Note 5.  Common Stock and Stock Options

Stock based compensation cost for all stock awards is based on the grant date fair value and recognized over the required service (vesting) period. Noncash stock-based compensation expense was $45,090 and $23,299 for the three months ended March 31, 2023, and 2022, respectively.

Unrecognized compensation expense was $394 as of March 31, 2023 and will be recognized through April of 2023. There was no tax benefit recorded for this compensation cost as the expense relates to incentive stock options that do not qualify for a tax deduction until, and only if, a qualifying disposition occurs.

Employees received compensation of 10,683 and 4,500 aggregate shares of common stock of the Company during the three months ended March 31, 2023 and 2022, respectively. These shares had an aggregate value of $43,908 and $14,625, respectively, and were recorded as non-cash stock compensation expense in the financial statements.

The non-employee Board members received compensation of 2,305 aggregate shares of common stock of the Company with an aggregate value of $7,491 during the three months ended March 31, 2022 and was recorded as non-cash stock compensation expense in the financial statements.

The cumulative status of options granted and outstanding at March 31, 2023, and December 31, 2022, as well as any options which became exercisable in connection with the Company’s stock option plans is summarized as follows:

Employee Stock Options

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Exercise prices for options ranged from $0.84 to $1.25 at March 31, 2023. The weighted average option price for all options outstanding at March 31, 2023, was $1.05 with a weighted average remaining contractual life of 3.4 years.