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Stock Options and Restricted Stock Units
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Options and Restricted Stock Units

Note 9: Stock Options and Restricted Stock Units

 

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 December 31, 2025, there are 318,166 shares which remain to be granted under the 2023 Plan, including 131,826 shares assumed under the Company’s previous 2014 Equity Incentive Plan, as amended.

 

The following is a summary of stock options issued during the year ended December 31, 2025 and 2024:

                    
  

Number of Options

Outstanding

  

Range of

Exercise Price

  

Weighted Average

Exercise Price

  

Aggregate

Intrinsic Value

 
Balance on December 31, 2023   106,750   $6.80 – 27.71   $22.32   $176,360 
Options granted   –    –    –    – 
Options exercised   –    –    –    – 
Options forfeited/cancelled   (47,000)   9.26 – 26.00    21.97    – 
Balance on December 31, 2024   59,750    6.80 – 27.71    22.60    10,700 
Options granted   –    –    –    – 
Options exercised   –    –    –    – 
Options forfeited/cancelled   (9,750)   10.75 – 27.71    20.51    – 
Balance on December 31, 2025   50,000   $6.80 – 27.71   $23.01   $11,800 

 

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e. the aggregate difference between the closing price of the Company’s common stock on December 31, 2025 and 2024 of $9.30 and $8.94, respectively, and the exercise price for in-the-money options) that would have been received by the holders if all instruments had been exercised on December 31, 2025 and 2024. As of December 31, 2025, there was $105,000 of unrecognized compensation cost related to stock options, which will be recognized through 2027.

 

The following is a summary of unvested stock options during the year ended December 31, 2025 and 2024:

               
  

Number of Options

Outstanding

  

Weighted Average

Exercise Price

   Weighted Average Grant Date Fair Value 
Balance on December 31, 2023   65,250    26.78    13.12 
Options granted   –    –    – 
Options vested   (27,750)   27.05    13.18 
Options forfeited/cancelled   (15,000)   26.00    11.87 
Balance on December 31, 2024   22,500    26.98    13.89 
Options granted   –    –    – 
Options vested   (7,500)   26.98    13.89 
Options forfeited/cancelled   –    –    – 
Balance on December 31, 2025   15,000    26.98    13.89 

 

The following table summarizes information about stock options outstanding and exercisable on December 31, 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       0.89       6.80       5,000  
$8.01 - 11.00      —       —       —       —  
$11.01 - 16.00      7,500       3.16       13.21       7,500  
$16.01 - 27.00      30,000       7.01       26.98       15,000  
$27.01 – 27.71      7,500       6.05       27.71       7,500  
Total      50,000       5.68       23.01       35,000  

 

Of the 50,000 stock options outstanding, 20,926 are non-qualified stock options. All options have been registered with the SEC. 

 

The following is a summary of restricted stock units issued during the years ended December 31, 2025 and 2024:

               
   Number of RSUs Outstanding  

Weighted Average

Grant Date

Fair Value

  

Aggregate

Intrinsic Value

 
Balance on December 31, 2023   94,832   $25.90   $2,456,149 
Units granted   43,666    12.41    541,932 
Units vested/issued   (18,999)   20.26    (384,830)
Units forfeited   (24,333)   25.85    (628,984)
Balance on December 31, 2024   95,166    20.85    1,984,267 
Units granted   56,662    10.93    619,316 
Units vested/issued   (30,083)   15.62    (469,896)
Units forfeited   –    –    – 
Balance on December 31, 2025   121,745    17.53    2,134,190 

 

During the year ended December 31, 2025, the Company granted 56,662 shares of restricted stock units to employees, contractors and the Board of Directors, which vest at various intervals over the next 3 years. The average grant date fair value of these grants was $10.93 per share during the year ended December 31, 2025. During the year ended December 31, 2025, 30,083 restricted stock units with a grant date average intrinsic value of $15.62 per share, vested and exercised. As of December 31, 2025, there was $669,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2028.

 

During the years ended December 31, 2025 and 2024, the Company recorded compensation expense of $884,000 and $684,000, respectively, related to stock options and restricted stock units.