STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

9. STOCK-BASED COMPENSATION PLANS

On April 3, 2015, the Company’s board of directors (the “Board of Directors”) unanimously approved the Company’s Equity Incentive Plan (the “Equity Incentive Plan”), which was approved by the Company’s stockholders. On June 27, 2023, the Equity Incentive Plan was amended by the Board of Directors, and subsequently approved by the Company’s stockholders, to authorize additional shares of Common Stock for issuance as compensation. The Company has granted awards of restricted shares of Common Stock to each of the independent members of the Board of Directors under the Equity Incentive Plan as follows:


		Weighted
	Number	Average Grant
	of	Date Fair Value
	Shares (1)	Per Share (1)



Balance, December 31, 2021	20,332	$	10.82
Granted	30,984	$	7.10
Vested	(20,332)	$	10.82
Balance, December 31, 2022	30,984	$	7.10
Granted	48,888	$	4.50
Vested	(30,984)	$	7.10
Balance, December 31, 2023	48,888	$	4.50

(1)Amounts have been adjusted to give retroactive effect to the Reverse Stock Split.

Compensation expense related to these restricted shares of Common Stock is recognized over the vesting period, and generally vests based on one year of continuous service. The Company recorded compensation expense related to these restricted shares of Common Stock in the amount of $183,000 and $202,000 for the years ended December 31, 2023 and 2022, respectively.

As of December 31, 2023, there was $128,000 of total unrecognized compensation expense related to restricted shares of Common Stock which will be recognized ratably over the remaining vesting period.