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Note J - Stock Option Plans | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | NOTE J — STOCK OPTION PLANS The 2004 Stock Option Plan provided for the grant of options to purchase up to 750,000 shares of Milestone Scientific's common stock. Options may be granted to employees, officers, directors and consultants of Milestone Scientific for the purchase of common stock at a price not less than the fair market value of the common stock on the date of the grant. Generally, options become exercisable over a three -year period from the grant date and expire five years after the date of grant. There were no shares available for grant at December 31, 2019 or 2018 under this plan. In June 2011, the stockholders of Milestone Scientific approved the 2011 Stock Option Plan (the "2011 Plan") which originally provided for stock options to our employees, directors and consultants and incentive and non-qualified stock options to purchase up to 2,000,000 shares of common stock and was later amended in 2016 to increase the maximum number of shares reserved for grant to 4,000,000. Generally, options become exercisable over a three -year period from the grant date and expire five years after the date of grant. Milestone Scientific recognizes compensation expense over the requisite service period and in the case of performance-based options over the period of the expected performance. For the twelve months ended December 31, 2019 and 2018, Milestone Scientific recognized $181,448 and $398,301 of total employee compensation cost, respectively. As of December 31, 2019 and 2018, there was $82,526 and $263,974 of total unrecognized compensation cost related to non- vested options, respectively. Milestone Scientific expects to recognize these costs over a weighted average period of 1 year and 1.75 years as of December 31, 2019 and 2018, respectively. A summary of option activity for employees under the plans and changes during the years ended December 31, 2019 and 2018 is presented below:
|  | Number of Options |  |  | Weighted Averaged Exercise Price $ |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Options Value $ |
Options outstanding December 31, 2017 |  |  | 1,985,335 |  |  |  | 1.74 |  |  |  | 3.04 |  |  |  | 25,160 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised during 2018 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (315,114 | ) |  |  | 1.50 |  |  |  | - |  |  |  | - |
Options outstanding December 31, 2018 |  |  | 1,670,221 |  |  |  | 1.71 |  |  |  | 2.40 |  |  |  | - |
Exercisable, December 31, 2018 |  |  | 1,317,632 |  |  |  | 1.79 |  |  |  | 2.15 |  |  |  | - |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised during 2019 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (457,779 | ) |  |  | 1.96 |  |  |  | - |  |  |  | - |
Options outstanding December 31, 2019 |  |  | 1,212,442 |  |  |  | 1.61 |  |  |  | 2.00 |  |  |  | 114,570 |
Exercisable, December 31, 2019 |  |  | 1,117,834 |  |  |  | 1.65 |  |  |  | 1.90 |  |  |  | 88,982 |
A summary of option activity for non-employees under the plans and changes during the years ended December 31, 2019 and 2018, is presented below:
|  | Number of Options |  |  | Weighted Averaged Exercise Price $ |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Options Value $ |
Options outstanding December 31, 2017 |  |  | 224,999 |  |  |  | 2.53 |  |  |  | 4.32 |  |  |  | - |
Granted |  |  | 8,333 |  |  |  | 0.75 |  |  |  | 4.33 |  |  |  |  |
Exercised during 2018 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | (200,000 | ) |  |  | 2.55 |  |  |  | - |  |  |  |  |
Options outstanding December 31, 2018 |  |  | 33,332 |  |  |  | 1.87 |  |  |  | 2.94 |  |  |  |  |
Exercisable, December 31, 2018 |  |  | 27,777 |  |  |  | 2.10 |  |  |  | 2.66 |  |  |  |  |
Granted |  |  | 16,666 |  |  |  | 0.55 |  |  |  | 4.43 |  |  |  | 13,999 |
Exercised during 2019 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited or expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |
Options outstanding December 31, 2019 |  |  | 49,998 |  |  |  | 1.43 |  |  |  | 2.94 |  |  |  | 19,333 |
Exercisable, December 31, 2019 |  |  | 36,109 |  |  |  | 1.76 |  |  |  | 2.44 |  |  |  | 8,222 |
The fair value of the non-employee options was estimated on the date of grant using the Black Scholes option-pricing model at the date of grant. For the twelve months ended December 31, 2019 and 2018, Milestone Scientific recognized $2,439 and $9,384 expense related to non-employee options, respectively.

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