Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.23.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Stock-Based Compensation [Abstract]  
Schedule of Stock-Based Compensation Expense Stock-based compensation expense included the following components as of June 30,:
    2023     2022  
Stock Options   $ 25,011       55,776  
Restricted Stock     112,427       111,207  
      137,438       166,983  
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 June 30, 2023 and 2022 and changes during the six 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     61,000     $ 1.80      
 -
  
Forfeited or Expired and Other Adjustments     (10,000 )   $ 4.15      
-
  
Outstanding at June 30, 2022     1,638,000     $ 4.06     $
-
  
Exercisable at June 30, 2022     94,850     $ 3.97     $
-
  
                         
Outstanding at January 1, 2023     1,558,000     $ 4.17          
Granted     15,000     $ 1.77      
-
  
Forfeited or Expired and Other Adjustments     (25,834 )   $ 3.29      
-
  
Outstanding at June 30, 2023     1,547,167     $ 4.14     $
-
  
Exercisable at June 30, 2023     593,063     $ 4.10     $
-
  
Schedule of Restricted Stock Activity A summary of restricted stock activity under the 2021 Plan as of June 30, and changes during the six months then ended is presented below:
Restricted Stock   Time-Based  
Outstanding at January 1, 2022     154,960  
Granted     125,000  
Vested     (167,805 )
Forfeited     (1,250 )
Outstanding at June 30, 2022     110,905  
         
Outstanding at January 1, 2023     64,166  
Granted     19,252  
Vested     (25,313 )
Forfeited     (2,167 )
Outstanding at June 30, 2023     55,938