STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

STOCKHOLDERS' EQUITY

4. STOCKHOLDERS' EQUITY

In February 2025, options to purchase 88,500 shares of our common stock were exercised at a price of $3.80 per share for total proceeds of $336,300. Our president and CEO exercised 37,500 options, and 2 directors exercised 1,000 options each. EDCO Partners, LLLP, of which our CFO and board chairman is the general partner provided $132,240 to enable 19 option holders to exercise and simultaneously sell their shares to EDCO Partners, to be held on behalf of certain of its limited partners, including a third director and an entity controlled by our CFO and board chairman. There was no intrinsic value on the exercised options. At June 30, 2025 33,500 options remained outstanding with a weighted average life of  1.08 years and a weighted average exercise price of $3.80. All 33,500 of these options were fully vested. The options outstanding at June 30, 2025 had an intrinsic value of $0.

At June 30, 2025 there were 68,750 warrants outstanding, all with an exercise price of $4.50 and all expiring December 31, 2030. There were 62,500 warrants outstanding at December 31, 2024.