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Note 10 - Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans
12 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

(10) Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans

 

Stock Option Activity Summary

 

The Company’s stock option activity for the years ended June 30, 2023 and 2022 was as follows:

 

      

Weighted

 
  

Shares

  

Average

 
      Exercise Price 

Outstanding at June 30, 2021

  9,183  $157.50 

Granted

  29,200   19.20 

Exercised

      

Canceled or expired

  (4,099)  148.80 

Outstanding at June 30, 2022

  34,284  $40.50 

Granted

  6,962   12.47 

Exercised

      

Canceled or expired

  (3,080)  139.29 

Outstanding at June 30, 2023

  38,166  $27.34 

 

The aggregate intrinsic value of options exercisable at June 30, 2023 was $0 as the fair value of the Company’s common stock is less than the exercise prices of these options. The aggregate intrinsic value of all options outstanding at June 30, 2023 was $0.

 

      

Options

             
      

Outstanding

          

Options

 
      

Weighted-

          

Exercisable

 
      

Average

  

Weighted-

      

Weighted-

 
  

Number

  

Remaining

  

Average

  

Number

  

Average

 
  Outstanding  Contractual  Exercise  Exercisable  Exercise 

Range of exercise prices

    Life (years)  Price     Price 

$10.38 – $19.20

  35,495   8.89  $17.99   9,733  $19.20 

$55.50 – $84.90

  431   5.26   62.22   431   62.22 

$159.00 – $175.50

  2,240   3.86   168.82   2,240   168.82 

$10.38 – $175.50

  38,166   8.55  $27.34   12,404  $46.77 

 

Compensation costs recognized related to vested stock option awards during the years ended June 30, 2023 and 2022 were $189 thousand and $37 thousand, respectively. At June 30, 2023, there was $360 thousand of total unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a weighted average period of 1.83 years.

 

Restricted Stock

 

The Company’s restricted stock activity for the years ended June 30, 2023 and 2022, was as follows: 

 

      

Weighted

 
      

Average

 
  Shares  Grant-Date 
     

Fair Value

 

Outstanding at June 30, 2021

  67,423  $61.50 

Granted

  40,000   18.90 

Vested

  (23,090)  62.40 

Canceled or expired

  (8,461)  60.60 

Outstanding at June 30, 2022

  75,873  $39.00 

Granted

  2,150   11.83 

Vested

  (26,742)  46.68 

Canceled or expired

  (610)  60.60 

Outstanding at June 30, 2023

  50,671  $33.43 

 

Compensation costs recognized related to vested restricted stock awards during the years ended June 30, 2023 and 2022 were $1.3 million and $1.5 million, respectively. At June 30, 2023, there was $1.3 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 1.92 years.

 

Stock-based Compensation in Operating Expenses

 

The Company’s stock-based compensation by category for the years ended June 30,2023 and 2022 was as follows:

 

  

Year Ended

  

Year Ended

 

(in thousands)

 

June 30, 2023

  

June 30, 2022

 

Selling, Administration and General

 $1,457  $1,503 

Research & Development

  41   32 

Total

  $1,498   $1,535 

 

Fair Value of Stock-Based Compensation

 

Stock-based compensation costs are generally based on the fair value calculated from the Black-Scholes model on the date of the grant of stock options. The fair values of stock options are amortized as compensation expense on a straight-line basis over the vesting period of the grants. The Company recognizes forfeitures as they occur. The assumptions used for the years ended June 30, 2023 and 2022 and the resulting estimates of weighted-average fair value per share of options granted or modified are summarized in the following table: 

 

  

Year Ended

  

Year Ended

 
  

June 30, 2023

  

June 30, 2022

 

Expected Dividend Yield

      

Expected Volatility

  104.67%  104.97%

Risk-Free Interest Rates

  1.59%  0.65%

Expected Option Life (in years)

  3.5   3.5 

Weighted-average grant-date fair value of options awarded

 $20.22  $25.80 

 

 

• 

The expected dividend yield is based on the Company’s current dividend yield and the best estimate of projected dividend yield for future periods within the expected life of the option, which is currently 0%.

 

 

• 

The Company estimated volatility using the historical share price performance over the expected life. Management believes the historical estimated volatility is materially indicative of expectations about future volatility.

 

 

• 

The estimate of the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.

 

 

• 

For the years ended June 30, 2023 and 2022, the Company used the simplified method of calculating the expected life of the options.