XML 42 R11.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 5. STOCKHOLDERS' EQUITY

 

Common Stock

 

As of December 31, 2019, and 2018, the Company holds 149,946 and 128,065 common stock shares in treasury at a total cost of $245,631 and $196,526 respectively for future employee and professional service provider's issuances under the bonus program which was part of both 2018 and 2014 repurchase of shares.

 

Stock Repurchase Program

 

On January 7, 2018, the Company's Board of Directors approved the repurchase of its outstanding shares, using management's discretion, of its common stock from private unsolicited sellers' in the open market. On May 10, 2018, the Company's Board of Directors approved the repurchase of its outstanding common shares in an aggregate amount of up to 200,000 shares not to exceed $600,000, in both private unsolicited and open market transactions, until December 31, 2019. Company insiders are prohibited from participating in the stock repurchase program.

 

The Company repurchased 25,000 shares totaling approximately $51,500 at an average price of $2.06 per share for its treasury during 2019.

 

Stock Compensation

 

On January 8, 2018, the Board of Directors of Table Trac Inc. appointed Randy Gilbert as the Company's Chief Financial Officer and awarded him 50,000 Restricted Stock shares. These shares are subject to a four year vesting schedule as follows: 20,000 shares in year one; 10,000 shares in each subsequent year. Grant date fair value of $117,500 will be recognized over the vesting period as stock compensation expense as a component of selling, general and administration expense.

 

Additionally, on December 12, 2018, the Board of Directors of Table Trac Inc. approved a resolution which awarded 9,000 Restricted Stock shares to employees and the new Board of Directors. These shares are subject to a one year vesting period.

 

The Company awarded approximately 3,000 and 6,000 shares approximating $9,500 and $14,000 to a non-employee in exchanges for services during 2019 and 2018, respectively.

 

The unvested stock compensation expense is expected to be recognized over a weighted average period of approximately two years. As of December 31, 2019, the remaining unrecognized stock compensation expense approximated $58,800.

 

The Company has no stock options outstanding as of December 31, 2019 and 2018.

 

The Company has 30,000 shares of restricted stock outstanding as of December 31, 2019, 10,000 of which vested on January 8, 2020. There were 59,000 shares of restricted stock outstanding at December 31, 2018.