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5) Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2020
Table Text Block Supplement [Abstract] |
Schedule of stock inventive plan changes | A summary of the status of the Company’s stock compensation plans as of June 30, 2020, and the changes during the six months ended June 30, 2020, are presented below:
|  | Number of Class A Shares |  | Weighted Average Exercise Price |  | Number of Class C Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2020 |  | 1,086,053 |  | $ 4.41 |  | 594,132 |  | $ 5.36
Adjustment for effect of stock dividends |  | 29,099 |  |  |  | 22,544 |  |
Granted |  | 77,000 |  |  |  | 180,000 |  |
Exercised |  | (78,803) |  |  |  | - |  |
Cancelled |  | - |  |  |  | - |  |
Outstanding at June 30, 2020 |  | 1,113,349 |  | $ 4.27 |  | 796,676 |  | $ 4.87
As of June 30, 2020: |  |  |  |  |  |  |  |
Options exercisable |  | 1,013,955 |  | $ 4.27 |  | 561,440 |  | $ 5.11
As of June 30, 2020: |  |  |  |  |  |  |  |
Available options for future grant |  | 325,372 |  |  |  | 266,500 |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at June 30, 2020 |  | 5.97 years |  |  |  | 6.18 years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at June 30, 2020 |  | 5.61 years |  |  |  | 5.32 years |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
outstanding at June 30, 2020 (1) |  | $2,568,502 |  |  |  | $1,360,855 |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
exercisable at June 30, 2020 (1) |  | $2,338,090 |  |  |  | $823,712 |  |
(1) The Company used a stock price of $6.58 as of June 30, 2020 to derive intrinsic value.
A summary of the status of the Company’s stock compensation plans as of June 30, 2019, and the changes during the three months ended June 30, 2019, are presented below:
|  | Number of Class A Shares |  | Weighted Average Exercise Price |  | Number of Class C Shares |  | Weighted Average Exercise Price
Outstanding at January 1, 2019 |  | 1,011,274 |  | $ 4.49 |  | 577,280 |  | $ 5.15
Granted |  | 2,000 |  |  |  | - |  |
Exercised |  | (15,328) |  |  |  | - |  |
Cancelled |  | - |  |  |  | - |  |
Outstanding at June 30, 2019 |  | 997,946 |  | $ 4.50 |  | 577,280 |  | $ 5.15
As of June 30, 2019: |  |  |  |  |  |  |  |
Options exercisable |  | 921,895 |  | $ 4.42 |  | 530,030 |  | $ 5.14
As of June 30, 2019: |  |  |  |  |  |  |  |
Available options for future grant |  | 299,351 |  |  |  | 146,425 |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at June 30, 2019 |  | 5.65 years |  |  |  | 3.46 years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at June 30, 2019 |  | 5.53 years |  |  |  | 2.93 years |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
outstanding at June 30, 2019 (1) |  | $822,875 |  |  |  | $218,010 |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
exercisable at June 30, 2019 (1) |  | $822,875 |  |  |  | $218,010 |  |
(1) The Company used a stock price of $5.02 as of June 30, 2019 to derive intrinsic value.

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