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Note S - Stock Options | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | NOTE S — STOCK OPTIONS 2004 Stock Option Plan On October 12, 2004, the Board of Directors of the Company approved the 2004 Stock Option Plan (the “2004 Plan”). The 2004 Plan was not presented to stockholders for approval and thus incentive stock options were not available under this plan. Under the terms of this plan, 20,834 shares of common stock were reserved for issuance to employees, officers, directors, and consultants of the Company at exercise prices which may not be below 85% of fair market value. The term of stock options granted may not exceed ten years. Options issued under the 2004 Plan vest pursuant to the terms of stock option agreements with the recipients. In the event of a change in control, as defined, all options outstanding vest immediately. The 2004 Plan expired in October 2014. 2015 Stock Option Plan On January 27, 2016, the shareholders approved the 2015 Equity Incentive Plan (the “2015 Plan”). Under the terms of this plan, 187,500 shares of common stock are reserved for issuance to employees, officers, directors, and consultants of the Company at exercise prices which may not be below 100 - 110% of fair market value. At our annual shareholders meeting in 2019, we adopted an amendment to the 2015 Plan which increases the number of shares of common stock authorized for issuance under the 2015 Plan from 83,334 shares to 187,500 shares and also effected certain changes in light of the Tax Cuts and Jobs Act of 2017 and its impact on Section 162 (m) of the United States Internal Revenue Code of 1986, as amended. The term of stock options granted may not exceed ten years. Options issued under the 2015 Plan vest pursuant to the terms of stock option agreements with the recipients. In the event of a change in control, certain stock awards issued under this plan may be subject to additional acceleration of vesting as may be provided in the participants' written agreement. The 2015 Plan expires in December 2025. Non-Plan Stock Options Periodically, the Company has granted options outside of the 2004 and 2015 Plans to various employees and consultants. In the event of change in control, as defined, certain of the non-plan options outstanding vest immediately. Stock Option Activity Information summarizing option activity is as follows:
|  | Number of Options |  |  | Weighted average |  |  | Weighted average remaining |  |  | Aggregate |
|  | 2004 Plan |  |  | 2015 Plan |  |  | Non Plan |  |  | Total |  |  | exercise price |  |  | life (in years) |  |  | intrinsic value |
Outstanding, as of December 31, 2018 |  |  | 4,167 |  |  |  | 47,740 |  |  |  | 146,596 |  |  |  | 198,503 |  |  | $ | 21.76 |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | 30,167 |  |  |  | — |  |  |  | 30,167 |  |  |  | 9.36 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | (5,077 | ) |  |  | (521 | ) |  |  | (5,598 | ) |  |  | 18.16 |  |  |  |  |  |  |  |  |
Expired |  |  | (261 | ) |  |  | (1,839 | ) |  |  | (2,005 | ) |  |  | (4,105 | ) |  |  | 24.64 |  |  |  |  |  |  |  |  |
Outstanding, as of December 31, 2019 |  |  | 3,906 |  |  |  | 70,991 |  |  |  | 144,070 |  |  |  | 218,967 |  |  | $ | 20.08 |  |  |  | 5.00 |  |  | $ | 0 |
Granted |  |  | — |  |  |  | 28,440 |  |  |  | — |  |  |  | 28,440 |  |  |  | 5.04 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | (4,545 | ) |  |  | — |  |  |  | (4,545 | ) |  |  | 17.34 |  |  |  |  |  |  |  |  |
Expired |  |  | (3,906 | ) |  |  | (703 | ) |  |  | (10,979 | ) |  |  | (15,588 | ) |  |  | 29.17 |  |  |  |  |  |  |  |  |
Outstanding, as of December 31, 2020 |  |  | — |  |  |  | 94,183 |  |  |  | 133,091 |  |  |  | 227,274 |  |  | $ | 17.61 |  |  |  | 3.87 |  |  | $ | 0 |
Vested or expected to vest at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 209,427 |  |  | $ | 18.51 |  |  |  | 3.68 |  |  | $ | 0 |
Exercisable at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 167,980 |  |  | $ | 20.77 |  |  |  | 3.21 |  |  | $ | 0 |
The options outstanding and exercisable at December 31, 2020 were in the following exercise price ranges:
|  |  |  |  |  | Options Outstanding |  |  | Options Exercisable |
Range of exercise prices |  |  | Number of shares |  |  | Weighted average exercise price |  |  | Weighted average remaining life (in years) |  |  | Number exercisable |  |  | Weighted average exercise price |
$ | 3.60 | - | 5.20 |  |  |  | 28,065 |  |  | $ | 5.01 |  |  |  | 6.67 |  |  |  | 84 |  |  | $ | 4.08 |
$ | 5.21 | - | 15.68 |  |  |  | 49,919 |  |  |  | 12.16 |  |  |  | 4.82 |  |  |  | 23,814 |  |  |  | 13.30 |
$ | 15.69 | - | 39.36 |  |  |  | 149,290 |  |  |  | 21.80 |  |  |  | 3.06 |  |  |  | 144,082 |  |  |  | 22.01 |
$ | 3.60 | - | 39.36 |  |  |  | 227,274 |  |  |  |  |  |  |  |  |  |  |  | 167,980 |  |  |  |  |
The aggregate intrinsic value in the table above represents the total intrinsic value, based on the Company's closing stock price of $3.52 as of December 31, 2020, which would have been received by the option holders had all option holders exercised their options as of that date. The total number of in-the-money options exercisable as of December 31, 2020 was 0. The weighted average fair value of options granted during the years ended December 31, 2020 and 2019 was $3.16 and $8.24 per share, respectively. The total intrinsic value of options exercised during the years ended December 31, 2020 and 2019 was $0 . The total fair value of shares vested during the years ended December 31, 2020 and 2019 was $899,750 and $891,760, respectively. As of December 31, 2020, future forfeiture adjusted compensation cost related to nonvested stock options is $232,547 and will be recognized over an estimated weighted average period of 1.21 years.

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