Stock Options and Restricted Stock Units (Tables)

12 Months Ended

Dec. 31, 2023

Stock Options and Restricted Stock Units

Summary of stock options issued

	Number of Options Outstanding			Range of Exercise Price		Weighted Average Exercise Price		Aggregate Intrinsic Value
Balance on December 31, 2021		47,167		$	6.80 – 17.40	$	11.81	$	832,254
Options granted		50,250			26.00 – 27.71		26.69		—
Options exercised		(10,000	)		7.76 – 13.21		9.12		185,500
Options forfeited/cancelled		(6,167	)		9.26 – 27.71		27.71		—
Balance on December 31, 2022		81,250		$	6.80 – 27.71	$	20.17	$	462,390
Options granted		30,000			26.98		26.98		—
Options exercised		(2,500	)		7.76		7.76		19,400
Options forfeited/cancelled		(2,000	)		9.26 – 27.71		23.10		—
Balance on December 31, 2023		106,750		$	6.80 – 27.71	$	22.32		176,360

Schedule of unvested stock options

	Number of Options Outstanding			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value
Balance on December 31, 2021		—		$	12.87	$	5.47
Options granted		50,250			26.69		12.54
Options vested		—			—		—
Options forfeited/cancelled		(6,000	)		27.71		13.53
Balance on December 31, 2022		44,250			26.55		12.41
Options granted		30,000			26.98		13.89
Options vested		(7,500	)		27.71		13.53
Options forfeited/cancelled		(1,500	)		26.00		11.87
Balance on December 31, 2023		65,250			26.78		13.12

Schedule of information about stock options outstanding and exercisable

	Options Outstanding						Options Exercisable
Exercise Price Range	Number		Weighted Average Remaining Contractual Life (in Years)		Weighted Average Exercise Price		Number
$0.01 - 8.00		5,000		1.89		6.80		5,000
$8.01 - 11.00		3,000		4.00		10.25		3,000
$11.01 - 16.00		18,000		4.53		13.12		18,000
$16.01 - 27.00		68,000		8.05		25.42		15,500
$27.01 – 27.71		12,750		8.05		27.71		—
Total		106,750		7.06		22.32		41,500

Schedule of Assumptions

	Year Ended December 31, 2023
Expected dividend yield		0	%
Expected stock price volatility		47.6	%
Weighted-average risk-free interest rate		3.87	%
Weighted-average expected life of options (in years)		6.25

Summary of restricted stock units

	Number of RSUs Outstanding			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance on December 31, 2021		17,765		$	25.92	$	523,197
Units granted		48,240			24.99		1,205,525
Units vested/issued		(15,265	)		26.05		377,981
Units forfeited		—			—		—
Balance on December 31, 2022		50,740		$	25.00	$	1,268,500
Units granted		74,832			26.08		1,951,619
Units vested/issued		(21,490	)		25.24		(542,408	)
Units forfeited		(9,250	)		23.87		(220,798	)
Balance on December 31, 2023		94,832			25.90		2,456,149