Company: ZRCN
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006748
Chunk: 24

Company: ZRCN Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 24
---
    Outstanding as of June 30, 2024 
     100,000  
     0.88  
     4.8  
     — 
  
    Options granted 
     198,000  
     0.88  
     3.7  
     — 
  
    Outstanding as of September 30, 2024 
     298,000  
    $0.88  
     3.5  
    $— 
  
    Options granted 
     121,000  
     0.88  
     2.3  
     — 
  
    Outstanding as of December 31, 2024 
     419,000  
     0.88  
     2.9  
     — 
  
    Vested and exercisable as of December 31, 2024 
     —  
    $—  
     2.9  
    $— 

During
the three and nine months ended December 31, 2024, the Company issued 121,000 and 419,000 common stock options, respectively, with an
aggregate grant date fair value of $0.2 million, as determined utilizing the Black Scholes model, to employees and a nonemployee member
of the Board of Directors. The 48,000 stock options awarded to the member of the Board of Directors for continual service will vest on
August 14, 2025. The remaining 371,000 stock options awarded to employees will vest on an annual basis over five years from each awards’
respective grant date. 

As
of December 31, 2024 there was $0.1
million of unrecognized share-based compensation expense related to unvested stock options which will be amortized over a weighted-average term of 3.2 years. 

During
the nine months ended December 31, 2024, the Company issued common shares to a consultant, with each issuance valued at less than $0.1
million at the following dates:

●During
                                            the three months ended June 30, 2024, the Company issued an additional 25,000 common shares

●During
                                            the three months ended September 30, 2024, the Company issued an additional 8,329 common
                                            shares

●During
                                            the three months ended December 31, 2024 the Company issued