Annual report [Section 13 and 15(d), not S-K Item 405]

Schedule of option activity

v3.25.1
Schedule of option activity - Share-Based Payment Arrangement, Option [Member] - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Schedule of option activity

Schedule of option activity

    Number of
shares		     Weighted-
average
exercise
price		     Weighted-
average
remaining
life
(years)		     Aggregate
intrinsic
value		  
Outstanding as of January 1, 2023     143,888     $ 49.43       7.78     $ –  
Granted     57,500       4.00                  
Expired     –       –                  
Outstanding as of December 31, 2023     201,388     $ 36.46       7.69     $ –  
Granted     30,000       4.07                  
Expired     (32,535 )     (61.90 )                
Outstanding as of December 31, 2024     198,853     $ 27.41       4.28     $ 3,300  
                                 
Vested or expected to vest as of December 31, 2024     198,853     $ 27.41       4.28     $ 3,300  
                                 
Exercisable as of December 31, 2023     133,888     $ 52.10       6.69     $ –  
Exercisable as of December 31, 2024     166,770     $ 31.84       3.28     $ 2,567  

 

A summary of the status of the Company’s non-vested employee stock option shares as of December 31, 2024, and the changes during the year ended December 31, 2024, is as follows: 

           
    Number of
shares		     Weighted-
average
grant date
fair value		  
Balance as of January 1, 2024     67,500     $ 4.77  
Granted     30,000       3.41  
Forfeited     (11,667 )     (4.32 )
Vested     (53,750 )     (4.87 )
Balance as of December 31, 2024     32,083     $ 3.49  

 

Restricted Stock Units

 

There were 417 RSUs outstanding as of December 31, 2023. The RSUs were fully vested and had a grant date fair value of $253.70 per share. No RSUs were granted or expired during the years ended December 31, 2024 and 2023. During the year ended December 31, 2024, the Company issued 417 shares of common stock representing the exercise of all outstanding RSUs. As a result, no RSUs were outstanding at December 31, 2024.

  

Non-Employee Stock Options

 

Share-based expense related to stock options granted to non-employees is recognized as the services are rendered on a straight-line basis. The Company determined that the fair value of the stock options is more reliably measurable than the fair value of the services received. No non-employee stock options to purchase shares of common stock were granted or exercised during the years ended December 31, 2024 and 2023. No compensation expense related to non-employee options during the years ended December 31, 2024 and December 31, 2023 as all non-employee stock options were fully vested as of December 31, 2020.

   

The following is a summary of non-employee stock option activity for the years ended December 31, 2024 and 2023:

                       
    Number of
shares		     Weighted-
average
exercise
price		     Weighted-
average
remaining
life
(years)		     Aggregate
intrinsic
value		  
Outstanding as of January 1, 2023     2,009     $ 120.83       1.83     $ –  
Granted     –       –                  
Expired     (84 )     231.60                  
Outstanding as of December 31, 2023     1,925       115.99       0.91       –  
Granted     –       –                  
Expired     (1,672 )     50.20                  
Outstanding as of December 31, 2024     253     $ 550.80       0.68     $ –  
                                 
Vested or expected to vest as of December 31, 2024     253     $ 550.80       0.68     $ –  
                                 
Exercisable as of December 31, 2023     1,925     $ 115.99       0.91     $ –  
Exercisable as of December 31, 2024     253     $ 550.80       0.68     $ –  

 

Common Stock Awards

 

The Company has granted common stock awards to non-employees in exchange for services provided. The Company measures the fair value of these awards using the fair value of the services provided or the fair value of the awards granted, whichever is more reliably measurable. The fair value measurement date of these awards is generally the date the performance of services is complete. The fair value of the awards is recognized as services are rendered on a straight-line basis. No common stock awards were granted or issued during the years ended December 31, 2024 and 2023.

 

Joint Share Ownership Plan

 

As of December 31, 2024 and 2023, there were approximately 2,701 JSOP awards issued and outstanding to two former senior executives. Under the JSOP, shares in the Company are jointly purchased at fair market value by the participating executives and the trustees of the JSOP trust, with such shares held in the JSOP trust. For U.S. GAAP purposes the awards were valued as employee options and recorded as a reduction in equity as treasury shares until they are exercised by the employee. The JSOP awards are fully vested and have no expiration date. There were no compensation charges during the years ended December 31, 2024 and 2023.

 

  
Options outstanding, beginning balance 201,388 143,888
Weighted-average exercise price outstanding, beginning balance $ 36.46 $ 49.43
Aggregate intrinsic value, outstanding beginning balance $ 0 $ 0
Options granted 30,000 57,500
Weighted-average exercise price, granted $ 4.07 $ 4.00
Options expired (32,535) 0
Weighted-average exercise price, expired $ (61.90) $ 0
Options outstanding, ending balance 198,853 201,388
Weighted-average exercise price, ending balance $ 27.41 $ 36.46
Aggregate intrinsic value, outstanding ending balance $ 3,300 $ 0
Options vested or expected to vest 198,853  
Weighted-average exercise price, vested or expected to vest $ 27.41  
Aggregate intrinsic value, vested or expected to vest $ 3,300  
Options exercisable 166,770 133,888
Weighted-average exercise price, exercisable $ 31.84 $ 52.10
Aggregate intrinsic value, exercisable $ 2,567 $ 0