Note 5 – Stock-based Payments

Equity incentive Plans

2017 Stock Incentive Plan

On August 7, 2017, the stockholders approved, and the Company adopted the 2017 Stock Incentive Plan (“2017 Plan”). The 2017 Plan provides for the issuance of up to 11,800 shares of the Company’s Common Stock. As of December 31, 2025, grants of restricted stock and options to purchase 1,500 shares of Common Stock have been issued pursuant to the 2017 Plan, and 0 shares of Common Stock remain available for issuance.

2018 Stock Incentive Plan

On December 7, 2018, the stockholders approved, and the Company adopted the 2018 Stock Incentive Plan (“2018 Plan”). On August 27, 2020, the 2019 Plan was modified to increase the total authorized shares. The 2018 Plan, as amended, provides for the issuance of up to 1,867,000 shares of the Company’s Common Stock. As of December 31, 2025, grants of RSUs and restricted stock to purchase 8,900 shares of Common Stock have been issued pursuant to the 2018 Plan, and 9,900 shares of Common Stock remain available for issuance.

2021 Stock Incentive Plan

On April 15, 2021, the stockholders approved, and the Company adopted the 2021 Stock Incentive Plan, as amended, (“2021 Plan”). The 2021 Plan provides for the issuance of up to 250,000,000 shares of the Company’s Common Stock. As of December 31, 2025, grants of RSUs and stock options to purchase 33,583,400 shares of Common Stock have been issued pursuant to the 2021 Plan, and 106,416,600 shares of Common Stock remain available for issuance.

Stock Options

The following table summarizes the activities for the Company’s stock options for the year ended December 31, 2025:

 Summary of Stock Options Activity

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $3.99 for the Company’s Common Stock on December 31, 2025 and the closing stock price of $0.0115 for the Company’s Common Stock on December 31, 2024.

During the years ended December 31, 2025 and 2024, the Company recognized stock option expenses totaling $810,505 and $1,057,271, respectively.

The unamortized stock option expenses as of December 31, 2025 and 2024 totaled $0 and $148,583 respectively.

Restricted Stock Units

On October 14, 2021, the Compensation Committee of the Board of Directors approved grants totaling 932 Restricted Stock Units to the Company’s six directors and seven key employees. Each RSU had a grant date fair value of $24,270 which will be amortized upon vesting into administrative expenses within the Consolidated Statement of Operations. Such RSUs were granted under the 2021 Plan. Vesting of each RSU is:

As of December 31, 2025, none of the vesting milestones have been met and none of the shares remain outstanding.

The following is the status of outstanding unvested restricted stock units outstanding as of December 31, 2024 and the changes for the year ended December 31, 2025:

 Summary of Restricted Stock Units Activity

As of December 31, 2025 and 2024, the unamortized fair value of the RSUs was $1,417,566 and $9,789,061, respectively.