STOCK OPTIONS

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

NOTE 8 – STOCK OPTIONS

The following table summarizes stock option activity:

SCHEDULE OF STOCK OPTION ACTIVITY

	Number of Options		Weighted Average Exercise Price
Outstanding, December 31, 2022		20,002	$	36.56
Granted		—		—
Exercised		—		—
Cancelled		—		—
Outstanding, December 31, 2023		20,002	$	36.56
Granted		—		—
Exercised		—		—
Outstanding and exercisable, December 31, 2024		20,002	$	36.56

Effective July 8, 2016 the Company’s board of directors approved the Polar Power 2016 Omnibus Incentive Plan (the “2016 Plan”), authorizing the issuance of up to 250,627 shares of common stock as incentives to employees and consultants to the Company with awards limited to a maximum of 50,125 shares to any one participant in any calendar year.

At December 31, 2024 and 2023, the Company had total outstanding options of 20,002, which are fully vested, exercise prices ranging from $33.88 to $39.20, and with 4,287 option shares set to expire in December 2027 and the remaining 15,715 option shares set to expire in April 2028.

There was no intrinsic value of the outstanding options at December 31, 2024.

Polar Power, Inc. 10-K