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Equity
 6 Months Ended
Jun. 30, 2025
Equity  
Equity

Note 4: Equity

 

Dividends

 

The Company did not pay any dividends during the three and six-month periods ended June 30, 2025 and 2024.

 

Preferred stock and common stock

 

There were no issuances of preferred stock or common stock during the three and six-month periods ended June 30, 2025 and 2024, other than stock awarded to employees and the Board of Directors.

 

2023 Equity Incentive Plan

 

On June 7, 2023, the shareholders of the Company approved the 2023 Equity Incentive Plan (the “2023 Plan”).  Under the terms of the 2023 Plan, the Company is authorized to issue incentive awards for common stock up to 300,000 shares to employees and other personnel. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2023 Plan is effective through April 1, 2033. As of June 30, 2025, there are 358,416 shares which remain to be granted under the 2023 Plan, including 123,076 shares assumed under the Company’s previous 2014 Equity Incentive Plan, as amended.

 

The following table summarizes information about stock options outstanding and exercisable at June 30, 2025:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Exercise Price Range

 

Number

 

 

Weighted Average

Remaining Contractual

Life (in Years)

 

 

Weighted Average

Exercise Price

 

 

Number

 

$ 0.01 - 8.00

 

 

5,000

 

 

 

0.39

 

 

$6.80

 

 

 

5,000

 

$ 8.01 - 11.00

 

 

1,000

 

 

 

4.00

 

 

$10.75

 

 

 

1,000

 

$ 11.01 - 16.00

 

 

10,000

 

 

 

3.67

 

 

$13.21

 

 

 

10,000

 

$ 16.01 - 27.00

 

 

30,000

 

 

 

7.51

 

 

$26.98

 

 

 

15,000

 

$ 27.01 - 27.71

 

 

12,750

 

 

 

6.55

 

 

$27.71

 

 

 

12,750

 

Total

 

 

58,750

 

 

 

5.98

 

 

$22.80

 

 

 

43,750

 

 

As of June 30, 2025, the Company had unrecognized stock compensation related to the options of $157,000, which will be recognized through 2027.

 

During the three and six months ended June 30, 2025, the Company granted 7,662 restricted stock units to its Board of Directors which vest at the earlier of June 13, 2026, or the Company’s 2026 annual meeting. The average grant date fair value of these grants was $11.75. During the three and six months ended June 30, 2024, the Company granted 6,000 and 32,500 restricted stock units, respectively, to employees and contractors which vest at various intervals over 3 years.  The average grant date fair value of these grants was $9.70 and $13.91 per share during the three and six months ended June 30, 2024, respectively.

 

During the three and six months ended June 30, 2025, 21,083 and 30,083 restricted stock units with an intrinsic value of $13.41 and $15.63, respectively, vested. During the three and six months ended June 30, 2024, 14,332 and 16,499 restricted stock units with an intrinsic value of $18.70 and $19.95, respectively, vested. As of June 30, 2025, there was $502,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2027.