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Stock-Based Compensation Plan (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2020 and 2019, consisted of the following:
|  | Years Ended December 31,
Income Statement Classification |  | 2020 |  | 2019
Cost of revenues |  | $ | 86,649 |  |  | $ | 94,803 |
Research and development |  |  | 137,537 |  |  |  | 151,121 |
Sales and marketing |  |  | 121,802 |  |  |  | 121,633 |
General and administrative |  |  | 161,063 |  |  |  | 152,334 |
|  | $ | 507,051 |  |  | $ | 519,891 |
Stock options' weighted average assumptions | The weighted-average estimated fair value of stock options granted during 2020 and 2019 was $0.50 and $1.08, respectively, using the following weighted-average assumptions:
|  | Years Ended December 31,
|  | 2020 |  | 2019
Risk-free interest rate (%) |  |  | 0.68 | % |  |  | 1.614 | %
Dividend yield |  |  | — |  |  |  | — |
Volatility factor |  |  | 43.62 | % |  |  | 42.58 | %
Expected option life (years) |  |  | 7.4 |  |  |  | 7.2 |
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, 2020 and 2019:
|  | Years Ended December 31,
|  | 2020 |  | 2019
Total intrinsic value of stock options exercised |  | $ | 167,882 |  |  | $ | 16,568 |
Cash received from stock option exercises |  | $ | 168,065 |  |  | $ | 23,314 |
Stock-based compensation arrangement by stock-based payment award, options, vested and unvested, outstanding and exercisable | The following summarizes stock option activity under the 2004 Plan as of and for the years ended December 31, 2020 and 2019:
|  |  | Outstanding Options
|  |  | Number of Shares |  |  |  | Weighted Average Price Per Share |  |  |  | Remaining Contractual Term (in years) |  |  |  | Intrinsic Value |
Balance at December 31, 2018 |  |  | 2,374,124 |  |  | $ | 2.54 |  |  |  |  |  |  |  |  |
Granted |  |  | 551,256 |  |  | $ | 2.20 |  |  |  |  |  |  |  |  |
Exercised |  |  | (24,494 | ) |  | $ | 0.95 |  |  |  |  |  |  |  |  |
Canceled |  |  | (508,100 | ) |  | $ | 2.92 |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 |  |  | 2,392,786 |  |  | $ | 2.40 |  |  |  |  |  |  |  |  |
Granted |  |  | 37,000 |  |  | $ | 1.08 |  |  |  |  |  |  |  |  |
Exercised |  |  | (100,239 | ) |  | $ | 1.68 |  |  |  |  |  |  |  |  |
Canceled |  |  | (334,741 | ) |  | $ | 2.84 |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 |  |  | 1,994,806 |  |  | $ | 2.34 |  |  |  | 5.50 |  |  | $ | 690,769 |
Exercisable |  |  | 1,602,695 |  |  | $ | 2.34 |  |  |  | 4.75 |  |  | $ | 603,382 |
Unvested |  |  | 392,111 |  |  | $ | 2.31 |  |  |  | 8.33 |  |  | $ | 87,387 |
Schedule of stock-based compensation, shares authorized under stock option plans, by exercise price range | Stock options outstanding as of December 31, 2020 are summarized below:
|  |  |  |  | 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 |  |  |  | 352,081 |  |  |  | 3.25 |  |  | $ | 1.06 |  |  |  | 325,873 |  |  | $ | 1.06 |
| $1.50 - $1.82 |  |  |  | 99,540 |  |  |  | 1.00 |  |  | $ | 1.74 |  |  |  | 99,540 |  |  | $ | 1.74 |
| $1.89 - $2.27 |  |  |  | 456,891 |  |  |  | 5.17 |  |  | $ | 2.07 |  |  |  | 368,771 |  |  | $ | 2.11 |
| $2.32 - $2.49 |  |  |  | 407,826 |  |  |  | 7.58 |  |  | $ | 2.34 |  |  |  | 200,125 |  |  | $ | 2.35 |
| $2.50 - $2.75 |  |  |  | 241,188 |  |  |  | 5.33 |  |  | $ | 2.71 |  |  |  | 241,188 |  |  | $ | 2.71 |
| $2.82 - $2.93 |  |  |  | 195,355 |  |  |  | 7.17 |  |  | $ | 2.93 |  |  |  | 141,206 |  |  | $ | 2.93 |
| $3.10 - $3.88 |  |  |  | 73,400 |  |  |  | 6.00 |  |  | $ | 3.69 |  |  |  | 71,600 |  |  | $ | 3.70 |
| $4.22 - $4.49 |  |  |  | 168,525 |  |  |  | 6.42 |  |  | $ | 4.25 |  |  |  | 154,392 |  |  | $ | 4.24 |
| $0.95 - $4.49 |  |  |  | 1,994,806 |  |  |  | 5.50 |  |  | $ | 2.34 |  |  |  | 1,602,695 |  |  | $ | 2.34 |

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