Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Dec. 31, 2021
Stock-Based Compensation
Stock-Based Compensation	15. Stock-Based Compensation On October 27, 2016, the Company adopted the 2016 Equity Compensation Plan (the “Plan”), the purpose of which is to align the interests of the Company’s officers, other employees, advisors and consultants or any subsidiary, if any, with those of the Company’s shareholders and to afford an incentive to such officers, employees, consultants and advisors to continue as such, to increase their efforts on the Company’s behalf and to promote the success of the Company’s business. The Plan is administered by the Compensation Committee. The maximum number of Common Shares reserved for the grant of awards under the Plan is 1,500,000, subject to adjustment as provided in Section 5 of the Plan. The number of securities remaining available for future issuance under the Plan as of December 31, 2021 was 1,352,435. In 2020, the Company issued 7,500 restricted common shares to its independent directors. One-third of such shares (i.e., 2,500) vested immediately upon issuance; one-third vested in 2021; and one third will vest in 2022. No other awards were made under the Plan in 2020. In 2021, the Company issued 15,000 restricted common shares to its independent directors. One-third of such shares (i.e., 5,000) vested immediately upon issuance; one-third will vest in 2022; and one third will vest in 2023. Also in 2021, the Company granted 89,928 restricted common shares (having a market value of approximately $500,000) to its chief executive officer and 4,753 restricted common shares (having a market value of approximately $25,000) to its then executive vice president and chief operating officer. None of the restricted shares granted to the Company’s officers vested in 2021. One-third of such shares vested on January 1, 2022, and one-third will vest on each of January 1, 2023 and 2024. However, in connection with his retirement from the Company in 2022, the Company waived the restrictions on the 4,753 common shares granted to its executive vice president and chief operating officer. Stock based compensation for the years ended December 31, 2021 and 2020 was $191,428 and $16,429, respectively.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

15. Stock-Based Compensation

On October 27, 2016, the Company adopted the 2016 Equity Compensation Plan (the “Plan”), the purpose of which is to align the interests of the Company’s officers, other employees, advisors and consultants or any subsidiary, if any, with those of the Company’s shareholders and to afford an incentive to such officers, employees, consultants and advisors to continue as such, to increase their efforts on the Company’s behalf and to promote the success of the Company’s business. The Plan is administered by the

Compensation Committee. The maximum number of Common Shares reserved for the grant of awards under the Plan is 1,500,000, subject to adjustment as provided in Section 5 of the Plan. The number of securities remaining available for future issuance under the Plan as of December 31, 2021 was 1,352,435.

In 2020, the Company issued 7,500 restricted common shares to its independent directors. One-third of such shares (i.e., 2,500) vested immediately upon issuance; one-third vested in 2021; and one third will vest in 2022. No other awards were made under the Plan in 2020.

In 2021, the Company issued 15,000 restricted common shares to its independent directors. One-third of such shares (i.e., 5,000) vested immediately upon issuance; one-third will vest in 2022; and one third will vest in 2023.

Also in 2021, the Company granted 89,928 restricted common shares (having a market value of approximately $500,000) to its chief executive officer and 4,753 restricted common shares (having a market value of approximately $25,000) to its then executive vice president and chief operating officer. None of the restricted shares granted to the Company’s officers vested in 2021. One-third of such shares vested on January 1, 2022, and one-third will vest on each of January 1, 2023 and 2024. However, in connection with his retirement from the Company in 2022, the Company waived the restrictions on the 4,753 common shares granted to its executive vice president and chief operating officer. Stock based compensation for the years ended December 31, 2021 and 2020 was $191,428 and $16,429, respectively.