Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Class Of Stock [Line Items] |
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Schedule of Assumptions for Fair Value of Option Grant |
In connection with the stock option grants during 2021 and 2020, the fair value of each option grant was estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions:
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2021 |
|
2020 |
Risk-free interest rate |
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0% - 1% |
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0% - 2% |
Expected life (years) |
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6.6 |
|
6.8 |
Expected volatility |
|
80% |
|
74% |
Expected dividend yield |
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Zero |
|
Zero |
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Schedule of Changes in Common Stock Options |
The following summarizes the changes in common stock options for 2021 and 2020:
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2021 |
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2020 |
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Options |
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|
Weighted Average Exercise Price |
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|
Options |
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|
Weighted Average Exercise Price |
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Outstanding at beginning of year |
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|
3,516,225 |
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|
$ |
0.63 |
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|
|
3,611,850 |
|
|
$ |
0.51 |
|
Granted |
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|
722,500 |
|
|
$ |
2.28 |
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|
|
474,750 |
|
|
$ |
1.62 |
|
Exercised |
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|
(1,895,437 |
) |
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$ |
0.48 |
|
|
|
(383,350 |
) |
|
$ |
0.46 |
|
Expired |
|
|
— |
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|
$ |
— |
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|
|
(20,000 |
) |
|
$ |
0.83 |
|
Forfeited |
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|
(150,000 |
) |
|
$ |
1.61 |
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|
|
(167,025 |
) |
|
$ |
1.15 |
|
Outstanding at end of year |
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|
2,193,288 |
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|
$ |
1.23 |
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|
3,516,225 |
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|
$ |
0.63 |
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|
Options exercisable at year end |
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|
978,350 |
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$ |
0.60 |
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2,566,100 |
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$ |
0.47 |
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Weighted-average fair value of options granted during the year |
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$ |
1.59 |
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|
|
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$ |
1.64 |
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Schedule of Information about All Stock Options Outstanding |
The following table summarizes information about all stock options outstanding at December 31, 2021:
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Exercise price |
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Options Outstanding |
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Weighted Average Remaining Life (years) |
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|
Weighted Average Exercise Price |
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Number Exercisable |
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|
Weighted Average Remaining Life (years) |
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|
Weighted Average Exercise Price |
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$ 0.24 to $ 0.48 |
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742,225 |
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5.0 |
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$ |
0.44 |
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700,600 |
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4.9 |
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$ |
0.44 |
|
$ 0.53 to $ 0.95 |
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|
501,063 |
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7.7 |
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|
$ |
0.76 |
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|
212,750 |
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7.6 |
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$ |
0.76 |
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$ 1.41 to $ 1.90 |
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612,500 |
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9.3 |
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$ |
1.47 |
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47,500 |
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8.5 |
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$ |
1.47 |
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$ 2.77 to $ 3.33 |
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337,500 |
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9.2 |
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$ |
2.77 |
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17,500 |
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8.6 |
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$ |
2.77 |
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2,193,288 |
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|
978,350 |
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Other Options Issued [Member] |
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Class Of Stock [Line Items] |
|
Schedule of Stock Options and Other Stock Options Issued |
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Other Options |
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2021 |
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|
2020 |
|
Options outstanding, beginning of year |
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|
344,375 |
|
|
|
265,000 |
|
Options issued |
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|
150,000 |
|
|
|
90,000 |
|
Options exercised |
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|
(22,500 |
) |
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|
(10,625 |
) |
Options forfeited |
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|
(67,500 |
) |
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|
— |
|
Options outstanding, end of year |
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|
404,375 |
|
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|
344,375 |
|
|
2003 Stock Option and Appreciation Rights Plan [Member] |
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Class Of Stock [Line Items] |
|
Schedule of Stock Options and Other Stock Options Issued |
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2003 Plan |
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2021 |
|
|
2020 |
|
Options outstanding, beginning of year |
|
|
— |
|
|
|
20,000 |
|
Options expired |
|
|
— |
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|
|
(20,000 |
) |
Options outstanding, end of year |
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|
— |
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|
— |
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|
2010 Non-Qualified Stock Option Plan [Member] |
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Class Of Stock [Line Items] |
|
Schedule of Stock Options and Other Stock Options Issued |
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2010 Plan |
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2021 |
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2020 |
|
Options outstanding, beginning of year |
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|
1,100,000 |
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|
975,000 |
|
Options granted |
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|
50,000 |
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|
125,000 |
|
Options exercised |
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(793,750 |
) |
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|
— |
|
Options forfeited |
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|
(25,000 |
) |
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|
— |
|
Options outstanding, end of year |
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|
331,250 |
|
|
|
1,100,000 |
|
|
2016 Stock Option Plan [Member] |
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Class Of Stock [Line Items] |
|
Schedule of Stock Options and Other Stock Options Issued |
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|
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2016 Plan |
|
2021 |
|
|
2020 |
|
Options outstanding, beginning of year |
|
|
2,071,850 |
|
|
|
2,351,850 |
|
Options granted |
|
|
522,500 |
|
|
|
259,750 |
|
Options exercised |
|
|
(1,079,187 |
) |
|
|
(372,725 |
) |
Options forfeited |
|
|
(57,500 |
) |
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|
(167,025 |
) |
Options outstanding, end of year |
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|
1,457,663 |
|
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|
2,071,850 |
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