Note 13 - Restricted Stock Awards

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 13. Restricted Stock Awards

Restricted stock awards ("RSA") to be granted are issued and measured at fair market value on the date of grant and become vested in yearly installments from the date of grant, subject to the recipient remaining in the Company’s service on specified vesting dates. Vesting of restricted stock awards is based solely on time vesting. Stock-based compensation expense is recognized on a straight-line basis over the vesting period with a corresponding offset credited to additional paid-in-capital. Forfeitures are recognized as they occur.

A summary of the Company’s non-vested restricted stock awards as of December 31, 2024 and changes for the year then ended is presented below:

				Weighted
	Restricted Stock			Average Grant
	Awards			Date Fair Value
Non-vested restricted stock awards, Dec. 31, 2023		-		$	-
Awarded		250,000			1.00
Vested		-			-
Forfeited		(50,000	)		-
Non-vested restricted stock awards, Dec. 31, 2024		200,000		$	1.00

During the year ended December 31, 2024, the Board granted RSAs under the 2024 Plan of 250,000 shares of common stock to the Company directors. The RSA shares to the Company directors vest equally over each of the following 5 fiscal years through December 31, 2029. Subsequent to the RSA awards, Director Schmidt resigned from the board and forfeited her 50,000 shares.

RSA shares are measured at fair market value on the date of grant and stock-based compensation expense is recognized on a straight-line basis on a straight-line basis over the vesting period with a corresponding offset credited to additional paid-in-capital. For the year ended December 31, 2024 the Company recognized stock-based compensation expense of $2,167.

As of December 31, 2024, there was $197,833 of unrecognized stock-based compensation expense related to the RSA shares to be recognized over the remaining period of 5 years, as follows:

For the fiscal year ended December 31,
2025	$	39,545
2026	$	39,545
2027	$	39,545
2028	$	39,653
2029	$	39,545
Total		197,833