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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation

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 any vesting conditions. Stock compensation of $57,500 was recorded on this issuance of restricted common stock for the nine months ended September 30, 2021. Stock compensation of $57,500 on the issuance of the restricted common stock to directors was recorded for the twelve months ending December 31, 2020.

 

Stock Options

 

We did not make any stock option grants during the nine months ended September 30, 2021. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2020 was $3.30. Stock-based compensation for options was $23,098 and $13,969, during the three months ended September 30, 2021 and 2020, respectively, and $69,293 and $32,652, during the nine months ended September 30, 2021 and 2020, respectively.

 

A summary of stock option activity during the nine months ended September 30, 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 
                     
Granted   99,000    4.00           
Outstanding at September 30, 2021   145,360   $5.61    8 years   $19,200 
                     
Exercisable at September 30, 2021   81,685   $6.71    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 
Granted   99,000    4.00           
Outstanding at September 30, 2020   145,860   $5.61    9 years   $19,200 
                     
Exercisable at September 30, 2020   38,785   $9.54    8 years   $19,200 

 

As of September 30, 2021 and December 31, 2020, there was $253,580 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 three years. The total fair value of stock options that vested during the nine months ended September 30, 2021 and 2020 was $92,475 and $14,963, respectively.