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Stock-Based Compensation Plan (Tables)
 12 Months Ended
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