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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

SUMMARY OF STOCK OPTIONS OUTSTANDING

Activity in the various Plans during the years ended December 31, 2022 and 2021 is reflected in the following table:

 SUMMARY OF STOCK OPTIONS OUTSTANDING 

Options		Number of Shares				Weighted Average Exercise Price
Outstanding at January 1, 2021			41,916			$	64.00
Granted			15,000				33.40
Exercised			—				—
Forfeited			(2,613	)			(232.20	)
Outstanding at December 31, 2021			54,303			$	47.40
Exercisable at December 31, 2021			46,803			$	49.60

Options		Number of Shares				Weighted Average Exercise Price
Outstanding at January 1, 2022			54,303			$	47.40
Granted			1,250				19.60
Exercised			—				—
Forfeited			(1,603	)			(80.80	)
Outstanding at December 31, 2022			53,950			$	45.80
Exercisable at December 31, 2022			53,950			$	45.80

SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION

The Company has utilized the following assumptions in its Black-Scholes option valuation model to calculate the estimated grant date fair value of the options during the years ended December 31, 2022 and 2021:

 SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTION 

		2022				2021
		Assumptions				Assumptions
Volatility – range			111.67	%			113	%
Risk-free rate			1.81	%			1.30	%
Expected term			10.0 years				10.0 years
Exercise price		$	19.60			$	33.40

SCHEDULE OF SHARES AUTHORIZED UNDER STOCK OPTION PLANS BY EXERCISE PRICE RANGE

The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable options under the Company’s option plans as of December 31, 2022:

SCHEDULE OF SHARES AUTHORIZED UNDER STOCK OPTION PLANS BY EXERCISE PRICE RANGE  

Outstanding options

Exercisable options

Exercise price range

Number of options

Weighted average remaining contractual life

Number of options

Weighted average remaining contractual life

$

0.01 to $49.99

37,000

7.6 years

37,000

7.6 years

$

50.00 to $69.99

15,100

5.5 years

15,100

5.5 years

$

70.00 to $89.99

1,850

2.8 years

1,850

2.8 years

53,950

6.8 years

53,950

6.8 years

SUMMARY OF RESTRICTED STOCK ACTIVITY

A summary of all restricted stock activity under the equity compensation plans for the years ended December 31, 2022 and 2021 is as follows:

SUMMARY OF RESTRICTED STOCK ACTIVITY  

		Number of Restricted shares				Weighted average grant date fair value
Nonvested balance, January 1, 2021			36,006			$	33.80
Granted			42,800				41.40
Vested			(25,563	)			(38.80	)
Forfeited			(375	)			(21.60	)
Nonvested balance, December 31, 2021			52,869			$	37.40

		Number of Restricted shares				Weighted average grant date fair value
Nonvested balance, January 1, 2022			52,869			$	37.40
Granted			60,750				14.67
Vested			(31,244	)			(34.73	)
Forfeited			(3,250	)			(21.20	)
Nonvested balance, December 31, 2022			79,125			$	21.73

SCHEDULE OF NON-VESTED BALANCE OF RESTRICTED STOCK

The nonvested balance of restricted stock vests as follows:

SCHEDULE OF NON-VESTED BALANCE OF RESTRICTED STOCK  

Years ended		Number of shares
2023			57,250
2024			12,750
2025			4,000
2026			3,625
2027			1,500

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