Shares
Options | Number of Shares | Weighted Average Exercise Price | ||||||
Outstanding at January 1, 2023 | 53,950 | $ | 45.80 | |||||
Granted | ||||||||
Exercised | ||||||||
Forfeited | (350 | ) | (83.20 | ) | ||||
Outstanding at December 31, 2023 | 53,600 | $ | 45.55 | |||||
Exercisable at December 31, 2023 | 53,600 | $ | 45.55 |
The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model. The total estimated grant date fair value stock options issued during the year ended December 31, 2023 and 2022 was $- - and $ , respectively.
2023 | 2022 | |||||||
Assumptions | Assumptions | |||||||
Volatility – range | 111.67 | % | ||||||
Risk-free rate | 1.81 | % | ||||||
Expected term | years | |||||||
Exercise price | $ | 19.60 |
The Plans allow for the cashless exercise of stock options. This provision allows the option holder to surrender/cancel options with an intrinsic value equivalent to the purchase/exercise price of other options exercised. There were no shares surrendered pursuant to cashless exercises during the years ended December 31, 2023 and 2022.
At December 31, 2023 and 2022, the aggregate intrinsic value of options outstanding was approximately $- - and $- -, respectively, and the aggregate intrinsic value of options exercisable was approximately $- - and $- -, respectively.
Outstanding options | Exercisable options | |||||||||||||||||
Exercise price range | Number of options | Weighted average remaining contractual life | Number of options | Weighted average remaining contractual life | ||||||||||||||
$ | to $ | 37,000 | years | 37,000 | years | |||||||||||||
$ | to $ | 15,100 | years | 15,100 | years | |||||||||||||
$ | to $ | 1,500 | years | 1,500 | years | |||||||||||||
53,600 | years | 53,600 | years |
Restricted stock grants. The Board of Directors has granted restricted stock awards under the Plans. Restricted stock awards are valued on the date of grant and have no purchase price for the recipient. Restricted stock awards typically vest over one to four years corresponding to anniversaries of the grant date. Under the Plans, unvested shares of restricted stock awards may be forfeited upon the termination of service to or employment with the Company, depending upon the circumstances of termination. Except for restrictions placed on the transferability of restricted stock, holders of unvested restricted stock have full stockholder’s rights, including voting rights and the right to receive cash dividends.
Number of Restricted shares | Weighted average grant date fair value | |||||||
Nonvested balance, January 1, 2022 | 52,869 | $ | 37.40 | |||||
Granted | 60,750 | 14.67 | ||||||
Vested | (31,244 | ) | (34.73 | ) | ||||
Forfeited | (3,250 | ) | (21.20 | ) | ||||
Nonvested balance, December 31, 2022 | 79,125 | $ | 21.73 |
Number of Restricted shares | Weighted average grant date fair value | |||||||
Nonvested balance, January 1, 2023 | 79,125 | $ | 21.73 | |||||
Granted | 35,000 | 5.00 | ||||||
Vested | (56,625 | ) | (21.29 | ) | ||||
Forfeited | (3,625 | ) | (22.41 | ) | ||||
Nonvested balance, December 31, 2023 | 53,875 | $ | 11.27 |
The Company estimated the fair market value of these restricted stock grants based on the closing market price on the date of the grant. As of December 31, 2023, there was $ of total unrecognized compensation costs related to all remaining non-vested restricted stock grants, which will be amortized over the next forty-eight months in accordance with their respective vesting scale.
The nonvested balance of restricted stock vests as follows:
Years ended | Number of shares | |||
2024 | 27,750 | |||
2025 | 19,000 | |||
2026 | 4,125 | |||
2027 | 2,000 | |||
2028 | 1,000 |