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SHARE BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement [Text Block]

7 - SHARE BASED COMPENSATION

 

Our 2018 Stock Incentive Plan (the “Plan”) authorizes the issuance of up to 1,000,000 shares pursuant to options or awards granted under the Plan. Under the Plan, incentive stock and nonstatutory options were granted at prices equal to at least the fair market value of our Class A common stock at the date of grant. Outstanding options vest in three (3) equal annual installments beginning one (1) year from the date of grant and are subject to termination provisions as defined in the Plan. There was no options granted in 2023. The fair values of options in 2024 were estimated using the Black-Scholes option-pricing model at their respective grant date using the following assumptions:

 

   Year Ended
December 31,		 
   2024 
Weighted-average grant date fair value per share   $0.14 - $0.19 
Risk-free interest rate   4.2%
Dividend yield   5.9%
Expected term (in years)   10 
Volatility   15%

Stock option activity during the periods indicated is as follows:

 

   Number of
Shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Years Remaining
Contractual
Term		   Aggregate
Intrinsic
Value		 
Outstanding at December 31, 2022   224,600   $2.45    5.0   $492,000 
Exercised   (25,000)   2.14    -    - 
Forfeited   (3,000)   0.96    -    - 
Outstanding at December 31, 2023   196,600   $3.25    5.5   $112,000 
Granted   20,000    2.69    7.0    - 
Forfeited   (15,000)   2.95    -    - 
Outstanding at December 31, 2024   201,600   $3.22    5.2   $30,000 
Exercisable at December 31, 2024   161,400   $3.24    4.7   $30,000 

 

At December 31, 2024, the range of individual weighted average exercise prices was $2.63 to $3.95 and the unamortized compensation expense was approximately $4,000.