Note 5 – Stock-based Payments

Equity incentive Plans

2017 Stock Incentive Plan

On August 7, 2017, the Company’s stockholders approved, and the Company adopted the 2017 Stock Incentive Plan (“2017 Plan”). The 2017 Plan provides for the issuance of up to 2 shares of the Company’s Common Stock. Due to the rounding up of each restricted stock grant to the respective option holder after several reverse stock splits, the total rounded shares of Common Stock issued and outstanding under the 2017 Plan as of March 31, 2026, totaled 15 shares of restricted stock. These restricted shares 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 Company’s stockholders approved, and the Company adopted the 2018 Stock Incentive Plan (“2018 Plan”). On August 27, 2020, the 2018 Plan was modified to increase the total authorized shares available for future issuance. The 2018 Plan, as amended, provides for the issuance of up to 188 shares of the Company’s Common Stock. As of March 31, 2026, grants of RSUs and restricted stock to purchase 89 shares of Common Stock have been issued pursuant to the 2018 Plan, and 99 shares of Common Stock remain available for issuance.

2021 Stock Incentive Plan

On April 15, 2021, the Company’s stockholders approved, and the Company adopted the 2021 Stock Incentive Plan, (as amended the “2021 Plan”). The 2021 Plan provides for the issuance of up to 1,400,000 shares of the Company’s Common Stock. As of March 31, 2026, grants of RSUs and stock options to purchase 793,169 shares of Common Stock have been issued pursuant to the 2021 Plan, and 606,831 shares of Common Stock remain available for issuance.

Stock Options

The following table summarizes the activities for the Company’s stock options for the three months ended March 31, 2026:

 Summary of Stock Option Activity

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $3.45 for the Company’s Common Stock on March 31, 2026 and the closing stock price of $3.99 for the Company’s Common Stock on December 31, 2025.

During the three months ended March 31, 2026 and 2025, the Company recognized stock option expenses totaling $0 and $84,636, respectively.

The unamortized stock option expenses as of March 31, 2026 totaled $867,831.

Restricted Stock Units

On October 14, 2021, the Compensation Committee of the Board of Directors approved grants totaling 484 Restricted Stock Units to the Company’s then current six directors and then current 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 Statements of Operations. Such RSUs were granted under the 2021 Plan. Vesting of each RSU is:

As of March 31, 2026 and 2025, none of the vesting milestones have been met, respectively.

The following is the status of outstanding unvested RSUs outstanding as of March 31, 2026 and the changes for the three months ended March 31, 2026:

 Summary of Restricted Stock Units Activity

As of March 31, 2026, the unamortized value of the RSUs was $2,355,814.