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Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity

Note 4: Equity

 

Dividends

 

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

 

Preferred stock and common stock

 

There were no issuances of preferred stock or common stock during the three and nine-month periods ended September 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 September 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 September 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    0.14   $6.80    5,000 
$ 8.01 - 11.00   1,000    3.75   $10.75    1,000 
$ 11.01 - 16.00   10,000    3.41   $13.21    10,000 
$ 16.01 - 27.00   30,000    7.26   $26.98    15,000 
$ 27.01 - 27.71   12,750    6.30   $27.71    12,750 
Total   58,750    5.73   $22.80    43,750 

 

As of September 30, 2025, the Company had unrecognized stock compensation related to the options of $131,000, which will be recognized through 2027.

 

During the nine-month period ended September 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. No restricted stock units were granted during the three-month period ended September 30, 2025. During the three and nine-month periods ended September 30, 2024, the Company granted 11,166 and 43,666 restricted stock units, respectively, to members of the Company’s Board of Directors, employees and contractors which vest at various intervals over 3 years. The average grant date fair value of these grants was $8.06 and $12.41 per share during the three and nine-month periods ended September 30, 2024, respectively.

 

During the nine-month period ended September 30, 2025, 30,083 restricted stock units with an intrinsic value of $15.63, vested. During the nine-month period ended September 30, 2024, 16,499 restricted stock units with an intrinsic value of $19.95, vested. No restricted stock units vested during the three-month periods ended September 30, 2025 and 2024. As of September 30, 2025, there was $347,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2027.