| Schedule of Share-based Compensation, Allocation of Recognized Period Costs |
The
following table summarizes stock-based compensation recognized for the three and nine months ended September 30, 2023 and 2022 for our
employee and director stock options.
Schedule of Share-based Compensation, Allocation of Recognized Period Costs
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| Stock Options |
|
September 30, |
|
|
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Employee Stock Options |
|
$ |
94,000 |
|
|
$ |
76,000 |
|
|
$ |
273,000 |
|
|
$ |
248,000 |
|
| Director Stock Options |
|
|
55,000 |
|
|
|
29,000 |
|
|
|
119,000 |
|
|
|
62,000 |
|
| Total |
|
$ |
149,000 |
|
|
$ |
105,000 |
|
|
$ |
392,000 |
|
|
$ |
310,000 |
|
|
| Schedule of Stock Options Roll Forward |
The
summary of the Company’s stock option plans as of September 30, 2023 and September 30, 2022, and changes during the periods then
ended, are presented below. The Company’s plans consist of the 2017 Plan and 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 |
|
|
365,000 |
|
|
$ |
3.19 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(282,400 |
) |
|
$ |
3.70 |
|
|
|
|
|
|
$ |
2,118,892 |
|
| Forfeited/expired/cancelled |
|
|
(64,500 |
) |
|
$ |
3.67 |
|
|
|
|
|
|
|
|
|
| Options outstanding end of period (1) |
|
|
1,036,500 |
|
|
$ |
5.48 |
|
|
|
5.1 |
|
|
$ |
5,146,126 |
|
| Options exercisable at September 30, 2023(2) |
|
|
302,300 |
|
|
$ |
4.91 |
|
|
|
3.9 |
|
|
$ |
1,675,604 |
|
| |
|
Shares |
|
|
Weighted
Average
Exercise Price
|
|
|
Weighted Average Remaining Contractual Term (years) |
|
|
Aggregate Intrinsic
Value (4)
|
|
| Options outstanding January 1, 2022 |
|
|
1,019,400 |
|
|
$ |
4.91 |
|
|
|
|
|
|
|
- |
|
| Granted |
|
|
94,000 |
|
|
$ |
5.20 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(52,400 |
) |
|
$ |
4.04 |
|
|
|
|
|
|
$ |
97,856 |
|
| Forfeited/expired |
|
|
(9,600 |
) |
|
$ |
5.50 |
|
|
|
|
|
|
|
|
|
| Options outstanding end of period (3) |
|
|
1,051,400 |
|
|
$ |
4.98 |
|
|
|
4.0 |
|
|
$ |
492,939 |
|
| Options exercisable at September 30, 2022(3) |
|
|
453,900 |
|
|
$ |
3.93 |
|
|
|
2.4 |
|
|
$ |
354,709 |
|
| (1) |
Options with exercise prices ranging from $3.15 to $9.81 |
| (2) |
Options with exercise prices ranging from $3.15 to $7.50 |
| (3) |
Options with exercise prices ranging from $2.79 to $7.50 |
| (4) |
The intrinsic value of a stock option is the amount by which
the market value of the underlying stock exceeds the exercise price. |
|