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Note 17 - Stockholders' Equity | 12 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Equity [Text Block] | 17. Stockholders’ Equity Stock-Based Compensation Plans As of March 31, 2023, the Company had two active stock plans: the Amended and Restated 2007 Director Stock Plan (the “2007 Director Plan”) and the 2022 Stock Incentive Plan (the "2022 Plan"). On August 2, 2022, the Company's stockholders approved the 2022 Plan and amendments to the Company's 2007 Director Plan. The 2022 Plan authorizes the issuance of 1,150,000 shares of common stock. The amendment to the 2007 Director Plan increased the total number of shares of common stock authorized for issuance under the 2007 Director Plan from 280,000 shares to 430,000 shares. The 2022 Plan provides for the grant of incentive stock options intended to qualify under Section 422 of the IRC of 1986, as amended, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. In the case of options, the exercise price is no less than the fair market value of the common stock, as determined by (or in a manner approved by) the Board of Directors, on the date of grant. The contractual life of options is generally 10 years. Options generally vest over a 3-5 year period while restricted stock generally vests over a 3 year period. The 2022 Plan replaced the Company’s 2007 Stock Incentive Plan, as amended (the “2007 Plan”). No further awards are granted under the 2007 Plan following effectiveness of the 2022 Plan; however, the terms and conditions of the 2007 Plan continue to govern any outstanding awards granted thereunder. The 2007 Director Plan provides for the grant of nonstatutory stock options and stock awards to members of the Board of Directors who are not also employees of the Company ("outside directors"). Under the terms of the 2007 Director Plan, each outside director is granted an option to purchase shares of common stock with an aggregate grant date value equal to $40,000 upon his or her initial election to the Board with an exercise price equal to the fair market value of the Company’s common stock on the date of the grant. These options vest in equal annual installments over a two-year period. In addition, each outside director is granted an award of shares of common stock on the third business day following the last day of each fiscal year with an aggregate value equal to $50,000 using the closing price of the Company's common stock two business days following the last day of each fiscal year, subject to proration for any partial fiscal year of service. As of March 31, 2023, the 2022 Plan had 654,610 shares available for future issuance, and the 2007 Director Plan had 176,471 shares available for future issuance. Additionally, any shares which are subject to awards previously granted under the 2007 Plan that are forfeited or lapse unexercised and which following the effectiveness of the 2022 Plan are not issued under the 2007 Plan will become available for issuance under the 2022 Plan. Stock-Based Compensation The components of stock-based compensation for the years ended March 31, 2023 and 2022 were as follows (in thousands):
|  | Fiscal years ended March 31, |
|  | 2023 |  |  | 2022 |
Stock options |  | $ | 32 |  |  | $ | 3 |
Restricted stock and stock awards |  |  | 4,656 |  |  |  | 4,615 |
Employee stock purchase plan |  |  | 41 |  |  |  | 43 |
Total stock-based compensation expense |  | $ | 4,729 |  |  | $ | 4,661 |
The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. The total unrecognized compensation cost for unvested outstanding stock options was less than $0.1 million for the fiscal year ended March 31, 2023. The total unrecognized compensation cost for unvested outstanding restricted stock was $4.7 million for the fiscal year ended March 31, 2023. This expense will be recognized over a weighted-average expense period of approximately 1.7 years. The following table summarizes stock-based compensation expense by financial statement line item for the fiscal years ended March 31, 2023 and 2022 (in thousands):
|  | Fiscal years ended March 31, |
|  | 2023 |  |  | 2022 |
Cost of revenues |  | $ | 283 |  |  | $ | 209 |
Research and development |  |  | 865 |  |  |  | 820 |
Selling, general and administrative |  |  | 3,581 |  |  |  | 3,632 |
Total |  | $ | 4,729 |  |  | $ | 4,661 |
The following table summarizes the information concerning currently outstanding and exercisable employee and non-employee options:
|  | Options / Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value (thousands) |
Outstanding at March 31, 2022 |  |  | 98,013 |  |  | $ | 28.22 |  |  |  |  |  |  |  |  |
Granted |  |  | 20,564 |  |  |  | 5.92 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Canceled/forfeited |  |  | (37,572 | ) |  |  | 40.42 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 81,005 |  |  | $ | 16.90 |  |  |  | 3.4 |  |  |  | - |
Exercisable at March 31, 2023 |  |  | 60,441 |  |  | $ | 20.63 |  |  |  | 1.4 |  |  |  | - |
Fully vested and expected to vest at March 31, 2023 |  |  | 80,274 |  |  | $ | 17.00 |  |  |  | 3.3 |  |  |  | - |
The Company granted 20,564 stock options under the 2007 Director Plan during the fiscal year ended March 31, 2023. The Company did not grant any stock options during the fiscal year ended March 31, 2022. The stock options granted during the fiscal year ended March 31, 2023 will vest over 2 years. The weighted average assumptions used in the Black Scholes valuation model for stock options granted during the fiscal year ended March 31, 2023 are as follows:
|  | Fiscal year ended March 31, |  |  | Fiscal year ended March 31, |
|  | 2023 |  |  | 2022 |
Expected volatility |  |  | 71.4 | % |  |  | N/A |
Risk-free interest rate |  |  | 3.1 | % |  |  | N/A |
Expected life (years) |  |  | 6.14 |  |  |  | N/A |
Dividend yield |  | None |  |  |  | N/A |
The following table summarizes the restricted stock activity for the year ended March 31, 2023:
|  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Intrinsic Aggregate Value (thousands) |
Outstanding at March 31, 2022 |  |  | 1,102,166 |  |  | $ | 9.62 |  |  |  |  |
Granted |  |  | 914,306 |  |  |  | 4.84 |  |  |  |  |
Vested |  |  | (460,973 | ) |  |  | 9.02 |  |  |  |  |
Forfeited |  |  | (77,500 | ) |  |  | 10.39 |  |  |  |  |
Outstanding at March 31, 2023 |  |  | 1,477,999 |  |  | $ | 6.81 |  |  | $ | 7,257 |
The total fair value of restricted stock that was granted during the fiscal years ended March 31, 2023 and 2022 was $4.7 million and $8.2 million, respectively. The total fair value of restricted stock that vested during the fiscal years ended March 31, 2023 and 2022 was $2.6 million and $7.6 million, respectively. There were 200,000 performance-based restricted shares awarded during the fiscal year ended March 31, 2023 for which the performance conditions are deemed probable to be met and the expense is being recorded over a three-year vesting period. There were 76,500 performance-based restricted shares awarded during the fiscal year ended March 31, 2022 for which the performance conditions are deemed probable to be met and the expense is being recorded over a three-year vesting period. The remaining shares awarded vest upon the passage of time. For awards that vest upon the passage of time, expense is being recorded over the vesting period. Employee Stock Purchase Plan The Company maintains the 2000 Employee Stock Purchase Plan, as amended (the "ESPP") which provides employees with the opportunity to purchase shares of common stock at a price equal to the market value of the common stock at the end of the offering period, less a 15% purchase discount. As of March 31, 2023, the ESPP had 99,906 shares available for future issuance. The Company recognized less than $0.1 million of compensation expense for both the fiscal years ended March 31, 2023 and 2022, related to the ESPP.

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