XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

11. 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 January 6, 2022 and February 15, 2021, we issued 8,097 shares and 12,207 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, 2022 and 2021.

 

Stock Options

 

We did not make any stock option grants during the three months ended March 31, 2022 or 2021. Stock-based compensation for options was $22,960 and $23,098 during the three months ended March 31, 2022 and 2021, respectively.

 

A summary of stock option activity during the three months ended March 31, 2022 and 2021 is as follows:

 

           Weighted-    
       Weighted-   Average    
   Shares   Average   Remaining  Aggregate 
   Under   Exercise   Contractual  Intrinsic 
   Option   Price   Life  Value 
Outstanding at January 1, 2022   144,860   $5.61   8 years  $19,200 
                   
Outstanding at March 31, 2022   144,860   $5.61   8 years  $19,200 
                   
Exercisable at March 31, 2022   68,335   $7.32   7 years  $19,200 

 

           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 

 

 

As of March 31, 2022 and December 31, 2021, there was $207,660 and $230,620, 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 two years. The total fair value of stock options that vested during the three months ended March 31, 2022 and 2021 was $10,238 and $10,800, respectively.