Note 5 - Share-Based Compensation

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

Note

5

– Share-Based Compensation

2007

Stock Incentive Option Plan

A summary of the Company’s

2007

Stock Incentive Plan activity for the years ended

December 31, 2019

and

2018

is as follows:

	December 31, 2019
				Weighted		Weighted
	Options			Exercise Price		Life (in years)
Options outstanding - January 1, 2019		215,000		$	0.20		0.53
Exercised		(20,000	)		0.05
Forfeited/Cancelled		(195,000	)		0.05
Options outstanding - December 31, 2019		-		$	-		-
Options exercisable - December 31, 2019		-		$	-		-

	December 31, 2018
				Weighted		Weighted
	Options			Exercise Price		Life (in years)
Options outstanding - January 1, 2018		222,000		$	0.19		1.63
Exercised		(7,000	)		0.05
Options outstanding - December 31, 2018		215,000		$	0.20		0.53
Options exercisable - December 31, 2018		215,000		$	0.20		0.53

There were

no

options granted in

2019

or

2018.

The aggregate intrinsic value of options outstanding at

December 31, 2018

under the

2007

Stock Incentive Plan was

$49,450.

The aggregate intrinsic value of stock options above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the options) that would have been received by the option holders had they exercised their options on

December 31, 2018.

The aggregate intrinsic value of stock options changes based on the changes in the market value of the Company’s common stock. The fair value (present value of the estimated future benefit to the option holder) of each option grant is estimated on the date of the grant using the Black-Scholes Merton option pricing model.

The total fair value of vested options as of

December 31, 2018

was approximately

$92,000.

For the years ended

December 31, 2019

and

2018,

the Company did

not

recognize any share-based compensation expense.

Restricted Stock

At

December 31, 2019

and

2018,

there were

449,000

restricted stock awards outstanding for each year. The Company recognized share-based compensation expense for restricted stock of

$18,876

and

$18,221

for the years ended

December 31, 2019

and

2018,

respectively. As of

December 31, 2019,

there was

$32,763

of unrecognized share-based compensation expense that will be recognized in future periods.