Annual report pursuant to Section 13 and 15(d)

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) (Tables)

v3.22.4
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) (Tables)
12 Months Ended
Dec. 31, 2022
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)  
Schedule of Stock Options Activity A summary of the status of the stock options as of December 31, 2022, 2021, and 2020 and changes during the years ended December 31, 2022, 2021, and 2020 is as follows:
2022 2021 2020
Options Weighted-
Average
Exercise Price
Options Weighted-
Average
Exercise Price
Options Weighted-
Average
Exercise Price
Outstanding at beginning of year 365,500 $ 3.61  465,500 $ 3.26  2,748,500 $ 6.28 
Issued —  —  — 
Forfeited or rescinded —  —  (2,283,000) 6.89 
Exercised (100,000) 2.00  (100,000) 2.00  — 
Outstanding at end of year 265,500 $ 4.21  365,500 $ 3.61  465,500 $ 3.26 
Exercisable at end of year 265,500 $ 4.21  365,500 $ 3.61  455,300 $ 3.11 
Schedule of Stock Options Outstanding
The following table summarizes information related to the Company’s stock options outstanding as of December 31, 2022:
Options Outstanding
Exercise price Number
Outstanding
Weighted-
Average
Remaining
Contractual Life
(in years)
Number
Exercisable
$ 2.00  195,000 1.00 195,000
5.50  5,000 1.21 5,000
14.54  10,000 2.74 10,000
8.00  4,500 2.92 4,500
6.42  15,000 3.34 15,000
11.75  36,000 3.95 36,000
265,500 1.63 265,500
Schedule of Restricted Stock Shares Activity Following is a table reflecting the restricted stock grants during 2022, 2021 and 2020:
Grant date # of shares of
restricted stock
October 1, 2020 900,000
October 26, 2020 150,000
December 15, 2020 930,000
April 30, 2021 33,950
June 17, 2021 1,162,152
July 6, 2021 11,824
July 12, 2021 4,007
September 1, 2021 10,417
September 8, 2021 3,306
February 9, 2022 1,247,061
April 13, 2022 7,143
May 10, 2022 10,349
June 16, 2022 2,150
July 14, 2022 8,547
August 29, 2022 30,581
September 1, 2022 37,797
September 19, 2022 49,645
Schedule of Restricted Stock Grants A summary of the status of restricted stock grants and changes during the years ended December 31, 2022, 2021 and 2020 is as follows:
2022 2021 2020
Restricted stock Weighted-
Average Grant
Date Fair Value
Restricted stock Weighted-
Average Grant
Date Fair Value
Restricted stock Weighted-
Average Grant
Date Fair Value
Outstanding at beginning of year 2,572,596 $ 1.75  2,132,297 $ 2.94  1,341,889 $ 4.99 
Granted 1,393,273 2.83  1,225,656 2.77  1,980,000 0.71 
Forfeited or rescinded (31,185) 2.83  0 —  (9,200) 3.97 
Vested (1,310,894) 1.79  (785,357) 1.37  (1,180,392) 4.97 
Outstanding at end of year 2,623,790 $ 2.29  2,572,596 $ 1.75  2,132,297 $ 2.94 
Performance Stock Units Activity
A summary of the status of the performance stock grants as of December 31, 2022 and 2021 along with changes during the year ended December 31, 2022 and 2021 are as follows:
2022 2021
Performance
Stock Units
Weighted-
Average
Grant Date
Fair Value
Performance
Stock Units
Weighted-
Average
Grant Date
Fair Value
Outstanding at beginning of year 860,216 $ 3.87  $ — 
Granted 860,216 3.65  860,216 3.87 
Forfeited or rescinded —  — 
Vested — 
Outstanding at end of year 1,720,432 $ 3.76  860,216 $ 3.87 
Defined Contribution Plan Disclosures
The following table presents the matching contributions expense recognized for the Company’s 401(k) plan for the years ended December 31, 2022, 2021, and 2020:
2022 2021 2020
Employer safe harbor match 284,094  228,273  138,997