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Equity and Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Equity and Stock-Based Compensation | Note 7 – Equity and Stock-Based Compensation In addition to cash compensation, the Company may compensate certain service providers, including employees, directors, consultants, and other advisors, with equity-based compensation in the form of stock options, stock awards and restricted stock awards. The Company recognizes all equity-based compensation as stock-based compensation expense based on the fair value of the compensation measured at the grant date. For stock options, fair value is calculated at the date of grant using the Black-Scholes-Merton option pricing model. For stock awards and restricted stock awards, fair value is the closing stock price for the Company’s common stock on the grant date. The expense is recognized over the vesting period of the grant. For the periods presented, all stock-based compensation expense was classified as a component within selling, general and administrative expense in the Company’s consolidated statements of operations. The amount of stock-based compensation expense recognized for the three and six month periods ended June 30, 2024 was $0 and $11,000, respectively. The amount of stock-based compensation expense recognized for the three and six month periods ended June 30, 2023 was $17,000 and $32,000, respectively. All compensation cost from unvested awards was recognized as of March 31, 2024. During the three and six months ended June 30, 2024 and 2023, no stock options or common stock were awarded. Equity Incentive Plans Our 2006 Equity Incentive Plan (the “2006 Plan”) and 2016 Equity Incentive Plan (the “2016 Plan,” and together with the 2006 Plan, the “Plans”) provide for the issuance of stock-based awards to employees, officers, directors and consultants. The Plans permit the granting of stock awards and stock options. The vesting of stock-based awards is generally subject to the passage of time and continued employment through the vesting period. Stock Option Activity Stock option activity under our Equity Incentive Plans is summarized as follows: Schedule of Stock Option Activity
|  | Number of awards |  |  | Weighted avg. exercise price per share |  |  | Weighted avg. grant date fair value per share |  |  | Weighted avg. remaining contractual life (in years) |  |  | Aggregate intrinsic value |
Outstanding, December 31, 2023 |  |  | 73,469 |  |  | $ | 8.84 |  |  | $ | 7.97 |  |  |  | 5.07 |  |  | $ | 346,125 |
Granted |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  |  |  |
Exercised |  |  | (9,750 | ) |  | $ | 7.59 |  |  | $ | 7.42 |  |  |  | 2.92 |  |  |  |  |
Expired/Forfeited |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  |  |  |
Outstanding, June 30, 2024 |  |  | 63,719 |  |  | $ | 9.04 |  |  | $ | 8.06 |  |  |  | 4.89 |  |  | $ | 345,019 |
Exercisable, June 30, 2024 |  |  | 63,719 |  |  | $ | 9.04 |  |  | $ | 8.06 |  |  |  | 4.89 |  |  | $ | 345,019 |
Unvested, June 30, 2024 |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | - |
The aggregate intrinsic value represents the total pre-tax intrinsic value (the aggregate difference between the closing price of our common stock on June 30, 2024 and the exercise price for the in-the-money options) that would have been received by the option holders if all the in-the-money options had been exercised on June 30, 2024. Where Food Comes From, Inc. Notes to the Consolidated Financial Statements (Unaudited) Private Purchase of Common Shares During March 2024, the Company purchased 80,201 shares of its common stock from one shareholder for approximately $1.0 million. The purchase was limited to this single shareholder who approached the company; it was privately negotiated and involved no solicitation or advertising. No fees were paid in connection with the transaction, as it was a non-brokered placement. The shares were immediately retired upon purchase.

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