In January 2024, the Company granted 4,590 shares of restricted stock units to employees and directors. One third of these shares vested on March 31, 2024. The remaining unvested shares will vest pro rata on January 1, 2025 and January 1, 2026. The Company also granted members of our advisory board an aggregate of 200 shares of restricted stock units. The advisory shares originally vested pro rata on January 1, 2025 and January 1, 2026; however, were amended to vest pro rata on June 30, 2024 and January 1, 2025.

The Company had a total of 1,545 unvested units as of March 31, 2025 that are expected to vest in the future. Total unrecognized share-based compensation expense from the remaining unvested restricted stock as of March 31, 2025 was approximately $505,000 and is expected to be recognized over nine months. The following table summarizes non-vested restricted stock and the related activity as of March 31, 2025:


	Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2025		3188		$	250.32
Granted		-			-
Vested		(1,643	)		160.24
Forfeited		-			-
Non-vested at March 31, 2025		1,545		$	345.87

The fair values of the respective vesting dates of RSUs were approximately $5,092 and $60,400 for the three months ended March 31, 2025 and 2024, respectively.

In August 2024, the Company granted 124,850 stock options terminating 10 years from the date of grant to employees, directors, and advisory board members. One third of these options vested on September 15, 2024. The remaining unvested options vests pro rata on August 21, 2025 and August 21, 2026.

The Company had a total of 83,220 unvested options as of March 31, 2025 that are expected to vest in the future. Total unrecognized share based compensation expense from the remaining unvested options as of March 31, 2025 was approximately $259,000 and is expected to be recognized over approximately 1.7 years. The Company had approximately 41,630 exercisable options as of March 31, 2025. The following table summarizes options activity as of March 31, 2025:


	Shares		Weighted Average Exercise Price
Stock Options Outstanding at January 1, 2025		124,850	$	4.15
Granted		-		-
Exercised		-		-
Forfeited / Expired		-		-
Stock Options Outstanding at March 31, 2025		124,850	$	4.15

The weighted average remaining contractual term for these options at March 31, 2025, was approximately 9.4 years. Based on the Black-Scholes option pricing model, the options estimated weighted average fair values at the date of grant of $4.15 per share. The fair values were estimated using the following weighted average assumptions:


	Inputs
Expected stock price volatility		188.87	%
Dividend yield		0	%
Risk-free interest rate		3.64	%
Expected life of the options (in years)		5.5

The Company utilized the simplified method for estimating the stock options granted as the Company has experienced significant changes in its business and the historical data may not provide a reasonable basis upon which to estimate expected term.