Note 5 - Stockholders' Equity

3 Months Ended

Sep. 30, 2025

NOTE 5 — STOCKHOLDERS’ EQUITY

In 2019, the Company adopted the 2019 Omnibus Incentive Plan (the “Plan”). The Plan, as amended, provides for the issuance of stock-based awards to employees. As of September 30, 2025, the Plan provides for the issuance of up to 1,500,000 stock-based awards. There are 1,020,000 stock-based awards available to grant under the Plan at September 30, 2025.

On October 30, 2024, and as part of Francis Godfrey’s appointment as the Company’s President and Chief Operating Officer, the Board granted Francis Godfrey 200,000 options with an exercise price of $0.65 with 25% vesting immediately and the remainder vesting at 25% per year thereafter.

The Company recognized compensation expense of approximately $7,300 and $5,000 for stock options during the three months ended September 30, 2025 and 2024, respectively. For the quarter ended September 30, 2024, none of these potentially dilutive securities were included in the computation of diluted earnings per share as their impact would be anti-dilutive.

The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option valuation model during the three months ended September 30, 2025. There were no option grants during the three months ended September 30, 2024:

	*September 30, 2025*			*October 30, 2024*
	*Options*			*Options*

Risk-free interest rate		—	%		4.22	%
Expected volatility		—	%		83.50	%
Dividend yield		—	%		—	%
Expected option term in years		—			5.5

A summary of the status of the Company’s stock options as of September 30, 2025 and changes during the three months ended September 30, 2025 are presented below.

			*Wtd. Avg.*
			*Exercise*
	*Options*		*Price*
Balance, July 1, 2025		450,000	$	0.65
Granted during the period		—		—
Exercised during the period		—		—
Cancelled during the period		—		—
Balance, September 30, 2025		450,000	$	0.65

A summary of the status of the Company’s stock options as of September 30, 2024 and changes during the three months ended September 30, 2024 are presented below.

			*Wtd. Avg.*
			*Exercise*
	*Options*		*Price*
Balance, July 1, 2024		250,000	$	1.10
Granted during the period		—		—
Exercised during the period		—		—
Canceled during the period		—		—
Balance, September 30, 2024		250,000	$	1.10

The following table summarizes information about outstanding and exercisable stock options at September 30, 2025:

*Range of*		*Number*		*Number*		*Wtd. Avg, Life*		*Wtd. Avg.*
*Exercise Price*		*Outstanding*		*Exercisable*		*(in years)*		*Exercise Price*
$	0.65		450,000		294,000		8.29	$	0.65

As authorized by the Board on May 26, 2023, directors may receive their board fees as cash or in shares of the Company’s stock. The Company records director fee expense at the end of each board meeting. On September 24, 2025, the Company subsequently issued 652 shares to an independent director for director fees earned during the three-month period of July 2025 through September 2025.

- Definition

The entire disclosure for equity.

+ References

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+ Details

MOVING iMAGE TECHNOLOGIES INC. 10-Q