Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 456

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 1C
Chunk 456
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 Common Stock as determined by the Board.

The
following table summarizes the Company’s employee and non-employee Option activity under the Equity Plan for the following periods:

 Schedule Employee and Non-employee Option Activity

    Number
    of shares  
    Weighted
    average exercise price  
    Weighted
    average remaining term (years)  
    Aggregate
    intrinsic value (in thousands) 
  
    Outstanding
    as of March 31, 2023 
    —  
    —  
    —  
    — 
  
    Options
    granted 
    —  
    —  
    —  
    — 
  
    Forfeited 
    —  
    —  
    —  
    — 
  
    Outstanding
    as of March 31, 2024 
     —  
     —  
     —  
     — 
  
    Options
    granted 
     3,236,500  
     0.86  
     3.44  
     — 
  
    Forfeited 
     20,000  
     0.75  
     —  
     — 
  
    Outstanding
    as of March 31, 2025 
     3,216,500  
     0.79  
     3.44  
     — 
  
    Exercisable
    as of March 31, 2025 
     —  
     —  
     —  
     — 

During
the year ended March 31, 2025, the Company issued 3,236,500 common stock options, with an
aggregate grant date fair value of $0.9 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 3,188,500 stock options awarded to employees will vest on an annual basis over five years from each awards’
respective grant date. In accordance with the Equity Plan, the 20,000 options that were forfeited are available again to be granted.
No stock options had vested or were exercised as of March 31, 2025.

During
the year ended March 31,