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Note 11 - Share-based Compensation
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

11. Share Based Compensation 

 

As of December 31, 2023, the Company has outstanding stock options and unvested restricted stock units granted under its 2008 Stock Compensation Plan, 2018 Stock Compensation Plan, 2020 Stock Compensation Plan and 2021 Stock Compensation Plan, which generally permitted stock-based awards under terms determined by the Company’s board of directors. Stock options and RSUs generally provided for vesting over service periods of one to four years, with option exercise prices generally equal to fair market value on the date of grant.  As of December 31, 2023, no further shares were available under these plans for future awards. The Company also granted stock options and restricted stock units as inducements under contracts with selected executives.

 

Stock options

 

2008 Plan Summary

 

2008 Plan Stock option award activity for the years ended   December 31, 2023 and 2022 is summarized below for the periods presented:

 

 

          

Weighted-

     
      

Weighted-

  

Average

  

Aggregate

 
      

Average

  

Remaining

  

Intrinsic

 
      Exercise  Contractual  Value 

Option Awards

 

Shares

  

Price

  

Term (Years)

  

(thousands)

 

Outstanding at January 1, 2022

  691,162  $1.53   2.60  $72 

Granted

  –   –   –   – 

Exercised / cancelled

  (57,500)  1.07   –   10 

Forfeited or expired

  (120,562)  –   –   – 

Outstanding at December 31, 2022

  513,100   1.63   2.16   68 

Granted

  –   –         

Exercised / cancelled

  –   –         

Forfeited or expired

  (291,100)  2.10         

Outstanding at December 31, 2023

 $222,000  $1.01   3.27  $12 

Exercisable at December 31, 2023

  222,000  $1.01   3.27  $12 

 

The Company recognized no stock-based compensation expense relating to stock option awards during the years ended December 31, 2023 and 2022. 

 

2018 Plan Summary

 

2018 Plan Stock option award activity for the years ended  December 31, 2023 and 2022 are summarized below:

 

          

Weighted-

     
      

Weighted-

  

Average

  

Aggregate

 
      

Average

  

Remaining

  

Intrinsic

 
      Exercise  Contractual  Value 

Option Awards

 

Shares

  

Price

  

Term (Years)

  

(thousands)

 

Outstanding at January 1, 2022

 160,000  $0.93  6.82  $31 

Granted

 –  –  –  – 

Exercised/cancelled

 (12,500) 0.76  –  8 

Forfeited or expired

 (2,500) –  –  – 

Outstanding at December 31, 2022

 145,000  $0.94  5.79  $52 

Granted

 –  –       

Exercised

 –  –       

Forfeited or expired

 –  –       

Outstanding at December 31, 2023

 145,000  $0.94  4.79  $26 

Exercisable at December 31, 2023

 145,000  $0.94  4.79  $26 

 

No stock options were granted in 2023 under the 2018 Plan. The total intrinsic value of stock options awards exercised during the year ended  December 31, 2023 and 2022 was $0 and $8,000, respectively.

 

The Company recognized $1,000 and $6,000 in stock-based compensation expense relating to stock option awards during the years ended  December 31, 2023 and 2022, respectively. The recognized tax benefit on stock-based compensation expense related to stock options during the years ended  December 31, 2023 and 2022 was approximately $0 and $2,000, respectively.

 

As of  December 31, 2023, there was no unrecognized stock-based compensation expense related to stock options granted under the 2018 Plan.

 

2020 Plan Summary

 

2020 Plan Stock option award activity for the years ended  December 31, 2023 and 2022 are summarized below:

 

          

Weighted-

     
      

Weighted-

  

Average

  

Aggregate

 
      

Average

  

Remaining

  

Intrinsic

 
      

Exercise

  

Contractual

  

Value

 

Option Awards

 

Shares

  

Price

  

Term (Years)

  

(thousands)

 

Outstanding at January 1, 2022

 385,000  $1.55  4.10  $- 

Granted

 –  –  –  – 

Exercised/cancelled

 –  –  –  – 

Forfeited or expired

 

(10,000

) –  –  – 

Outstanding at December 31, 2022

 375,000  $1.55  3.10  $- 

Granted

          – 

Exercised

          – 

Forfeited or expired

 

(20,000

) –  –  – 

Outstanding at December 31, 2023

 355,000  $1.55  2.10  $- 

Exercisable at December 31, 2023

 177,500  $1.55  2.10  $- 

 

No stock options were granted in 2023 under the 2020 Plan. The total intrinsic value of stock option awards exercised during the years ended  December 31, 2023 and 2022 was $0.

 

The Company recognized $47,000 and $58,000 in stock-based compensation expense relating to stock option awards during the years ended  December 31, 2023 and 2022, respectively. The recognized tax benefit on stock-based compensation expense related to stock options during the years ended  December 31, 2023 and 2022 was approximately $12,000 and $15,000, respectively.

 

As of  December 31, 2023, total unrecognized stock-based compensation expense related to stock options was $58,000. This expense is expected to be recognized over a weighted average period of approximately 1.1 years.

 

CFO Inducement Plan Summary

 

CFO Inducement Plan Stock option award activity for the years ended  December 31, 2023 and 2022 are summarized below:

 

          

Weighted-

     
      

Weighted-

  

Average

  

Aggregate

 
      

Average

  

Remaining

  

Intrinsic

 
      

Exercise

  

Contractual

  

Value

 

Option Awards

 

Shares

  

Price

  

Term (Years)

  

(thousands)

 

Outstanding at January 1, 2022

  150,000   0.85   8.67   57 

Granted

  –   –   –   – 

Exercised/cancelled

  (50,000)  0.85   –   – 

Forfeited or expired

  –   –   –   – 

Outstanding at December 31, 2022

  100,000  $0.85   7.67  $45 

Granted

                

Exercised

                

Forfeited or expired

  (100,000) $0.85   –   – 

Outstanding at December 31, 2023

 $-  $-  $-  $- 

Exercisable at December 31, 2023

 $-  $-  $-  $- 

 

No stock options were granted in  2023 under the CFO Inducement Plan.  The total intrinsic value of stock option awards exercised during the years ended  December 31, 2023 and  2022 was $0 and $45,000.

 

The Company recognized a benefit of $6,000 and expense of $19,000 relating to stock option awards during the years ended  December 31, 2023 and  2022, respectively. The recognized tax benefit on stock-based compensation expense related to stock options during the years ended  December 31, 2023 and  2022 was approximately $0 and $5,000 respectively.

 

As of  December 31, 2023, there was  no unrecognized share-based compensation expense related to stock options granted under the CFO Inducement Plan.

 

CEO Inducement Plan Summary

 

CEO Inducement Plan stock option award activity for the years ended  December 31,  2023 and 2022 are summarized below:

 

          

Weighted-

     
      

Weighted-

  

Average

  

Aggregate

 
      

Average

  

Remaining

  

Intrinsic

 
      

Exercise

  

Contractual

  

Value

 

Option Awards

 

Shares

  

Price

  

Term (Years)

  

(thousands)

 

Outstanding at January 1, 2022

  630,000  $1.90   9.15  $- 

Granted

  –   –   –   – 

Exercised/cancelled

  –   –   –   – 

Forfeited or expired

  –   –   –   – 

Outstanding at December 31, 2022

  630,000  $1.90   8.15  $- 

Granted

  –   –   –   – 

Exercised

  –   –   –   – 

Forfeited or expired

  –   –   –   – 

Outstanding at December 31, 2023

  630,000  $1.90   7.15  $- 

Exercisable at December 31, 2023

  630,000  $1.90   7.15  $- 

 

No stock options were granted in 2023 under the CEO Inducement Plan.  The total intrinsic value of stock option awards exercised during the years ended  December 31, 2023 and 2022 was $0.

 

The Company recognized $0 and $85,000 in stock-based compensation expense relating to stock option awards during the years ended  December 31, 2023 and 2022, respectively. The recognized tax benefit on stock-based compensation expense related to stock options during the years ended  December 31, 2023 and 2022, was $0 and $21,000, respectively.

 

As of  December 31, 2023, there was no unrecognized share-based compensation expense related to stock options granted under the CEO Inducement Plan.

 

Restricted Stock Units
 
The following table summarizes the activity for Restricted Stock Unit (RSU) awards during the years ended  December 31, 2023 and 2022
 
      

Weighted-

 
      

Average

 
      

Grant Date

 
      

Fair Value

 
  

Shares

  

per Share

 

Unvested at January 1, 2022

  138,090  $1.85 

Granted

  –   – 

Vested

  (99,415)  1.86 

Forfeited

  –   – 

Unvested at December 31, 2022

  38,675  $1.81 

Granted

  304,513   1.16 

Vested

  (100,337)  1.20 

Forfeited

  (16,575)  1.81 

Unvested at December 31, 2023

  226,276  $1.19 

 

During the years ended December 31, 2023 and 2022, the Company recognized approximately $235,000 and $101,000, respectively, of stock-based compensation expense related to RSUs. During the years ended December 31, 2023 and 2022, the total fair value of RSUs vested was $104,000 and $120,000, respectively. As of December 31, 2023, total unrecognized stock-based compensation expense related to unvested RSUs awards was $78,000, which is expected to be recognized over a weighted average period of approximately 0.3 years.

 

Phantom Stock Awards

 

See Note 10, Related Party Transactions for a description of the Company’s phantom stock awards.