The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of our common stock as of December 31, 2024 and 2023, respectively
Summary of Weighted Average Grant Fair Value of Stock Options

Certain other information regarding our stock-based awards was as follows:

 

    2024     2023  
Weighted average grant date fair value of stock options granted per share   $ 0.38     $ 4.59  
Grant date fair value of stock options that vested   $ 305,632     $ 291,401  
Schedule of Restricted Stock Activity

Restricted stock activity was as follows for the year ended December 31, 2024:

 

 Schedule of Restricted Stock Activity

    Number of Shares     Weighted Average Grant-Date Fair Value  
Non-vested restricted stock at beginning of year     6,000     $ 3.34  
Vested     (6,000 )     3.34  
Non-vested restricted stock at end of year           -