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Stock-Based Compensation Plan (Tables)
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Schedule of employee service stock-based compensation, allocation of recognized period costs

The stock-based compensation expense included in the Company’s statements of income for the years ended December 31, 2019 and 2018, consisted of the following:

 

   Years Ended December 31,
Income Statement Classification  2019  2018
  Cost of revenues  $94,803   $81,141 
  Research and development   151,121    128,552 
  Sales and marketing   121,633    126,312 
  General and administrative   152,334    151,801 
   $519,891  $487,806

  
Stock options' weighted average assumptions

The weighted-average estimated fair value of stock options granted during 2019 and 2018 was $1.08 and $1.62, respectively, using the following weighted-average assumptions:

 

   Years Ended December 31,
   2019  2018
Risk-free interest rate (%)   1.614%   2.96%
Dividend yield   —      —   
Volatility factor   42.58%   56.02%
Expected option life (years)   7.2    6.4 

  
Schedule of stock-based compensation, stock option, activity

The table below presents the information related to stock option activity for the years ended December 31, 2019 and 2018:

 

   Years Ended December 31,
   2019  2018
Total intrinsic value of stock options exercised  $16,568   $197,130 
Cash received from stock option exercises  $23,314   $279,176 

  
Stock-based compensation arrangement by stock-based payment award, options, vested and unvested, outstanding and exercisable

Changes in stock options as of and for the years ended December 31, 2019 and 2018 are as follows:

 

 

         Outstanding Options
    

 

Shares

Available

For Grant

    

 

Number

of Shares

    

Weighted

Average

Price Per Share

    Remaining Contractual Term
(in years)		    

 

 

Intrinsic
Value

 
Balance at December 31, 2017   85,337    2,247,026   $2.50           
   Increase in shares authorized   280,445    —                  
   Granted   (281,300)   281,300   $2.86           
   Exercised   —      (121,981)  $2.29           
   Canceled   32,221    (32,221)  $3.61           
Balance at December 31, 2018   116,703    2,374,124   $2.54           
   Increase in shares authorized   235,324    —                  
   Granted   (551,256)   551,256   $2.20           
   Exercised   —      (24,494)  $0.95           
   Canceled   508,100    (508,100)  $2.92           
Balance at December 31, 2019   308,871    2,392,786   $2.40    5.58   $193,170 
Exercisable        1,714,299   $2.34    4.17   $193,170 
Unvested        683,589   $2.50    9.08    —   

  
Schedule of stock-based compensation, shares authorized under stock option plans, by exercise price range

The following table summarizes information about stock options outstanding and exercisable at December 31, 2019:

 

     Options Outstanding     Options Exercisable
 

 

Range of

Exercise

Prices

    

 

Number of

Options Outstanding

    Weighted Average Remaining Life (Years)    

 

Weighted

Average Exercise Price

    

 

Number of Options Exercisable

    

 

Weighted Average Exercise Price

 
 $0.95 - $1.25    340,380    3.58   $1.05    340,380   $1.05 
 $1.50 - $1.82    141,855    2.08   $1.73    141,855   $1.73 
 $1.89 - $2.27    513,647    6.08   $2.07    369,493   $2.07 
 $2.32 - $2.49    474,860    6.00   $2.34    135,317   $2.34 
 $2.50 - $2.75    318,182    6.17   $2.69    300,210   $2.69 
 $2.82 - $2.93    219,374    8.17   $2.93    107,459   $2.93 
 $3.04 - $3.88    200,880    3.67   $3.37    194,901   $3.37 
 $4.22 - $4.49    183,608    7.42   $4.24    124,684   $4.24 
 $0.95 - $4.49    2,392,786    5.58   $2.40    1,714,299   $2.40