Company: APT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007218
Chunk: 34

Company: ALPHA PRO TECH LTD
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7A
Chunk 34
---
 translations of $1,499,000.

  Accrued Liabilities  
 ───────────────────────

Accrued liabilities consisted of the following:

                                                                      December 31,                                        
                                                                      2024                           2023                 
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Payroll expenses and tax payable                                    $                 221,000      $           157,000  
  Commission and bonuses payable and general accrued liabilities                        726,000                  946,000  
  Total accrued liabilities                                           $                 947,000      $         1,103,000  

Contract liabilities were $3,224,000and $3,129,000as of December 31, 2024 and 2023, respectively, which are netted against the related accounts receivable due to the legal right of offset.

  Shareholders ’ Equity  
 ─────────────────────────

Repurchase Program

During the year ended December 31, 2024, the Company repurchased and retired831,000shares of its common stock for $4,452,000. During the year ended December 31, 2023, the Company repurchased and retired951,010shares of its common stock for $4,002,000. As of December 31, 2024, the Company had $2,742,000available to repurchase common shares under the repurchase program. The excess of repurchase price over par value is allocated between additional paid-in capital and retained earnings.

Option Activity

The 2004 Stock Option Plan (the “2004 Plan”) is an equity compensation plan that provided for grants of stock options to eligible individuals. The 2004 Plan was intended to recognize the contributions made to the Company by key employees of the Company, provide key employees with additional incentive to devote themselves to the future success of the Company and improve the ability of the Company to attract, retain and motivate individuals. The 2004 Plan also is intended as an incentive to certain members of the Board of Directors of the Company to continue to serve on the Board of Directors and to devote themselves to the future success of the Company. The 2004 Plan provided for a total of5,000,000common shares eligible for issuance. Under the 2004 Plan, approximately5,009,750options had been granted as of December 31, 2020. Under the 2004 Plan, option grants have a three-yearvesting period and, since 200