XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.22.1

Note 10 - Stockholders' Equity | 12 Months Ended
--- | ---
Dec. 31, 2021
Notes to Financial Statements |
Shareholders' Equity and Share-based Payments [Text Block] | Note 10 – Stockholders’ equity 2001 Non-Qualified Stock Option Plan In November 2006, the Company registered a non-qualified stock option plan that the shareholders had approved in July 2001, covering key employees, officers, directors and other persons that may be considered as service providers to the Company. Options were awarded by the Board of Directors or by a committee appointed by the Board. Under the plan, an aggregate of 300,000 shares of Company common stock, $.01 par value, were reserved for issuance or transfer upon the exercise of options which were granted. Unless otherwise provided in the option agreement, options granted under the plan would vest over a four-year period commencing one year from the anniversary date of the grant. The stock option plan expired on July 22, 2011. As of December 31, 2021 there were no options outstanding under this plan. 2007 Share Incentive Plan On December 12, 2007, shareholders approved the Company’s 2007 Share Incentive Plan (“Incentive Plan”), in connection therewith, 750,000 shares of the Company’s common stock are reserved for issuance pursuant to options or restricted stock that may be granted under the Share Incentive Plan through December 12, 2017. The Plan expired in December, 2017. As of December 31, 2021 there were 220,000 options outstanding under this plan. 2016 Share Incentive Plan On December 9, 2016, shareholders approved the Company’s 2016 Share Incentive Plan (“2016 Incentive Plan”), in connection therewith 750,000 shares of the Company’s common stock are reserved for issuance pursuant to options or restricted stock that may be granted under the 2016 Incentive Plan through December 9, 2026. As of December 31, 2021, there were 398,500 options outstanding under this plan. The purchase price of the common stock under each option plan shall be determined by the Committee, provided, however, that such purchase price shall not be less than the fair market value of the shares on the date such option is granted. The stock options generally expire seven to ten years after the date of grant. The Company recorded into general and administrative expenses stock-based compensation of $316,000 and $243,000 for the years ended December 31, 2021 and 2020, respectively. A summary of the stock option activity related to the 2001 Stock Option Plans, the 2007 Share Incentive Plan and the 2016 Share Incentive Plan for the period from January 1, 2020 through December 31, 2021 is as follows:
2001 Non-Qualified Stock Option Plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Beginning Balance Outstanding |  |  | Granted During Period |  |  | Exercised During Period |  |  | Canceled During Period |  |  | Ending Balance Outstanding |  |  | Exercisable |
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | 22,930 |  |  |  | - |  |  |  | - |  |  |  | (15,930 | ) |  |  | 7,000 |  |  |  | 7,000 |
Weighted average exercise price per share |  | $ | 5.36 |  |  |  | - |  |  |  | - |  |  | $ | 4.25 |  |  | $ | 7.90 |  |  | $ | 7.90 |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | 7,000 |  |  |  | - |  |  |  | - |  |  |  | (7,000 | ) |  |  | - |  |  |  | - |
Weighted average exercise price per share |  | $ | 7.90 |  |  |  | - |  |  |  | - |  |  | $ | 7.90 |  |  |  | - |  |  |  | - |
2007 Share Incentive Plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Beginning Balance Outstanding |  |  |  | Granted During Period |  |  |  | Exercised During Period |  |  |  | Canceled During Period |  |  |  | Ending Balance Outstanding |  |  |  | Exercisable |
Number of shares |  |  | 345,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 345,000 |  |  |  | 305,000 |
Weighted average exercise price per share |  | $ | 12.33 |  |  |  | - |  |  |  | - |  |  |  | - |  |  | $ | 12.33 |  |  | $ | 12.60 |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | 345,000 |  |  |  | - |  |  |  | - |  |  |  | (125,000 | ) |  |  | 220,000 |  |  |  | 200,000 |
Weighted average exercise price per share |  | $ | 12.33 |  |  |  | - |  |  |  | - |  |  | $ | 11.94 |  |  | $ | 12.56 |  |  | $ | 12.78 |
2007 Share Incentive Plan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Beginning Balance Outstanding |  |  |  | Granted During Period |  |  |  | Exercised During Period |  |  |  | Canceled During Period |  |  |  | Ending Balance Outstanding |  |  |  | Exercisable |
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | 65,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 65,000 |  |  |  | - |
Weighted average exercise price per share |  | $ | 5.94 |  |  |  | - |  |  |  | - |  |  |  | - |  |  | $ | 5.94 |  |  |  | - |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of shares |  |  | 65,000 |  |  |  | 333,500 |  |  |  | - |  |  |  | - |  |  |  | 398,500 |  |  |  | 65,000 |
Weighted average exercise price per share |  | $ | 5.94 |  |  | $ | 4.13 |  |  |  | - |  |  |  | - |  |  | $ | 4.43 |  |  | $ | 5.94 |
For the year ended December 31, 2021, the Company granted 333,500 stock options, vesting 25% per year over four years, with a ten-year life. The Company determined the fair value of stock options granted during the year ended December 31, 2021 is based upon weighted average assumptions as provided below.
Stock Price |  | $ | 4.13 |
Exercise Price |  | $ | 4.13 |
Dividend yield |  |  | 0 | %
Expected volatility |  |  | 67 | %
Risk-Free interest rate |  |  | 1.36 | %
Expected life (in years) |  |  | 6.00 |
The Company has 618,500 of outstanding stock options under the three plans at December 31, 2021. The following table summarizes information about the outstanding and exercisable options at December 31, 2021.
|  |  |  | Options Outstanding |  |  |  |  |  |  |  |  |  |  | Options Exercisable |  |  |  |  |
Exercise Price Range |  |  | Number Outstanding |  |  | Weighted Average Remaining Contractual |  |  | Weighted Average Exercise Price |  |  | Intrinsic Value |  |  | Number Exercisable |  |  | Weighted Average Exercise Price |  |  | Intrinsic Value |
$ | 4.00-7.00 |  |  |  | 378,500 |  |  |  | 9.3 |  |  | $ | 4.23 |  |  | $ | 21,000 |  |  |  | 45,000 |  |  | $ | 5.00 |  |  | $ | 0 |
$ | 7.01-10.00 |  |  |  | 20,000 |  |  |  | 6.3 |  |  | $ | 8.07 |  |  | $ | 0 |  |  |  | 20,000 |  |  | $ | 8.07 |  |  | $ | 0 |
$ | 10.01-12.00 |  |  |  | 120,000 |  |  |  | 3.6 |  |  | $ | 10.52 |  |  | $ | 0 |  |  |  | 100,000 |  |  | $ | 10.56 |  |  | $ | 0 |
$ | 12.01-15.00 |  |  |  | 100,000 |  |  |  | .6 |  |  | $ | 15.00 |  |  | $ | 0 |  |  |  | 100,000 |  |  | $ | 15.00 |  |  | $ | 0 |
No options were exercised for the year ended December 31, 2021 and 2020. As of December 31, 2021, there was $730,000 of unrecognized compensation costs related to stock options expected to be recognized over a weighted average period of 3.49 years Restricted Stock Awards The following table summarizes restricted stock awards for the years ended December 31, 2021 and 2020:
|  | Shares of Restricted Stock |  |  | Weighted Average Grant Date Fair Value |
Unvested outstanding at January 1, 2020 |  |  | 0 |  |  | $ | 0 |
Granted |  |  | 30,200 |  |  | $ | 3.74 |
Vested |  |  | (30,200 | ) |  | $ | 3.74 |
Forfeited/Cancelled |  |  | - |  |  |  | - |
Unvested outstanding at December 31, 2020 |  |  | 0 |  |  | $ | 0 |
Granted |  |  | 42,800 |  |  | $ | 4.65 |
Vested |  |  | (36,000 | ) |  | $ | 4.60 |
Forfeited/Cancelled |  |  | (6,800 | ) |  | $ | 4.90 |
Unvested outstanding at December 31, 2021 |  |  | 0 |  |  | $ | 0 |
The total fair value of shares of restricted stock awards vested for the years ended December 31, 2021 and 2020 was approximately $160,000 and $113,000 respectively. The fair value of the outstanding restricted stock awards is recorded as stock compensation expense over the vesting period. Restricted Stock Units The following table summarizes restricted stock units for the years ended December 31, 2021 and December 31, 2020:
|  | Shares of Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value |
Unvested outstanding at January 1, 2020 |  |  | 22,575 |  |  | $ | 4.66 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | (12,825 | ) |  | $ | 8.81 |
Forfeited/Cancelled |  |  | (1,000 | ) |  | $ | 5.45 |
Unvested outstanding at December 31, 2020 |  |  | 8,750 |  |  | $ | 5.00 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | (3,250 | ) |  | $ | 5.29 |
Forfeited/Cancelled |  |  | (- | ) |  | $ | - - |
Unvested outstanding at December 31, 2021 |  |  | 5,500 |  |  | $ | 4.82 |
The total fair value of vested restricted stock units was $38,000 and $91,000 respectively for the years ended December 31, 2021 and 2020. The fair value of the outstanding restricted stock units will be recorded as stock compensation expense over the vesting period. As of December 31, 2021, there was $3,000 of total unrecognized compensation costs related to restricted stock units, which is expected to be recognized over a weighted-average period of .2 years.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration