Note 6 - Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Equity [Text Block]

6. Stockholders’ Equity –

Cash Dividend

The Company's common stock contains rights to participate in earnings, dividends, and voting.  

Dividend dates and amounts for the period ended  March 31, 2026 are listed in the table below:

Date Declared	Dividend Declared Per Share		Total Dividend Amount		Date Dividend Paid
January 23, 2026	$	0.10	$	464,152	March 6, 2026
February 26, 2026	$	0.02	$	92,858	March 27, 2026
Totals	$	0.12	$	557,010

Dividend dates and amounts for the period ended  March 31, 2025 are listed in the table below:

Date Declared	Dividend Declared Per Share		Total Dividend Amount		Date Dividend Paid
February 28, 2025	$	0.02	$	92,789	March 28, 2025
Totals	$	0.02	$	92,789

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 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.

On  December 19, 2025, the Company awarded 19,500 stock options to be distributed to most of its current employees.  These options vested immediately. Grant date fair value of $27,275 was recognized during 2025 as stock compensation expense as a component of selling, general and administrative expense.

On March 5, 2026 Chad Hoehne and Randy Gilbert elected to be paid in the form of 750 and 611 shares of the Company’s treasury stock as part of their 2025 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 2025.

The Company has 17,500 shares of restricted stock outstanding as of March 31, 2026. There were 39,500 shares of restricted stock outstanding at March 31, 2025.

For the three months ending  March 31, 2026 and 2025, the Company recorded compensation expense related to stock options granted of $15,269 and $19,477, 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  March 31, 2026 and 2025, the remaining unrecognized stock compensation expense for stock options and restricted stock was approximately $61,075 and $134,775, respectively.

The following table summarizes additional information about stock options outstanding and exercisable at March 31, 2026:

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
124,500		3.71	$	3.34	$	159,760		124,500	$	3.34	$	159,760

The following table summarizes the activity of all stock options outstanding for the three months ended March 31, 2026 and 2025.

	2026					2025
	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Options outstanding at beginning of period		128,250		$	3.36		115,750		$	3.28
Granted		0			0		0			0
Exercised		-			0.00		0			0
Expired		(3,750	)		3.91		(2,000	)		3.96
Balance at March 31:		124,500		$	3.34		113,750		$	3.27
Options Exercisable at March 31:		124,500		$	3.34		113,750		$	3.27