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STOCK–BASED COMPENSATION
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
STOCK–BASED COMPENSATION

8. STOCK–BASED COMPENSATION

 

Stock based compensation expense recognized under ASC 718, “Compensation – Stock Compensation,” for each of the three-month periods ended September 30, 2023 and 2022 of $3,266, and for each of the nine month periods ended September 30, 2023 and 2022 of $9,798 represent the amortization of the fair value of 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value is being amortized over 15 years. At September 30, 2023, all 1,000,000 shares remain restricted, and the remaining unrecognized stock based compensation amounted to $38,105.