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Equity | 12 Months Ended
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Dec. 31, 2024
Equity |
Equity | 11. Equity The Company has authorized 200,000,000 shares of no-par common stock at December 31, 2024 and 2023. In addition, the Company has authorized 1,000,000 shares of no-par preferred stock, none of which had been issued at December 31, 2024 or 2023. S tock Purchase Warrants Outstanding Transactions in common stock purchase warrants for the years ended December 31, 2024 and 2023 are as follows:
|  | Number of Warrants |  |  | Exercise Prices |
Balance December 31, 2022 and 2023 |  |  | 289,294 |  |  | $ | 5.60-7.00 |
Exercised |  |  | (289,294 | ) |  | $ | 5.60-7.00 |
Balance December 31, 2024 |  |  | - |  |  | $ | - |
Stock Options In April 2014, the Board of Directors of the Company established the 2014 Equity Incentive Compensation Plan to authorize the granting of stock options to officers and employees. Upon exercise of the options, shares are issued from the available authorized shares of the Company. Options reserved to any one related person on an annual basis may not, upon exercise, exceed 5% and the aggregate number of all options outstanding will not exceed 10% of the issued outstanding common shares in total as calculated at that time. In May 2023, the 2023 Equity Incentive Compensation Plan was voted on, and approved, by the shareholders of the Company. This plan allows for the issuance of up to 1,225,600 shares of the Company’s common stock in the form of stock options (which may be incentive stock options or nonqualified stock options) or other stock-based awards, such as stock appreciation rights, restricted stock, restricted stock units and performance shares. Transactions in stock options for the years ended December 31, 2024 and 2023 are 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 |  |  | (376,590 | ) |  | $ | 5.53 |
Forfeited |  |  | (23,859 | ) |  | $ | 5.51 |
Outstanding and exercisable at December 31, 2024 |  |  | 77,000 |  |  | $ | 5.17 |
At December 31, 2024 and 2023, the outstanding stock options have an intrinsic value of approximately $387,880 ($410,638 in 2023) and have a weighted average remaining term of 0.69 years (0.82 in 2023). The intrinsic value of stock options exercised for cash in the year ended December 31, 2024 was $263,516. Cashless options exercised in the year ended December 31, 2024 had an intrinsic value of $1,958,047. No cash or cashless options were exercised in the year ended December 31, 2023.

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