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CAPITAL STOCK, STOCK PLANS, WARRANTS AND STOCK BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS

 

   Employee Stock 
   Option Granted 
   2021 
Weighted-average fair value per share  $3.51 
Risk -free interest rate (1)   1.05%
Expected volatility of stock (2)   58.61%
Dividend yield   None 
Expected option life (3)   5.0 years 

 

 

   Outside Director Stock Options Granted 
   2021   2020 
Weighted-average fair value per share  $3.9   $4.66 
Risk -free interest rate (1)   1.23%-1.61%   0.59%-1.61%
Expected volatility of stock (2)   55.84%-55.91%   55.83%-56.68%
Dividend yield   None    None 
Expected option life (3)   10.0 years    10.0 years 

 

(1) The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option.

 

(2) The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option.

 

(3) The expected option life is based on historical exercises and post-vesting data.
SCHEDULE OF SHARE-BASED COMPENSATION, ALLOCATION OF RECOGNIZED PERIOD COSTS

The following table summarizes stock-based compensation recognized for fiscal years 2021 and 2020.

 

   2021   2020 
   Year Ended 
   2021   2020 
Employee Stock Options  $178,000   $132,000 
Director Stock Options   72,000    104,000 
Total  $250,000   $236,000 
SCHEDULE OF STOCK OPTIONS ROLL FORWARD

The summary of the Company’s total plans as of December 31, 2021 and 2020, and changes during the period then ended are presented as follows:

 

   Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (years)  

Aggregate Intrinsic

Value (4)

 
Options outstanding January 1, 2021   658,400   $3.87           
Granted   381,000   $6.82           
Exercised   (500)  $3.15        $2,175 
Forfeited/expired   (19,500)  $6.75           
Options outstanding end of period (1)   1,019,400   $4.91    4.0   $1,669,687 
Options exercisable at December 31, 2021(1)   438,400   $3.95    2.7   $1,064,432 

 

   Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (years)  

Aggregate Intrinsic

Value (4)

 
Options outstanding January 1, 2020   681,300   $3.84           
Granted   24,000   $6.92           
Exercised   (12,500)  $3.47        $16,060 
Forfeited/expired   (34,400)  $5.52           
Options outstanding end of period (2)   658,400   $3.87    3.5   $1,426,143 
Options exercisable at December 31, 2020(3)   356,400   $3.99    3.3   $732,163 

 

(1) Options with exercise prices ranging from $2.79 to $7.50
(2) Options with exercise prices ranging from $2.79 to $7.29
(3) Options with exercise prices ranging from $2.79 to $7.05
(4) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price
SCHEDULE OF NON VESTED OPTIONS

The summary of the Company’s nonvested options as of December 31, 2021 and changes during the period then ended are presented as follows:

 

       Weighted Average 
       Grant-Date 
   Shares   Fair Value 
Non-vested options January 1, 2021   302,000   $1.94 
Granted   381,000    3.59 
Vested   (100,500)   2.44 
Forfeited   (1,500)   1.42 
Non-vested options at December 31, 2021   581,000   $3.13