STOCK – BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK – BASED COMPENSATION

8. STOCK – BASED COMPENSATION

Stock based compensation expense recognized under ASC 718, “Compensation – Stock Compensation,” for each of the three-month periods ended June 30, 2023 and 2022 of $3,266, and for each of the six month periods ended June 30, 2023 and 2022 of $6,532 represent the amortization of the fair value of 1,000,000 restricted shares granted to the Company’s Chief Executive Officer on September 9, 2011 of $195,968, after adjusting for the effect on the fair value of the stock options related to this transaction. The fair value is being amortized over 15 years. At June 30, 2023, all 1,000,000 shares remain restricted, and the remaining unrecognized stock based compensation amounted to $41,371.