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5) Stock Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2021
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 March 31, 2021, and the changes during the three months ended March 31, 2021, 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, 2021 |  | 1,072,863 |  | $ 4.33 |  | 662,666 |  | $ 4.73
Adjustment for effect of stock dividends |  | - |  |  |  | - |  |
Granted |  | - |  |  |  | - |  |
Exercised |  | (32,925) |  |  |  | - |  |
Cancelled |  | - |  |  |  | - |  |
Outstanding at March 31, 2021 |  | 1,039,938 |  | $ 4.34 |  | 662,666 |  | $ 4.73
As of March 31, 2021: |  |  |  |  |  |  |  |
Options exercisable |  | 1,039,938 |  | $ 4.34 |  | 662,666 |  | $ 4.73
As of March 31, 2021: |  |  |  |  |  |  |  |
Available options for future grant |  | 330,371 |  |  |  | 266,500 |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at March 31, 2021 |  | 6.28years |  |  |  | 6.71years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at March 31, 2021 |  | 6.28years |  |  |  | 6.71years |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
outstanding at March 31, 2021 (1) |  | $ 5,212,677 |  |  |  | $ 3,059,620 |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
exercisable at March 31, 2021 (1) |  | $ 5,212,677 |  |  |  | $ 3,059,620 |  |
(1) The Company used a stock price of $9.35 as of March 31, 2021 to derive intrinsic value. A summary of the status of the Company’s stock compensation plans as of March 31, 2020, and the changes during the three months ended March 31, 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 |  | 829 |  |  |  | - |  |
Granted |  | 37,500 |  |  |  | 90,000 |  |
Exercised |  | (42,294) |  |  |  | - |  |
Cancelled |  | - |  |  |  | - |  |
Outstanding at March 31, 2020 |  | 1,082,088 |  | $ 4.44 |  | 684,132 |  | $ 5.15
As of March 31, 2020: |  |  |  |  |  |  |  |
Options exercisable |  | 985,366 |  | $ 4.42 |  | 452,381 |  | $ 5.39
As of March 31, 2020: |  |  |  |  |  |  |  |
Available options for future grant |  | 97,218 |  |  |  | - |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
outstanding at March 31, 2020 |  | 5.57years |  |  |  | 5.96years |  |
Weighted average contractual term of options |  |  |  |  |  |  |  |
exercisable at March 31, 2020 |  | 5.16years |  |  |  | 4.70years |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
outstanding at March 31, 2020 (1) |  | $ 489,237 |  |  |  | $ 41,150 |  |
Aggregated intrinsic value of options |  |  |  |  |  |  |  |
exercisable at March 31, 2020 (1) |  | $ 471,642 |  |  |  | $ - |  |
(1) The Company used a stock price of $4.27 as of March 31, 2020 to derive intrinsic value.

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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