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Stock Options

9 Months Ended

Sep. 30, 2024

13. Stock Options

There were no stock options granted during the nine-months ended September 30, 2024 and 2023.

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

	Number of Options			Weighted Average Exercise Prices
Balance December 31, 2022		535,953		$	5.47
Forfeited		(58,504	)	$	5.47
Balance December 31, 2023		477,449		$	5.47
Exercised		(22,073	)	$	5.50
Forfeited		(10,144	)	$	5.50
Balance March 31, 2024		445,232		$	5.47
Exercised		(218,867	)	$	5.52
Balance June 30, 2024		226,365		$	5.42
Exercised		(82,077	)	$	5.53
Forfeited		(13,715	)	$	5.52
Outstanding and exercisable at September 30, 2024		130,573		$	5.34

In the three and nine-month periods ending September 30, 2024, 58,861 and 273,015 options were exchanged for 34,030 and 126,399 shares, respectively, in a cashless exercise by employees. The intrinsic value of these options was $466,201 and $1,320,963 for the three and nine-month periods ended September 30, 2024, respectively. At September 30, 2024, outstanding stock options have a weighted average remaining term of approximately 0.58 years and have an intrinsic value of $1,401,549.