| 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, 2024, and 2023 for our employee and
director stock options.
Schedule
of Share-based Compensation, Allocation of Recognized Period Costs
| |
|
2024 |
|
|
2023 |
|
| |
|
Three Months Ended |
|
| Stock Options |
|
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Employee Stock Options |
|
$ |
91,000 |
|
|
$ |
86,000 |
|
| Director Stock Options |
|
|
61,000 |
|
|
|
32,000 |
|
| Total |
|
$ |
152,000 |
|
|
$ |
118,000 |
|
|
| Schedule of Stock Options Roll Forward |
The
summary of the Company’s total Stock Option Plans as of March 31, 2024 and March 31, 2023, 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 (4) |
|
| Options outstanding January 1, 2024 |
|
|
994,500 |
|
|
$ |
5.57 |
|
|
|
|
|
|
|
- |
|
| Granted |
|
|
45,000 |
|
|
$ |
7.75 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(43,500 |
) |
|
$ |
5.61 |
|
|
|
|
|
|
$ |
212,410 |
|
| Forfeited |
|
|
(11,000 |
) |
|
$ |
7.01 |
|
|
|
|
|
|
|
|
|
| Options outstanding end of period (1) |
|
|
985,000 |
|
|
$ |
5.66 |
|
|
|
4.8 |
|
|
$ |
6,139,346 |
|
| Options exercisable at March 31, 2024(2) |
|
|
350,300 |
|
|
$ |
5.06 |
|
|
|
3.8 |
|
|
$ |
2,391,576 |
|
| |
|
Shares |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Contractual Term (years) |
|
|
Aggregate Intrinsic Value (4) |
|
| 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 (3) |
|
|
1,264,500 |
|
|
$ |
4.83 |
|
|
|
4.2 |
|
|
$ |
8,791,279 |
|
| Options exercisable at March 31, 2023(3) |
|
|
499,500 |
|
|
$ |
4.30 |
|
|
|
2.3 |
|
|
$ |
6,047,029 |
|
| (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 of the option. |
|