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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2023
Compensation Related Costs [Abstract]  
STOCK-BASED COMPENSATION

NOTE 14 – STOCK-BASED COMPENSATION

 

Pursuant to the Company’s 2019 Omnibus Equity Incentive Plan adopted and approved in 2019 (“2019 Plan”), awards under the 2019 Plan is limited in the aggregate to 2,068,398 shares of our common stock, inclusive of the awards that were previously issued and outstanding under the Company’s 2007 Equity Incentive Plan, as amended (the “2007 Plan”). Upon adoption and approval of the 2019 Plan, the 2007 Plan was frozen, no new awards will be granted under the 2007 Plan, and outstanding awards under the 2007 Plan will continue to be governed by the terms and condition of the 2007 Plan and applicable award agreement. As of December 31, 2023, the number of shares of the Company’s common stock available for grant of stock options and issuance under the 2019 Plan is 561,801 shares.

 

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The risk free rate is based on the yield-to-maturity in continuous compounding of the US Government Bonds with the time-to-maturity similar to the expected tenor of the option granted, volatility is based on the annualized historical stock price volatility of the Company, and the expected life is based on the historical option exercise pattern.

 

For the year ended December 31, 2023 and 2022, total compensation costs for options issued recorded in the consolidated statement of comprehensive income (loss) were $0 and $0. There were no related tax benefits as a full valuation allowance was recorded in the years ended December 31, 2023 and 2022.

 

 

NOTE 14 – STOCK-BASED COMPENSATION – Continued

 

The following table summarizes all Company stock option transactions between January 1, 2023 and December 31, 2023.

 

      Number of Option
and Warrants
Outstanding and exercisable		       Weighted- Average Exercise price of Option
and Warrants		       Range of
Exercise Price per Common Share		  
Balance, January 1, 2023     —     $ —     $ —  
Exercised     —     $ —     $ —  
Expired     —       —       —  
Balance, December 31, 2023     —       —       —  

 

Stock and Warrants Options Exercisable and Outstanding
            Weighted Average Remaining
    Outstanding at December 31, 2023  

Range of

Exercise Prices

  

Contractual Life

(Years)

Exercisable and outstanding   —   —   —

 

All options exercisable and outstanding at December 31, 2023 are fully vested. As of December 31, 2023, there was no unrecognized compensation cost related to outstanding stock options,

 

The aggregate intrinsic value of options outstanding and exercisable as of December 31, 2023 and 2022 was $0 and $0.