v3.25.3
Stock Options (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
The following is an analysis of options to purchase shares of Common Stock issued and outstanding as of September 30, 2025 and December 31, 2024

The following is an analysis of options to purchase shares of Common Stock issued and outstanding as of September 30, 2025 and December 31, 2024:

 

      Shares     Weighted
Average
Exercise
Price Per
Share ($)
    Weighted
Average
Remaining
Contractual
Term
(in Years)
    Aggregate
intrinsic
value ($)
 
Outstanding as of December 31, 2023       306,624     $ 21.84       5.19       —  
Granted       55,000     $ 6.16               —  
Expired       —                          
Cancelled       —                          
Exercised       —                          
Outstanding as of December 31, 2024       361,624     $ 19.74       5.07       —  
Granted       —       —       —       —  
Expired       —       —       —       —  
Cancelled       —       —       —       —  
Exercised       —       —       —       —  
Outstanding as of September 30, 2025       361,624     $ 19.74       4.34       —  
Vested as of September 30, 2025       361,624                          
Exercisable as of September 30, 2025       361,624                          
Exercisable as of December 31, 2024       361,624       —       —       —  
A summary of the status of the Company’s non-vested stock options (exercisable for shares of Common Stock on a one-to-one basis) as of, and changes during, the nine months ended September 30, 2025 and 2024, is presented below

A summary of the status of the Company’s non-vested stock options (exercisable for shares of Common Stock on a one-to-one basis) as of, and changes during, the nine months ended September 30, 2025 and 2024, is presented below:

 

    Number of
Stock Options
    Weighted-
Average Fair
Value Grant
Date
 
Nonvested at December 31, 2023     22,582     $ 5.74  
Granted     55,000       4.40  
Vested     (59,249 )     6.15  
Expired     —       —  
Nonvested at September 30, 2024     18,333     $ 4.40  
                 
Nonvested at December 31, 2024     —       —  
Granted     —       —  
Vested     —       —  
Expired     —       —  
Nonvested at September 30, 2025     —       —  
The weighted-average fair value of stock options on the date of grant and the assumptions used to estimate the fair value of stock options granted during the three months ended September 30, 2025 and September 30, 2024 using the Black-Scholes option-pricing model are as follows

The weighted-average fair value of stock options on the date of grant and the assumptions used to estimate the fair value of stock options granted during the three months ended September 30, 2025 and September 30, 2024 using the Black-Scholes option-pricing model are as follows:

 

Three months ended September 30,  2025   2024 
Weighted-average fair value of options granted  $—   $4.40 
Expected volatility   —    86.17%
Expected life (in years)   —    5.17 
Risk-free interest rate (range)   —    4.33%
Expected dividend yield  $—   $—