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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

13. 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, we issued 8,097 shares 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.

 

Stock Options

 

We did not make any stock option grants during the three months ended March 31, 2023 or 2022.

 

A summary of stock option activity during the three months ended March 31, 2023 and 2022 is as follows:

 

           Weighted-     
       Weighted-   Average     
   Shares   Average   Remaining   Aggregate 
   Under   Exercise   Contractual   Intrinsic 
   Option   Price   Life   Value 
Outstanding at January 1, 2023   365,447   $5.89    8 years   $19,200 
Forfeited   (5,000)   4.00           
Outstanding at March 31, 2023   360,447   $5.92    8 years   $19,200 
                     
Exercisable at March 31, 2023   92,860   $6.50    7 years   $19,200 

 

 

           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 

 

During the three months ended March 31, 2023 and 2022, stock-based compensation for options was $118,162 and $22,960, respectively.

 

As of March 31, 2023 and December 31, 2022, there was $897,697 and $1,019,140, 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, 2023 and 2022 was $10,238.