XML 29 R18.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Note 12 - Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Equity [Text Block]

12.

STOCKHOLDERS’ EQUITY

 

Issuances of Common Stock

 

During the six-month periods ended June 30, 2024, and 2023, there have not been any shares of common stock issued to anyone outside the Company, except as noted below under Issuances to Directors, Executive Officers & Consultants

 

On June 18, 2021, the stockholders approved the Employee Stock Purchase Plan. Under the terms of this plan, 43,334 shares of common stock are reserved for issuance to employees and officers of the Company at a purchase price equal to 85% of the lower of the closing price of the common stock on the first day or the last day of the offering period as reported on the Nasdaq Capital Market. Eligible employees are granted an option to purchase shares under the plan funded by payroll deductions. The Board may suspend or terminate the plan at any time, otherwise the plan expires June 17, 2031. On June 28, 2024, 1,390 shares were issued to employees which resulted in a $456 non-cash compensation expense for the Company. On June 30, 2023, 1,557 shares were issued to employees which resulted in a $3,563 non-cash compensation expense for the Company. 

 

Issuances of Restricted Stock

 

Restricted stock consists of shares of common stock that are subject to restrictions on transfer and risk of forfeiture until the fulfillment of specified conditions. The fair value of nonvested shares is determined based on the market price of the Company's common stock on the grant date. Nonvested stock is expensed ratably over the term of the restriction period.

 

During the six-month periods ended June 30, 2024 and 2023, the Company issued 0 and 2,222 shares of restricted common stock, respectively, to certain employees. These shares vest in equal annual installments over a three-year period from the date of grant and had a fair value on the date of issuance of $0 and $31,200, respectively.

 

During the six-month periods ended June 30, 2024 and 2023, 502 and 1,901 shares of restricted common stock were forfeited, respectively.

 

Share based compensation for the six-month periods ended June 30, 2024 and 2023, was $96,561 and $120,767, respectively.

 

Issuances to Directors

 

During the six-month periods ended June 30, 2024, and 2023 the Company issued 4,287 and 2,141 shares of common stock to its directors in lieu of payment of board and committee fees valued at $9,003 and $28,004, respectively. 

 

Employees’ exercise options

 

During the six-month periods ended June 30, 2024 and 2023, no employee stock options were exercised.

 

3. Warrants

 

There were no warrants issued during the six-month periods ended June 30, 2024 and 2023.  There were 777,666 prefunded warrants exercised during the three-month period ended March 31, 2024.