6.	STOCKHOLDERS' EQUITY

The Company maintains the

2019

Equity Incentive Plan (the

“2019

Plan”). The

2019

Plan replaced the

1995

Incentive Stock Option Plan (the

"1995

Plan) upon its ratification by shareholders in

April 2019.

The

1995

plan authorized the issuance of up to

442,750

shares of common stock through grants of restricted stock units and options. Of those shares,

5,000

were subject to outstanding options as of

December 31, 2020.

Awards granted under the

1995

Plan will remain in effect until they are exercised or expire according to their terms. At the time the

2019

Plan was approved, there were

102,157

shares reserved for future grants under the

1995

Plan which will

longer be available for future grants.

Under the terms of the

2019

Plan, the number of shares of common stock that

may

be the subject of awards and issued under the

2019

Plan was initially set at

102,157.

Subsequent to the approval of the

2019

Plan,

11,750

outstanding options granted under the

1995

Plan were forfeited. Under the terms of the

2019

Plan, those forfeited options are added back to the

2019

Plan reserve pool. As of

December 31, 2020,

54,300

restricted stock units (RSUs) and

13,250

options have been granted under the

2019

Plan, of which

750

stock options have been forfeited, bringing the number of shares of common stock available for future awards under the

2019

Plan to

47,107.

The Company charged compensation expense of

$22,000

and

$9,000

against the loss in

2020

and

2019,

respectively.

As of

December

31,

2020,

there was approximately

$348,000

of unrecognized compensation expense related to unvested share-based compensation awards granted which is expected to be recognized over the next

three

years.

stock options were exercised in

2020

2019

The fair value of options granted was estimated using the Black-Scholes option pricing model with the following assumptions:

	2020	2019
Dividend yield	0	0
Expected volatility	40.3%	37.5%
Expected life of option (years)	10	5
Risk-free interest rate	1.4%	1.7%
Fair value of each option on grant date	$2.90	$2.53

There were

10,000

and

3,250

options granted during

2020

and

2019,

respectively.

A summary of the status of the Company's stock option plan as of

December

31,

2020

and changes during the year then ended is presented below:

				Weighted
				Average
				Exercise
	Shares			Price
Outstanding at January 1, 2020		19,250		$	11.32
Granted		10,000			5.67
Exercised		—			—
Expired and forfeited		(11,750	)		12.99
Outstanding at December 31, 2020		17,500		$	6.97
Exercisable at December 31, 2020		5,332		$	9.19

There were

54,300

RSUs granted in

2020.

The shares underlying the awards were assigned a weighted average value of

$6.11

per share, which was the closing price of the Company's common stock on the date of grants. These awards are scheduled to vest over

three

years.

RSUs were granted in

2019

to employees.

RSU activity during the year ended

December

31,

2020

is summarized as follows:

			Weighted
			Average
	Number of		Grant Date
	Shares		Fair Value
Unvested shares at January 1, 2020		—		—
Granted		54,300	$	6.11
Vested		—		—
Forfeited or surrendered		—		—
Unvested shares at December 31, 2020		54,300		6.11

2017,

the Company's board of directors had authorized the repurchase of

100,000

shares of common stock. A total of

33,500

shares have been repurchased under this program in prior years. On

April 29, 2019

the Company's board of directors approved an additional repurchase authorization of

33,500

shares of the Company's common stock bringing the total repurchase authorization to

100,000

shares of common stock. A total of

40,699

shares have been repurchased under this program including the

7,199

shares repurchased during

2019.

As of

December 31, 2020,

92,801

shares were authorized to be repurchased under the plan. The share repurchase authorizations do

not

have an expiration date and there were

repurchases of common stock in

2020.