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OPTIONS
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
OPTIONS

NOTE 15 – 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 155,556 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 133,333 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 as a result of the annual meeting shareholder vote increased the number of shares available to grant to employees under the 2019 incentive plan by 2 million. The administrator did not approve an increase in the number of shares covered under the plan as of April 1, 2022.

 

For the nine-month period ended September 30, 2023, 603 options to purchase shares were granted, 140 options to purchase shares were forfeited and 2,319 options expired. For the nine-month period ended September 30, 2023, no options to purchase shares of common stock were exercised.

 

Total compensation cost related to stock options granted was $25,978 and $67,439 for the nine-months ended September 30, 2023, and 2022, respectively.

 

The following table represents stock option activity for the nine-month period ended September 30, 2023:

 

   Number Outstanding   Weighted-
Average
Exercise Price		   Weighted-
Average
Contractual Life
in Years		  

Intrinsic

Value

 
Options outstanding as of December 31, 2022   19,708   $66.00    3.92   $- 
Options exercisable as of December 31, 2022   17,167    66.30    3.89    - 
Options granted   603    6.08    4.51    59,976 
Options forfeited   (140)   82.33    2.00    - 
Options expired   (2,319)   89.88    0.08    - 
Options exercised   -    -    -    - 
Options outstanding As of September 30, 2023   17,852    66.10    3.95    112,073 
Options exercisable As of September 30, 2023   17,252    62.43    2.99    52,097