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OPTIONS
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
OPTIONS

NOTE 7 – OPTIONS

 

The Company maintains stock option plans under which certain employees are awarded option grants based on a combination of performance and tenure. The stock option plans provide for the grant of up to 2,333,333 shares, and the Company’s Second Amended and Restated 2019 Equity Incentive Plan provides for automatic increases in the number of shares available under such plan (currently 2,000,000 shares) on April 1st of each calendar year, beginning in 2021 and ending in 2029 (each a “Date of Determination”), in each case subject to the approval and determination of the administrator of the plan (the Board of Directors or Compensation Committee) on or prior to the applicable Date of Determination, equal to the lesser of (A) ten percent (10%) of the total shares of common stock of the Company outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares as determined by the administrator. The administrator did not approve an increase in the number of shares covered under the plan as of April 1, 2022 or 2021.

 

For the nine-month period ended September 30, 2022, no options to purchase shares were granted, 10,207 were forfeited, and 61,900 expired. For the nine-month period ended September 30, 2022, no options to purchase shares of common stock were exercised.

 

Total compensation cost related to stock options granted was $67,439 and $137,130 for the nine-months ended September 30, 2022, and 2021, respectively.

 

The following table represents stock option activity for the nine-month period ended September 30, 2022:

 

   Number Outstanding  

Weighted Average
Exercise Price

  

Contractual Life in Years

  

Intrinsic

Value

 
Options Outstanding as of December 31, 2021   410,964   $4.78    4.67   $368,417 
Options Exercisable as of December 31, 2021   302,191   $4.88    4.38   $257,186 
Options granted   -   $-    -   $- 
Options forfeited   (10,207)  $4.73    3.91   $- 
Options expired   (61,900)  $5.56    2.05   $- 
Options exercised   -   $-    -   $- 
Options outstanding as of September 30, 2022   338,857   $4.64    4.26   $- 
Options exercisable as of September 30, 2022   286,841   $4.64    4.15   $-