9. STOCK OPTIONS

A summary of option activity for the three months ended March 31, 2025 is presented below.

SCHEDULE OF STOCK OPTION ACTIVITY 

At March 31, 2025, the intrinsic value of the outstanding options was $0.

The total stock compensation expense recognized relating to the vesting of stock options for the three months ended March 31, 2025 amounted to $117. As of March 31, 2025, the total unrecognized share-based compensation expense was $740, which is expected to be recognized as part of operating expense through September 2027.

On January 7, 2025, the Company granted 13,451 shares of common stock to a Board Member with an exercise price of $6.59, expiration of 5 years, and a vesting period of 1 year. The grant-date fair value was $86 and will be amortized over the one-year vesting period.

The fair value of share option award is estimated using the Black-Scholes option pricing method based on the following weighted-average assumptions:

SCHEDULE OF FAIR VALUE ASSUMPTIONS USING BLACK-SCHOLES METHOD 

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of measurement corresponding with the expected term of the share option award; the expected term represents the weighted-average period of time that share option awards granted are expected to be outstanding giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility is based upon historical volatility of the Company’s common stock; and the expected dividend yield is based on the fact that the Company has not paid dividends in the past and does not expect to pay dividends in the future.