Note 6 - Stockholders' Equity

12 Months Ended

Dec. 31, 2024

NOTE 6 – Stockholders’ Equity

Common Stock

A summary of the Company’s shares of Common Stock outstanding at December 31, 2024 is presented in the table below:

	Number of shares outstanding
December 31, 2023		985,888
Issuance of common stock in connection with exercise of stock options		10,051
December 31, 2024		995,939

Stock Options

On August 27, 2019, at the Company’s Annual Meeting, the stockholders of the Company approved the Stock Incentive Plan of 2019 (the “2019 Plan”) at which time the Company’s 2005 Stock Incentive Plan (the “2005 Plan”) was terminated and no future awards could be issued under the 2005 plan. As of December 31, 2024 and 2023, there were no options outstanding under the 2005 Plan.

The 2019 Plan is administered by the Company’s Compensation Committee and provides for 185,000 shares of common stock to be reserved for issuance under the Plan. Directors, officers, employees, and consultants of the Company are eligible to participate in the Plan. The Plan provides for the awards of incentive and non-statutory stock options. The Compensation Committee determined the vesting schedule to be up to five years at the time of grant of any options under the Plan, and unexercised options will expire in up to ten years. The exercise price is to be equal to at least 100% of the fair market value of a share of the common stock, as determined by the Compensation Committee, on the grant date. The fair value of stock options are calculated in accordance with FASB ASC Topic 718. As of December 31, 2024 and 2023, there were 97,508 and 110,840 shares, respectively, available for grant as options under the 2019 Plan.

Details of all options outstanding under the Plan are presented in the table below:

	Number of Options			Weighted Average Exercise Price

Balance, January 1, 2023		67,494			$4.040
Granted		13,332			7.600
Exercised		(13,332	)		2.662
Balance, December 31, 2023		67,494			$5.012
Granted		13,332			8.130
Exercised		(20,832	)		5.024
Balance, December 31, 2024		59,994			$5.700

A summary of the Company’s stock options outstanding at December 31, 2024 is presented in the table below:

Exercise Price		Outstanding		Weighted average remaining contractual life of options (in years)		Exercisable		Intrinsic Value
	$8.13		13,332		4.92		---		$0
	$7.60		13,332		3.92		13,332		$26,277
	$5.40		13,332		2.92		13,332		$70,006
	$3.45		9,999		1.92		9,999		$61,204
	$2.58		9,999		.92		9,999		$69,903
TOTALS			59,994				46,662		$227,390

Preferred Stock

On February 27, 2019, the Company filed with the Secretary of State of the state of Nevada a certificate of amendment to our articles of incorporation. The amendment provided for, among other things, a reduction in the number of authorized shares of preferred stock to 333,306. The Company’s Board of Directors currently has the right, with respect to the authorized shares of our preferred stock, to authorize the issuance of one or more series of preferred stock with such voting, dividend and other rights as the directors determine. As of December 31, 2024 and 2023, there were no shares of preferred stock outstanding.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Saker Aviation Services, Inc. 10-K