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EQUITY (Tables)
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of each option awarded is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. Expected volatilities are based on historical volatility of Common Stock. The expected life of the options granted represents the period from date of grant to expiration (5 years). The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant. There were no stock options granted for the year ended December 31, 2022. On March 29, 2021, 99,990 stock options were granted with an exercise price of $6.53 per option and have a five-year term with a two-year vesting period at 50% per annum. The fair value of stock options granted was $4.888 per option on the date of grant using the Black Scholes option-pricing model with the assumptions in the below table. On October 14, 2021, 71,630 shares were granted to directors and officers with an exercise price of $5.90 per option and have a five-year term and are vested at the date of grant. The fair value of stock options granted was $4.14 per option on the date of grant using the Black Scholes option-pricing model with the assumptions in the below table.

 

Date of Grant

 

Dividend Yield

 

 

Risk-free Interest Rate

 

 

Volatility

 

 

Life

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 21, 2021

 

 

0.00

%

 

 

0.89

%

 

 

101.36

%

 

5 years

October 14, 2021

 

 

0.00

%

 

 

1.05

%

 

 

91.51

%

 

5 years

 
Share-Based Payment Arrangement, Option, Activity [Table Text Block]

A summary of the status of the Company’s stock option plans for the fiscal years ended December 31, 2022 and 2021 and changes during the years are presented below (in number of options):

 

   

Number

of Options

    

Average

Exercise Price

    

Average Remaining

Contractual Term

    

Aggregate

Intrinsic Value

  
                                 

Outstanding options at January 1, 2021

     -     $ -       -     $ -0-  

Options granted

     171,620       6,268                  

Options canceled/forfeited

     (6,000

)

   $ 6,530                  
                                 

Outstanding options at December 31, 2021

     165,620     $ 6.256    

4.48 years

     $ -0-  

Options granted

     -       -                  

Options canceled/forfeited

     (7,200

)

   $ 6.530                  
                                 

Outstanding options at December 31, 2022

     158,420     $ 6.245    

3.49 years

     $ -0-  
                                 

Vested Options:

                                

December 31, 2022:

     115,025     $ 6.138    

3.49 years

     $ -0-  

December 31, 2021:

     71,630     $ 5.900    

4.79 years

     $ -0-