Note 6 - Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Equity [Text Block]

6. Stockholders’ Equity –

Cash Dividend

For the nine months ending  September 30, 2025 and 2024 the company has paid cash dividends totaling $278,409 and $92,696, respectively.  The 2025 dividends were declared on  February 28, May 5 and August 7, 2025 with payment dates of  March 28, June 13 and September 12, 2025, respectively.  The 2024 dividends were declared on March 14 and  August 9, 2024 with payment dates of  April 4 and  September 13, 2024, respectively. 

Stock Compensation

On  May 14, 2021, the Company's Board of Directors approved the 2021 Stock Incentive Plan (the "Plan").  The Plan provides for the issuance of incentive and other equity-based awards to its employees. Options issued under the Plan are exercisable for periods not to exceed ten years, and vest and contain such other terms and conditions as specified in the applicable award document. Options to buy common stock are issued under the Plan, with exercise prices equal to the closing price of shares of the Company’s common stock on the OTCQX at closing on the trading day of the date of award. The Company had 500,000 shares initially available for grant.

On September 30, 2024 the Company awarded 703 Restricted Stock shares to a non-employee out of treasury stock. These shares are not subject to a vesting period.  Grant date fair value of $2,700 was recognized as legal expense as a component of selling, general and administrative expense.

On March 5, 2025 Chad Hoehne and Randy Gilbert elected to be paid in the form of 2,100 and 1,855 shares of the Company’s treasury stock as part of their 2024 Executive bonus plan, respectively.  Per this plan, each officer may obtain shares in an amount not to exceed 25% of their declared bonus. Additionally, these shares were valued at 90% of the weighted average trade value from the fourth quarter of 2024.

The Company has 39,500 shares of restricted stock outstanding as of September 30, 2025. There were 60,500 shares of restricted stock outstanding at September 30, 2024.

For the three months and nine months ending September 30, 2025 and 2024, the Company recorded compensation expense related to restricted stock granted of $19,477 and $58,431, respectively, as a component of selling, general and administrative expenses.  

For the three months ending  September 30, 2025 and 2024, the Company recorded compensation expense related to stock options granted of $0.  For the nine months ending  September 30, 2025 and 2024, the Company recorded compensation expense related to stock options granted of $0 and $11,494, respectively.  as a component of selling, general and administrative expenses.    

The unvested stock compensation expense is expected to be recognized over a weighted average period of approximately two years. As of  September 30, 2025 and 2024, the remaining unrecognized stock compensation expense for stock options and restricted stock was approximately $95,821 and $173,730, respectively.

The following table summarizes additional information about stock options outstanding and exercisable at September 30, 2025:

Options Outstanding							Options Exercisable
Options Outstanding	Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Aggregate Intrinsic Value		Options Exercisable		Weighted Average Exercise Price		Aggregate Intrinsic Value
109,750		3.49	$	3.24	$	165,755		109,750	$	3.24	$	165,755

The following table summarizes the activity of all stock options outstanding for the nine months ended September 30, 2025 and 2024.

	2025					2024
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding at beginning of period		115,750		$	3.27		119,750		$	2.97
Granted		0			0		0			0
Exercised		(2,000	)		3.93		0			0
Expired		(4,000	)		3.95		(20,000	)		2.42
Balance at September 30:		109,750		$	3.24		99,750		$	3.25
Options Exercisable at September 30:		109,750		$	3.24		99,750		$	3.25