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Stock Options
 9 Months Ended
Sep. 30, 2023
Stock Options  
Stock Options

13. Stock Options

 

There were no stock options granted during the nine-months ended September 30, 2023. In September 2022, the board granted 165,000 stock options to officers, board members, and employees. These options vested immediately and are exercisable at $5.25 for 3 years. Total stock-based compensation recognized on these options was $505,476 and was recognized in management, professional services, and general administrative expenses in the statement of operations. In September 2022, the board granted an additional 15,000 total stock options, 7,500 each to our independent board members. These options vested immediately and are exercisable at $4.75 for 3 years. Total stock-based compensation recognized on these options was $41,799 and was recognized in management expenses in the statement of operations.

 

Activity in the Company’s stock options is as follows:

 

 

 

Number

of Options

 

 

Weighted

Average Exercise

Prices

 

Balance December 31, 2021

 

 

507,175

 

 

$5.25

 

Granted

 

 

180,000

 

 

$5.21

 

Exercised

 

 

(116,078)

 

$4.31

 

Expired

 

 

(7,143)

 

$1.96

 

Forfeited

 

 

(28,001)

 

$5.56

 

Balance December 31, 2022

 

 

535,953

 

 

$5.47

 

Forfeited

 

 

(58,504)

 

$5.47

 

Outstanding and exercisable at September 30, 2023

 

 

477,449

 

 

$5.47

 

 

At September 30, 2023, outstanding stock options have a weighted average remaining term of approximately 1.07 years and have an intrinsic value of $4,350. There were no stock options exercised during the first nine months of 2023