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Shareholders' Equity
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Stockholders' Equity Shareholders’ Equity
Issuances of Common Stock
For the three months ended March 31, 2020, there were 100,000 shares of the Company’s common stock issued as a result of the exercise of stock options with a weighted average issue price of $1.78 per share. For the three months ended March 31, 2019, no shares were issued.
Three Months Ended March 31, 2020 (Unaudited)
Common StockTreasury StockAdditional Paid-In CapitalAccumulated DeficitTotal
January 1, 2020$39,613  $(18,929,915) $96,105,851  $(41,351,078) $35,864,471  
Stock-based compensation—  —  426,939  —  426,939  
Exercise of stock options100  —  174,900  —  175,000  
Net loss—  —  —  (2,214,139) (2,214,139) 
March 31, 2020$39,713  $(18,929,915) $96,707,690  $(43,565,217) $34,252,271  
Three Months Ended March 31, 2019 (Unaudited)
Common StockTreasury StockAdditional Paid-In CapitalAccumulated DeficitTotal
January 1, 2019$38,967  $(18,929,915) $94,385,230  $(33,043,113) $42,451,169  
Stock-based compensation—  —  309,563  —  309,563  
Net loss—  —  —  (2,175,258) (2,175,258) 
March 31, 2019$38,967  $(18,929,915) $94,694,793  $(35,218,371) $40,585,474  

Treasury Stock
As of March 31, 2020 and December 31, 2019, there were 12,253,502 shares of common stock held in treasury, at a cost of approximately $18.9 million, representing the purchase price on the date the shares were surrendered to the Company.