Schedule of assumptions made in estimating the fair value of the options on the grant date based upon the BSM option-pricing model

Dividend Yield		0.00%
Expected Volatility		18.79%
Risk Free Interest Rate		3.03%
Expected Life		6 Years

	Options Outstanding
	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (1)

Balance at January 1, 2018		100,000	$	3.81		7.7
Granted		25,000		3.64		10.0
Exercised		0
Canceled/forfeited/expired		0
Balance at December 31, 2018		125,000		3.78		8.1
Granted		0
Exercised		0
Canceled/forfeited/expired		0
Balance at December 31, 2019		125,000	$	3.78		7.1
Vested and exercisable as of December 31, 2019		100,000					$	9

(1)

The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2019.

Schedule of stock options activity

	Options Outstanding
	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (1)

Balance at January 1, 2018		207,500	$	4.62		5.4
Granted		0
Exercised		0
Canceled/forfeited/expired		0
Balance at December 31, 2018		207,500		4.62		4.4
Granted		0
Exercised		0
Canceled/forfeited/expired		0
Balance at December 31, 2019		207,500	$	4.62		3.4
Vested and exercisable as of December 31, 2019		207,500					$	0

(1)

The aggregate intrinsic value is calculated as approximately the difference between the weighted average exercise price of the underlying awards and the Company’s estimated current fair market value at December 31, 2019.