Quarterly report [Sections 13 or 15(d)]

EQUITY

v3.25.1
EQUITY
 3 Months Ended
Mar. 31, 2025
EQUITY  
EQUITY

NOTE 5 - EQUITY

 

Preferred shares

 

The Company has authorized 416,667 shares of preferred stock with a par value of $0.001 per share.

 

As of March 31, 2025, and December 31, 2024, there were no shares of preferred stock issued or outstanding.

 

Common Shares

 

The Company has authorized 50,000,000 shares of Common Stock with a par value of $0.001 per share. Each share of Common Stock entitles the holder to one vote, in person or proxy, on any matter on which an action of the stockholders of the Company is sought.

 

As of March 31, 2025, and December 31, 2024, there were 3,281,032 and 3,281,032 shares of Common Stock issued and outstanding, respectively. 

 

Warrants

 

A summary of activity of the warrants during the three months ended March 31, 2025, is as follows:

 

 

 

 

 

 

 Weighted

 

 

Weighted

 

 

 

Number of

 

 

Average

 

 

Average

 

 

 

shares

 

 

Exercise Price

 

 

Life (years)

 

Outstanding, December 31, 2024

 

 

 139,897

 

 

 $ 11.25

 

 

 

 0.79

 

Granted

 

 

 -

 

 

 

 -

 

 

 

 -

 

Expired

 

 

 -

 

 

 

 -

 

 

 

 -

 

Exercised

 

 

 -

 

 

 

 -

 

 

 

 -

 

Outstanding, March 31, 2025

 

 

 139,897

 

 

 $ 11.25

 

 

 

 0.54

 

 

The intrinsic value of the warrants as of March 31, 2025, is $0. All of the outstanding warrants are exercisable as of March 31, 2025.

 

2018 Equity Incentive Plan, as amended

 

On February 28, 2025, the number of shares available under the Company’s 2018 Equity Incentive Plan, as amended (the “2018 Plan”) was increased by 484,155 shares of Common Stock.

 

As of March 31, 2025, the 2018 Plan permits the Company to issue up to an aggregate of 2,013,378 shares of Common Stock of which 1,239,773 shares are available to be issued.

 

The following is a summary of stock option activity during the three months ended March 31, 2025:

 

 

 

Options Outstanding

 

 

Weighted Average

 

 

 

Number of

 

 

Weighted Average

 

 

Remaining life

 

 

 

Options

 

 

Exercise Price

 

 

(years)

 

Outstanding, December 31, 2024

 

 

 773,605

 

 

 $ 1.84

 

 

 

 7.76

 

Granted

 

 

 -

 

 

 

 -

 

 

 

 -

 

Exercised

 

 

 -

 

 

 

 -

 

 

 

 -

 

Forfeited/canceled

 

 

 -

 

 

 

 -

 

 

 

 -

 

Outstanding, March 31, 2025

 

 

 773,605

 

 

 $ 1.84

 

 

 

 7.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable options, March 31, 2025

 

 

 271,943

 

 

 $ 2.43

 

 

 

 7.35

 

 

Valuation

 

The Company utilizes the Black-Scholes model to value its stock options.

 

During the three months ended March 31, 2024, the Company granted 244,000 options, valued at $299 of which 102,000 options, valued at $128, were for related parties. As of March 31, 2025, $820 remains unamortized, of which $543 is for related parties. The intrinsic value of options outstanding as of March 31, 2025, and December 31, 2024, is $0.