STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE H – STOCKHOLDERS’ EQUITY

[1] Stock option plans: The Company currently has two non-statutory stock option plans, the Fiscal 2001 Non-statutory Stock Option Plan (the “2001 Plan”) and the 2013 Equity Compensation Plan (the “2013 Plan”). Both plans have been adopted by our Board of Directors and approved by our shareholders. Both the 2001 Plan and the 2013 Plan have options available for future issuance. Any common shares issued as a result of the exercise of stock options would be new common shares issued from our authorized issued shares.

[2] Stock options: During Fiscal 2021 and Fiscal 2020, the Company issued 0 options to purchase shares of common stock.

As of December 31, 2021, there were 1,937,000 options issued and outstanding under the 2001 Plan. There were no options issued under the 2013 Plan, making the total issued and outstanding options 1,937,000 as of December 31, 2021. Of the total options issued and outstanding, 1,937,000 were fully vested as of December 31, 2021. As of December 31, 2021, there were 1,780,000 options available for issuance under the 2001 Plan and 4,000,000 options available under the 2013 Plan.

Stock option activity for Fiscal 2021 and Fiscal 2020 is summarized as follows: (the figures contained within the tables below have been rounded to the nearest thousand)

	Year Ended December 31,2021							Year Ended December 31, 2020
	Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value		Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value
Options outstanding-beginning of year		1,987,000		$	0.13				2,252,000		$	0.13
Granted		0		NA					0		NA
Exercised		0		NA					0		NA
Cancelled/expired		(50,000	)	$	0.13				(265,000	)	$	0.10
Options outstanding-end of year		1,937,000		$	0.13	$	1,000		1,987,000		$	0.13	$	291,324
Options exercisable-end of year		1,937,000		$	0.13				1,987,000		$	0.13

The following table presents information relating to stock options outstanding as of December 31, 2021:

	Options Outstanding						Options Exercisable
			Weighted		Weighted				Weighted
			Average		Average				Average
Range of Exercise			Exercise		Remaining				Exercise
Price	Shares		Price		Life in Years		Shares		Price
$0.07 - $0.11		910,000	$	0.11		4.59		910,000	$	0.11
$0.12 - $0.16		730,000	$	0.13		2.90		730,000	$	0.13
$0.18 - $0.26		297,000	$	0.19		0.68		297,000	$	0.19
TOTAL		1,937,000	$	0.13		3.35		1,937,000	$	0.13

The Company recognized $0 in share based payment expense related to stock options in Fiscal 2021 and $2,000 in share based payment expense in Fiscal 2020. As of December 31, 2021, there was $0 of total unrecognized share based payment expense related to stock options.

[3] Warrants:

Warrant activity for Fiscal 2021 and Fiscal 2020 is summarized as follows:

	Year Ended December 31, 2021				Year Ended December 31, 2020
	Shares		Weighted Average Exercise Price	Aggregate Intrinsic Value	Shares			Weighted Average Exercise Price		Aggregate Intrinsic Value
Warrants outstanding at beginning of year		0	NA			2,000,000		$	0.18
Granted		0	NA			0		NA
Exercised		0	NA			0		NA
Cancelled/expired		0	NA			(2,000,000	)	NA
Warrants outstanding at end of year		0	NA	None		0		NA		None
Warrants exercisable at end of year		0	NA			0		NA

F-23