15. Subsequent Events

Issuance of Common Stock on At-the-Market Issuance Sales Agreement

Subsequent to December 31, 2025, the Company sold 25,795 shares of Common Stock and received net proceeds of $27,551, or an average of $1.10 per share, under its At-the-Market Issuance Sales Agreement with Ascendiant Capital Markets, LLC.

Issuance of Common Stock on Private Offering

Subsequent to December 31, 2025, the Company received net proceeds of $510,000 from the sale of 470,000 shares of common stock at an average price of $1.09 per share in a private placement.

Stock Based Compensation

On February 2, 2026, the Company, pursuant to the terms of its 2019 Stock Incentive Plan, granted 1,400,000 restricted shares of common stock and options exercisable into 765,000 shares of the Company’s common stock to its executives and employees.

The restricted shares of common stock and stock options vest equally over 36 months. The stock options are exercisable at a weighted average price of $1.04 per share with an average life to expiration of approximately six years. The total fair value of these options at the grant date was approximately $791,000, which was determined using a Black-Scholes option pricing model with the following average assumption: stock price of $1.04 per share, expected term of 6.00 years, volatility of 218%, dividend rate of 0%, and weighted average risk-free interest rate of 3.74%.