| Schedule of Share-based Compensation, Allocation of Recognized Period Costs |
The
following table summarizes stock-based compensation recognized for the three months ended March 31, 2023 and 2022 for our employee and
director stock options.
Schedule of Share-based Compensation, Allocation of Recognized Period Costs
| |
|
2023 |
|
|
2022 |
|
| Stock Options |
|
Three Months Ended March 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Employee Stock Options |
|
$ |
86,000 |
|
|
$ |
86,000 |
|
| Director Stock Options |
|
|
32,000 |
|
|
|
16,000 |
|
| Total |
|
$ |
118,000 |
|
|
$ |
102,000 |
|
|
| Schedule of Stock Options Roll Forward |
The
summary of the Company’s total Stock Option Plans as of March 31, 2023 and March 31, 2022, and changes during the periods then
ended, are presented below. The Company’s Plans consist of the 2017 Plan and the 2003 Outside Directors Stock Plan (the “2003
Plan”):
Schedule of Stock Options Roll Forward
| |
|
Shares |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Contractual Term
(years) |
|
|
Aggregate Intrinsic
Value (2)
|
|
| Options outstanding January 1, 2023 |
|
|
1,018,400 |
|
|
$ |
5.02 |
|
|
|
|
|
|
|
- |
|
| Granted |
|
|
295,000 |
|
|
$ |
3.95 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(44,400 |
) |
|
$ |
3.56 |
|
|
|
|
|
|
$ |
370,196 |
|
| Forfeited/expired |
|
|
(4,500 |
) |
|
$ |
3.90 |
|
|
|
|
|
|
|
|
|
| Options outstanding end of period (1) |
|
|
1,264,500 |
|
|
$ |
4.83 |
|
|
|
4.2 |
|
|
$ |
8,791,279 |
|
| Options exercisable at March 31, 2023(1) |
|
|
499,500 |
|
|
$ |
4.30 |
|
|
|
2.3 |
|
|
$ |
6,047,029 |
|
| |
|
Shares |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Contractual Term
(years) |
|
|
Aggregate Intrinsic
Value (2)
|
|
| Options outstanding January 1, 2022 |
|
|
1,019,400 |
|
|
$ |
4.91 |
|
|
|
|
|
|
|
- |
|
| Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
$ |
— |
|
| Forfeited/expired |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Options outstanding end of period (1) |
|
|
1,019,400 |
|
|
$ |
4.91 |
|
|
|
3.8 |
|
|
$ |
1,150,167 |
|
| Options exercisable at March 31, 2022(1) |
|
|
455,900 |
|
|
$ |
3.92 |
|
|
|
2.5 |
|
|
$ |
779,362 |
|
| (1) |
|
Options with exercise
prices ranging from $2.79
to $7.50
|
| (2) |
|
The intrinsic value
of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. |
|