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Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

14.

Stock-Based Compensation

From time to time, we issue stock options and restricted stock as compensation for services rendered by our directors and employees.

Restricted Stock

On February 15, 2021 and January 2, 2020, we issued 12,207 shares and 16,429 shares, respectively, of restricted common stock to our directors as part of their annual compensation plan. The grants of restricted common stock were made outside the 2015 Plan and were not subject to vesting. Stock compensation of $57,500 was recorded on the issuance of the common stock for the three months ended March 31, 2021. Stock compensation of $57,500 was recorded for the twelve months ending December 31, 2020.

Stock Options

We did not make any stock option grants during the three months ended March 31, 2021 or 2020. Stock-based compensation for options was $23,098 and $11,573 during the three months ended March 31, 2021 and 2020, respectively.

A summary of stock option activity during the three months ended March 31, 2021 and 2020 is as follows:

					Weighted-
			Weighted-		Average
	Shares		Average		Remaining	Aggregate
	Under		Exercise		Contractual	Intrinsic
	Option		Price		Life	Value
Outstanding at January 1, 2021		145,360	$	5.61	9 years	$	19,200

Outstanding at March 31, 2021		145,360	$	5.61	9 years	$	19,200

Exercisable at March 31, 2021		41,560	$	9.34	8 years	$	19,200

					Weighted-
			Weighted-		Average
	Shares		Average		Remaining	Aggregate
	Under		Exercise		Contractual	Intrinsic
	Option		Price		Life	Value
Outstanding at January 1, 2020		46,860	$	9.02	9 years	$	19,200

Outstanding at March 31, 2020		46,860	$	9.02	9 years	$	19,200

Exercisable at March 31, 2020		38,785	$	9.54	9 years	$	19,200

As of March 31, 2021 and December 31, 2020, there was $299,776 and $ 322,874, respectively, of total unrecognized compensation costs related to stock options granted under our stock option agreements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of four years. The total fair value of stock options that vested during the three months ended March 31, 2021 and 2020 was $10,800 and $14,963, respectively.