Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(5) Stock-Based Compensation

The Company is authorized to grant stock options, stock grants and other forms of equity-based compensation under its 2018 Equity Incentive Plan (the “2018 Plan”). The plan has been approved by the shareholders. The Company is currently authorized to issue up to 1,050,000 shares of common stock under the 2018 Plan, due to an amendment to increase the number of authorized shares from 500,000 to 1,050,000 that was approved by shareholders in June 2023. At September 30, 2024, there were 423,659 shares remain available for grant.

During the nine-month period ended September 30, 2024, the Company issued 73,050 shares to employees for services performed and recorded compensation expense of $307,000.

During the nine-month period ended September 30, 2024, the Company issued 42,610 shares to a director for services performed and recorded compensation expense of $185,000.

During the nine-month period ended September 30, 2023, the Company issued 52,622 shares to employees for services performed and recorded compensation expense of $216,000.

During the nine-month period ended September 30, 2023, the Company issued 66,479 shares to a director for services performed and recorded compensation expense of $274,000.