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Note 10 - Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Equity [Text Block]

NOTE 10 – STOCKHOLDERS’ EQUITY

 

Common Stock – The Company has 50,000,000 authorized shares of common stock, $0.001 par value. As of June 30, 2024 and December 31, 2023, there were 5,819,272 and 5,727,310 shares of common stock issued and outstanding, respectively.

 

Stock Issuances 

 

During the six months ended June 30, 2024, the Company has made the following issuances of common stock: 

 

On January 3, 2024, the Company issued 24,500 shares of Common Stock to settle RSUs. The RSUs were valued at $73,500 for services provided by the Board of Directors in 2023. The Company recognized the stock-based compensation of the award over the requisite service period during the year ended December 31, 2023.

 

On January 3, 2024, the Company issued 85,528 shares of Common Stock to settle RSUs. The RSUs were valued at $289,672 for services provided by management in 2023. The Company recognized the stock-based compensation of the award over the requisite service period during the year ended December 31, 2023. In connection with the issuance, 29,998 shares of Common Stock, with a total value of $104,940, were retired to settle tax withholdings associated with stock-based compensation.

 

On June 24, 2024, the Company issued 11,932 shares of Common Stock to settle RSUs. The RSUs were valued at $36,750 for services provided by the Board of Directors from 2023 to 2024. The Company recognized the stock-based compensation of the award over the requisite service period from 2023 to 2024.

 

Warrants 

 

The following is a summary of the periodic changes in warrants outstanding for the six months ended June 30, 2024 and 2023:

 

  

2024

  

2023

 

Outstanding, December 31

  5,021,354   4,490,104 

Warrants issued in connection with public offering and private placement

  -   - 

Exercises and conversions

  -   - 

Outstanding, June 30

  5,021,354   4,490,104 

 

Stock-based Compensation 

 

In 2013, the Company’s Board of Directors adopted a Share Incentive Plan (the “Incentive Plan”). Under the terms and conditions of the Incentive Plan, the Board of Directors is empowered to grant RSUs to officers, directors, and consultants of the Company. At June 30, 2024, 52,082 RSUs were granted and outstanding under the Incentive Plan. Directors of the Company receive share compensation consisting of annual grants of $36,750 ($73,500 for the Chairman of the Board) in RSUs per annum with one-year vesting.

 

In 2022, the Company’s Board of Directors adopted an Equity Incentive Plan (the “2022 Incentive Plan”). Under the terms and conditions of the 2022 Incentive Plan, the Board of Directors is empowered to grant RSUs to officers and directors of the Company. At June 30, 2024, 353,471 RSUs were granted and outstanding under the 2022 Incentive Plan.

 

The Company recognizes compensation costs for RSU grants to Directors and management based on the stock price on the date of the grant.

 

The Company recognized stock-based compensation expense related to RSU grants of $166,617 and $193,924 for the three-month periods ended June 30, 2024 and 2023, respectively. For the six months periods ended June 30, 2024, and 2023, respectively, the stock-based compensation related to share grants was $359,938 and $351,097. On June 30, 2024, the Company had $978,358 of unrecognized compensation cost related to non-vested stock grants.

 

A summary of the status of the RSUs as of June 30, 2024 and changes during the period are presented below:

 

  

June 30, 2024

 
  

Number of

units

  

Weighted

Average
Grant-Date

Fair value

  

Aggregated

Intrinsic
Value

 
             

Outstanding, December 31, 2023

  314,461  $3.46  $- 

Granted

  311,154   3.20   - 

Vested and settled with share issuance

  (121,960)  (3.28)  - 

Forfeited

  (98,102)  (3.54)  - 

Outstanding, June 30, 2024

  405,553  $3.30  $-