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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
The fair value of the stock options granted was measured using the Black-Scholes valuation model with the following assumptions:

The fair value of the stock options granted was measured using the Black-Scholes valuation model with the following assumptions:

 

               
   Year Ended December 31, 
   2021   2020 
Expected volatility   31.1%   31.1%
Expected life in years   5.5    5.5 
Risk-free interest rate   2.1%   0.5%
A summary of stock option activity for the years ended December 31, 2021 and 2020, and changes during the years then ended is presented below:

A summary of stock option activity for the years ended December 31, 2021 and 2020, and changes during the years then ended is presented below:

 

   Stock
Options		   Weighted average
exercise price		   Weighted
average remaining
contractual term		   Aggregate
intrinsic value		 
Outstanding as of January 1, 2020   379,800   $7.54    6.10   $— 
Granted   70,000    1.68    —    — 
Exercised   —    —           
Forfeited   (9,400)   8.55    —      
Outstanding as of January 1, 2021   440,400   $6.58    5.80   $155 
Granted   236,667    3.31           
Exercised   (26,000)   1.10           
Forfeited   (3,400)   12.00           
Outstanding as of December 31, 2021   647,667   $5.53    6.40   $1,442 
Exercisable as of December 31, 2021   411,000   $6.81    4.80   $451 
A summary of the weighted-average grant-date fair value of options, total intrinsic value of options exercised, and cash receipts from options exercised is shown below:

Intrinsic value is the difference between the market value of the stock at December 31, 2021 and the exercise price which is aggregated for all options outstanding and exercisable. A summary of the weighted-average grant-date fair value of options, total intrinsic value of options exercised, and cash receipts from options exercised is shown below:

  

             
   Year Ended December 31, 
   2021   2020 
Weighted-average fair value of options granted (per share)  $0.97   $0.49 
Intrinsic value gain of options exercised   137    — 
Cash receipts from exercise of options   58    —