Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2023
Stock-Based Compensation [Abstract]  
Schedule of Option Activity Stock-based compensation expense included the following components as of September 30,:
    2023     2022  
Stock Options   $ 30,591       83,182  
Restricted Stock     112,427       129,186  
      143,018       212,368  
Schedule of Black-Scholes Option Pricing Model The Black-Scholes option pricing model assumptions are as follows:
Risk-Free Interest Rate   3.58%
Expected Term   5.5-6.25 years
Expected Volatility   29.24%
Expected Dividends   0%

 
Schedule of Option Activity A summary of option activity under the 2021 Plan as of September 30, 2023 and 2022 and changes during the nine months then ended is presented below:
Options   Shares     Weighted
Average
Exercise
Price		     Aggregate
Intrinsic
Value		  
Outstanding at January 1, 2022     1,587,000     $ 4.15     $ 3,045,700  
Granted     68,000     $ 1.80      
-
  
Forfeited or Expired and Other Adjustments     (50,180 )   $ 4.15      
-
  
Outstanding at September 30, 2022     1,604,820     $ 4.06     $
-
  
Exercisable at September 30, 2022     109,924     $ 4.06     $
-
  
                         
Outstanding at January 1, 2023     1,558,000     $ 4.15          
Granted     46,000     $ 1.54      
-
  
Forfeited or Expired and Other Adjustments     (39,001 )   $ 3.11      
-
  
Outstanding at September 30, 2023     1,564,999     $ 4.12     $
-
  
Exercisable at September 30, 2023     630,228     $ 4.13     $
-
  
Schedule of Restricted Stock Activity A summary of restricted stock activity under the 2021 Plan as of September 30, and changes during the nine months then ended is presented below:
Restricted Stock   Time-
Based		  
Outstanding at January 1, 2022     154,960  
Granted     125,725  
Vested     (179,514 )
Forfeited     (6,466 )
Outstanding at September 30, 2022     94,705  
         
Outstanding at January 1, 2023     64,166  
Granted     19,252  
Vested     (17,500 )
Forfeited     (10,647 )
Outstanding at September 30, 2023     55,271