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RELATED PARTY BALANCES AND TRANSACTIONS
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY BALANCES AND TRANSACTIONS

NOTE 11—RELATED PARTY BALANCES AND TRANSACTIONS

 

The Company recorded fees to officers of $538,000 and $522,000 for the years ended December 31, 2024 and 2023, respectively, which is included in selling, general and administrative expenses.

 

The Company recorded fees to directors of $74,000 and $71,000 for the years ended December 31, 2024 and 2023, which is included in selling, general and administrative expenses.

 

The Company issued 8,350 (6,900 to directors and executive officers and 1,450 to other employees) and 14,936 (11,874 to directors and executive officers and 3,062 to other employees) options, in 2024 and 2023, respectively. 7,708 options were exercised in the year ended December 31, 2024. 2,187 warrants and no options were exercised in the year ended December 31, 2023. See Note 9 for further discussion.

 

Each Director of the Company may elect by written notice delivered on or before the first day of each calendar year whether to receive, in lieu of some or all of his or her retainer and board fees, that number of shares of Company common stock as shall have a value equal to the applicable retainer and board fees, based on the closing price of the Company’s common stock on its then-current trading platform or exchange on the last trading day immediately preceding the first day of the applicable year. Once made, the election shall be irrevocable for such election year and the shares subject to the election shall vest and be issued one-fourth upon the first day of the election year and one-fourth as of the first day of each of the second through fourth calendar quarters thereafter during the remainder of the election year.