| Summary of Restricted Stock Units Activity |
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
| |
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
| |
|
|
|
|
Weighted |
|
|
Weighted |
|
|
Remaining |
|
|
|
|
| |
|
Number |
|
|
Average |
|
|
Average |
|
|
Contractual |
|
|
Aggregate |
|
| |
|
of |
|
|
Exercise |
|
|
Grant Date |
|
|
Term |
|
|
Intrinsic |
|
| |
|
Shares |
|
|
Price |
|
|
Fair Value |
|
|
(years) |
|
|
Value |
|
| Balance at December 31, 2025 |
|
|
100,360 |
|
|
$ |
24.66 |
|
|
$ |
23.42 |
|
|
|
9.89 |
|
|
$ |
- |
|
| Granted |
|
|
212,500 |
|
|
|
5.10 |
|
|
|
4.08 |
|
|
|
9.80 |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
(259) |
|
|
|
4,980.00 |
|
|
|
4,710.00 |
|
|
|
7.19 |
|
|
|
- |
|
| Canceled/Expired |
|
|
(50 |
) |
|
|
4,980.00 |
|
|
|
4,710.00 |
|
|
|
7.19 |
|
|
|
- |
|
| Balance March 31, 2026 |
|
|
312,551 |
|
|
|
6.46 |
|
|
|
5.64 |
|
|
|
9.76 |
|
|
$ |
- |
|
| Exercisable as of March 31, 2026 |
|
|
100,051 |
|
|
|
9.36 |
|
|
|
8.95 |
|
|
|
9.65 |
|
|
$ |
- |
|
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:
| |
● |
One-third (33%) of each
RSU will vest when the Company’s market capitalization is equal to or greater than $500,000,000 for at least ten trading days
during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common
Stock equals or exceeds $150.00 during such trading day period. |
| |
|
|
| |
● |
One-third (33%) of each
RSU will vest when the Company’s market capitalization is equal to or greater than $750,000,000 for at least ten trading days
during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common
Stock equals or exceeds $150.00 during such trading day period. |
| |
|
|
| |
● |
The remaining awarded units
will vest when the Company’s market capitalization is equal to or greater than $1,000,000,000 for at least ten trading days
during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common
Stock equals or exceeds $150.00 during such trading day period. |
| |
|
|
| |
● |
In the event that (i) a
change in control occurs or (ii) the participant incurs a termination of service by the Company without cause or due to the participant’s
death or total and permanent disability, then all unvested units shall become vested units immediately upon the occurrence of such
event. |
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
| |
|
|
|
|
Weighted |
|
| |
|
|
|
|
Average |
|
| |
|
Number of |
|
|
Grant Date |
|
| |
|
RSUs |
|
|
Fair Value |
|
| Balance at December 31, 2025 |
|
|
212,500 |
|
|
$ |
24,270.00 |
|
| Granted |
|
|
245,094 |
|
|
|
4.08 |
|
| Vested |
|
|
60,719 |
|
|
|
6.35 |
|
| Forfeited |
|
|
- |
|
|
|
- |
|
| Canceled/Expired |
|
|
- |
|
|
|
- |
|
| Balance at March 31, 2026 |
|
|
396,875 |
|
|
$ |
9,952 |
|
|
| Summary of Restricted Stock Units Activity |
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
| |
|
|
|
|
Weighted |
|
| |
|
|
|
|
Average |
|
| |
|
Number of |
|
|
Grant Date |
|
| |
|
RSUs |
|
|
Fair Value |
|
| Balance at December 31, 2025 |
|
|
212,500 |
|
|
$ |
24,270.00 |
|
| Granted |
|
|
245,094 |
|
|
|
4.08 |
|
| Vested |
|
|
60,719 |
|
|
|
6.35 |
|
| Forfeited |
|
|
- |
|
|
|
- |
|
| Canceled/Expired |
|
|
- |
|
|
|
- |
|
| Balance at March 31, 2026 |
|
|
396,875 |
|
|
$ |
9,952 |
|
|