Stock Options

12 Months Ended

Dec. 31, 2021

Stock Options [Abstract]

Stock Options

Note 9 – Stock Options

The following table summarizes stock option activity in the Company’s stock-based compensation plans for the years ended December 31, 2021 and 2020. All options issued were non-qualified stock options.

	Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value (1)		Number of Options Exercisable		Weighted Average Fair Value At Date of Grant
Outstanding at January 1, 2020		211,186	$	2.15		—		167,326	$	2.31
Granted at Fair Value		—		—		—		—		—
Exercised		—		—		—		—		—
Canceled		—		—		—		—		—
Outstanding at December 31, 2020		211,186	$	2.15	$	—		211,186	$	2.15
Granted at Fair Value		—		—		—		—		—
Exercised		—		—		—		—		—
Canceled		—		—		—		—		—
Outstanding at December 31, 2021		211,186	$	2.15	$	—		211,186	$	2.15

(1) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option at the balance sheet date. If the exercise price exceeds the market value, there is no intrinsic value.

During the year ended December 31, 2021, the Company did not grant employee stock options or stock options for consulting services.

The fair value of the stock option grants is amortized over the respective vesting period using the straight-line method. Forfeitures and cancellations are recorded as they occur.

Compensation expense related to stock options included in general and administrative expense in the accompanying consolidated statements of operations for the years ended December 31, 2021 and 2020 was $0 and $66,666, respectively.

As of December 31, 2021, all share-based compensation for unvested options, net of expected forfeitures, was fully recognized.

Stock options are granted at the fair market value of the Company’s common stock on the date of grant. Options granted to officers and other employees vest immediately or over 36 months as provided in the option agreements at the date of grant.

The fair value of options granted are estimated using the Black-Scholes Option Pricing Model. No options were granted in 2021 or 2020.

The following table summarizes information about stock options outstanding at December 31, 2021:

Range of Exercise Prices	Number of Options		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number Exercisable		Weighted Average Exercise Price of Exercisable Options		Aggregate Intrinsic Value
$1.52 - $13.30		211,186		5.48	$	2.15	$	—		211,186	$	2.15	$	—

The following table summarizes information about options outstanding at December 31, 2020: 

Range of Exercise Prices	Number of Options		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number Exercisable		Weighted Average Exercise Price of Exercisable Options		Aggregate Intrinsic Value
$1.52- $13.30		211,186		6.48	$	2.15	$	—		211,186	$	2.15	$	—

A summary of the Company’s non-vested stock options at December 31, 2021 and December 31, 2020 and changes during the years are presented below.

Non-Vested Stock Options	Options		Weighted Average Grant Date Fair Value
Non-Vested at December 31, 2020		—	$	—
Granted		—	$	—
Vested		—	$	—
Forfeited		—	$	—
Non-Vested at December 31, 2021		—	$	—