Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.24.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Stock-Based Compensation [Abstract]  
Schedule of Stock-Based Compensation Expense Stock-based compensation expense included the following components as of December 31,:
    2023     2022  
Stock Options   $ 150,556     $ 164,576  
Restricted Stock     49,356       170,100  
    $ 199,913     $ 334,676  
Schedule of Black-Scholes Option Pricing Model The Black-Scholes option pricing model assumptions are as follows:
Risk-Free Interest Rate     3.86%  
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 December 31, 2023 and 2022 and changes during the years 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     (97,000 )   $ 4.11      
-
  
Outstanding at December 31, 2022     1,558,000     $ 4.15     $
-
  
Exercisable at December 31, 2022     453,918     $ 4.16     $
-
  
                         
Outstanding at January 1, 2023     1,558,000     $ 4.15          
Granted     109,500     $ 1.54      
-
  
Forfeited or Expired and Other Adjustments     (45,000 )   $ 3.11      
-
  
Outstanding at December 31, 2023     1,622,500     $ 3.96     $
-
  
Exercisable at December 31, 2023     859,396     $ 4.09     $
-
  
Schedule of Restricted Stock Activity A summary of restricted stock activity under the 2021 Plan as of December 31, 2023 and 2022 and changes during the years then ended is presented below:
Restricted Stock    Time-Based  
Outstanding at January 1, 2022     154,960  
Granted     145,660  
Vested     (227,737 )
Forfeited     (8,717 )
Outstanding at December 31, 2022     64,166  
         
Outstanding at January 1, 2023     64,166  
Granted     32,252  
Vested     (33,333 )
Forfeited     (10,897 )
Outstanding at December 1, 2023     52,188