Using your example as a starting point:
$files = [];
foreach (glob('sqlbackup2/*') as $file) {
if (!is_dir($file)) {
$files[] = $file;
}
}
$sortedFiles = usort(
$files,
function($file1, $file2) {
return filemtime($file1) <=> filemtime($file2);
}
);
foreach ($sortedFiles as $file) {
printf(
'<option value="%s">%s</option>',
basename($file),
date('m/d/Y H:i', filemtime($file))
)
}