STOCK OPTIONS

12 Months Ended

Dec. 31, 2025

STOCK OPTIONS

STOCK OPTIONS

16.  STOCK OPTIONS

Stock options

Options for the purchase of 3,649,508 shares of Common Stock have been issued under the 2008 Stock Option Plan.  Options for the purchase of 122,150 shares under the 2008 Stock Option Plan were outstanding as of December 31, 2024. No shares are available for future issuance under the 2008 Stock Option Plan, which expired July 25, 2018.

Options for the purchase of 2,000,000 shares of Common Stock are available for future issuance under the 2021 Stock Option Plan.  

The Compensation and Benefits Committee administers the Company’s stock option plans.

Stock option exercises

No stock options were exercised in 2025, 2024, or 2023.

Director, officer, and employee options

A summary of Director, officer, and employee options granted and outstanding under the 2008 Stock Option Plan is presented below:

	Years Ended December 31,
	2025			2024			2023
		Weighted			Weighted			Weighted
		Average			Average			Average
		Exercise			Exercise			Exercise
	Shares	Price		Shares	Price		Shares	Price
Outstanding at beginning of period	145,950	$	2.05	147,150	$	2.06	147,150	$	2.06
Granted	—	$	—	—	$	—	—	$	—
Exercised	—	$	—	—	$	—	—	$	—
Forfeited	(23,800)	$	2.75	(1,200)	$	2.75	—	$	—
Outstanding at end of period	122,150	$	1.91	145,950	$	2.05	147,150	$	2.06
Exercisable at end of period	122,150	$	1.91	145,950	$	2.05	147,150	$	2.06

The following table summarizes information about Director, officer, and employee options outstanding under the 2008 Stock Option Plan at December 31, 2025:

			Weighted Average
Exercise Prices		Shares Outstanding	Remaining Contractual Life	Shares Exercisable
$	1.05	60,000	0.99	60,000
$	2.75	62,150	0.69	62,150

Non-employee options

There were no non-director and non-employee options outstanding in 2025, 2024, or 2023.

Stock-based Compensation

No stock-based compensation expense was recorded in 2025, 2024, or 2023.

Options Pricing Models – Assumptions

The expected life is based on the Company’s historical experience with option exercise trends.  The assumptions for expected volatility are based on a calculation of volatility over the five years preceding the grant date.  Risk-free interest rates are set using grant-date U.S. Treasury yield curves. In its calculations, the Company assumed no dividends. The Company elected a policy to account for forfeitures as they occur, rather than on an estimated basis.