Stock-based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

9. Stock-based Compensation

On August 15, 2012 the stockholders approved the 2012 Incentive Plan which reserves 1,000,000 shares of Class B common stock for distribution to executive officers (including executive officers who are also directors), employees, directors, independent agents, consultants and attorneys in accordance with the 2012 Plan’s terms. The 2012 Plan provides for the grant of any or all of the following types of awards (collectively, “Awards”): (a) stock options and (b) restricted stock. Awards may be granted singly, in combination, or in tandem, as determined by the Compensation Committee. The maximum number of shares of Class B common stock with respect to which incentive stock options may be granted to any one individual in any calendar year shall not exceed $100,000 in fair market value as determined at the time of grant. If any outstanding Award is canceled, forfeited, delivered to us as payment for the exercise price or surrendered to us for tax withholding purposes, shares of Class B common stock allocable to such Award may again be available for Awards under the 2012 Incentive Plan.

On January 6, 2017, each of the, non-management directors of the Company, and a former non-management director of the Company, entered into Issuance and Release Agreements for the issuance of an aggregate of 450,000 shares of Class B common stock of the Company in consideration of the release of the Company’s obligations to pay director’s fees of $10,800 for the years ended December 31, 2016 and 2015, and 90,000 shares were issued to the current directors for their services in connection with the FC REIT transaction in the amount of $2,700, which was recorded as stock based compensation.

On January 6, 2017, the Company issued Mr. Ludwig 450,000 shares of Class B common stock of the Company and an option to purchase an additional 550,000 shares of Class B common stock of the Company. The Company recorded stock-based compensation of $13,500 for the 450,000 shares of Class B common stock issued during the year ended December 31, 2017. (See Note 6A) No additional stock-based compensation has been recognized associated with the additional 550,000 options, as such options contain a conditional performance condition which is not probable of occurring.

The following summarizes the outstanding and vested stock option activity as of December 31, 2020, 2019, 2018 and 2017:

	Shares Underling Options			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (in years)
Outstanding at December 31, 2016		740,000		$	1.25	5
Granted		550,000		$	0.00	10
Forfeited and expired		(740,000	)	$	1.25
Outstanding at December 31, 2017		550,000		$	0.00	9
Granted		-			-
Forfeited and expired		-			-
Outstanding at December 31, 2018		550,000		$	0.00	8
Granted		-			-
Forfeited and expired		-			-
Outstanding at December 31, 2019		550,000		$	0.00	7
Granted		-			-
Forfeited and expired		-			-
Outstanding at December 31, 2020		550,000		$	0.00	6