STOCK OPTIONS AND RESTRICTED STOCK UNITS

12 Months Ended

Dec. 31, 2021

STOCK OPTIONS AND RESTRICTED STOCK UNITS

STOCK OPTIONS AND RESTRICTED STOCK UNITS

NOTE 14 — STOCK OPTIONS AND RESTRICTED STOCK UNITS

On June 21, 2004, our shareholders approved the adoption of the 2004 Employee Stock Option Plan (the “2004 Employee Stock Option Plan”) that provided for incentive stock options and nonqualified stock options to be granted to key employee and certain directors. Each option vested on either January 1, 2004 or immediately upon issuance thereafter. The exercise price of each option issued pursuant to the 2004 Plan is equal to the market value of our Common Stock on the date of grant, as determined by the closing bid price for our Common Stock on the Exchange on the date of grant or, if no trading occurred on the date of grant, on the last day prior to the date of grant on which our securities were listed and traded on the Exchange. Of the options issued under the 2004 Employee Stock Option Plan, 15,000 remain outstanding. Options issued pursuant to the 2004 Employee Stock Option Plan have no expiration date. The Company previously determined there will be no additional grants under the 2004 Employee Stock Option Plan.

On December 7, 2016, our shareholders approved the adoption of the 2016 Equity Incentive Plan (the “2016 Plan”), which reserved 1,100,000 shares for issuance pursuant to awards issued thereunder. As of December 31, 2021, no awards had been made under the 2016 Plan.

The following table summarizes the activity in common shares subject to options and warrants:

	Years Ended December 31,
	2021				2020
			Weighted				Weighted
			average exercise				average exercise
	Shares		price		Shares		price
Outstanding at beginning or year		15,000	$	2.17		15,000	$	2.17
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Outstanding at end of year		15,000	$	2.17		15,000	$	2.17
Options exercisable at end of year		15,000	$	2.17		15,000	$	2.17

The 15,000 options exercisable at the end of the year are potential dilutive shares.

Information about stock options outstanding at December 31, 2021 is summarized as follows:

		Options Outstanding and Exercisable
				Weighted average
				remaining			Weighted		Aggregate
				contractual life			average		intrinsic
Exercise price		Number outstanding		(Years)			exercise price		value
$	2.13		10,000	NA	(1	)	$	2.13	$	19,450
$	2.25		5,000	NA	(1	)	$	2.25	$	9,100
			15,000						$	28,550

(1) Options currently issued pursuant to the Company’s 2004 Employee Stock Option Plans have no expiration date.

The aggregate intrinsic values in the above table were based on the closing price of our Common Stock of $4.07 as of December 31, 2021.

A summary of the status of our non-vested RSU grants issued under our 2006 Plan is presented below:

	Year Ended December 31,
	2021				2020
			Weighted				Weighted
			average exercise				average exercise
	Shares		price		Shares		price
Nonvested at beginning or year		-	$	-		250	$	1.30
Granted		-		-		-		-
Exercised		-		-		250		1.30
Forfeited		-		-		-		-
Outstanding at end of year		-	$	-		-		-

As a result of the expiration of the 2006 Plan, as of December 31, 2019, no further shares could be issued under the 2006 Plan. As of January 1, 2020, the remaining 250 RSU grants have vested and were exercised during Fiscal 2020. A total of 1,100,000 shares remain available for future grants pursuant to the 2016 Plan.

During Fiscal years 2021 and 2020, we recognized $0 in stock-based compensation expense.