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Note 10 - Stock-based Compensation | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 10. Stock-Based Compensation 2019 Stock Plan On August 26, 2021, the stockholders of the Company approved the Aemetis, Inc. Amended and Restated 2019 Stock Plan (the “2019 Stock Plan”) which allows our Board or delegated Board committee to grant Incentive Stock Options, Non-Statutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, and other stock or cash awards to employees, Directors, and consultants. The Company did not issue any stock options or RSAs during the three months ending September 30, 2024. The following table summarizes activity under the 2019 Stock Plan during the nine-month period ending September 30, 2024:
|  | Shares Available for Grant |  |  | Number of Shares Outstanding |  |  | Weighted-Average Exercise Price |
Balance as of December 31, 2023 |  |  | 456 |  |  |  | 5,526 |  |  | $ | 4.42 |
Authorized |  |  | 1,740 |  |  |  |  |  |  |  |  |
Options Granted |  |  | (1,761 | ) |  |  | 1,761 |  |  | $ | 3.10 |
RSAs Granted |  |  | (364 | ) |  |  | - |  |  | $ | - |
Exercised |  |  | - |  |  |  | (15 | ) |  | $ | 2.56 |
Forfeited/expired |  |  | 75 |  |  |  | (75 | ) |  | $ | 7.25 |
Balance as of September 30, 2024 |  |  | 146 |  |  |  | 7,197 |  |  | $ | 4.07 |
The number of outstanding option shares as of September 30, 2024, includes 4.9 million shares that are vested. Inducement Equity Plan In March 2016, the Board of Directors of the Company approved an Inducement Equity Plan authorizing the issuance of 100,000 non-statutory stock options to purchase common stock. This plan was not approved by stockholders, and as a result is available only for grants to prospective employees. As of September 30, 2024, there are no option grants outstanding under the Inducement Equity Plan. Stock-based Compensation Expense Stock-based compensation is accounted for in accordance with ASC 718, Compensation - Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, directors, and consultants based on estimated fair value on the grant date. We estimate the fair value using the Black-Scholes option pricing model and recognize that fair value as an expense over the vesting period of each grant using the straight-line method. We only record compensation cost for vested options. The Black-Scholes valuation model for stock-based compensation expense requires us to make assumptions and judgments about the variables used in the calculation, including the expected term (the period of time that the options granted are expected to be outstanding), the volatility of our common stock, a risk-free interest rate, expected dividends, and expected forfeitures. We use the simplified calculation of expected term described in SEC Staff Accounting Bulletin Topic 14, Share-Based Payment. Volatility is based on an average of the historical volatility of Aemetis, Inc. common stock during the period of time preceding the date of option issuance that matches the term of the option grant. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the treasury maturity term corresponding with the expected life of the option. We use an expected dividend yield of zero, as we do not anticipate paying any dividends in the foreseeable future. Expected forfeitures are assumed to be zero due to the small number of plan participants. To the extent actual forfeitures occur, the difference is recorded as an adjustment in the scheduled expense during the period of the forfeiture. The weighted average fair value calculations for the options granted during the nine months ended September 30, 2024 and 2023, are based on the following assumptions:
|  | For the nine months ended September 30, |
Description |  | 2024 |  |  | 2023 |
Dividend-yield |  |  | - | % |  |  | - | %
Risk-free interest rate |  |  | 3.93 | % |  |  | 3.86 | %
Expected volatility |  |  | 115.42 | % |  |  | 124.62 | %
Expected life (years) |  |  | 5.81 |  |  |  | 7.00 |
Market value per share on grant date |  | $ | 3.10 |  |  | $ | 3.60 |
Fair value per option on grant date |  | $ | 2.65 |  |  | $ | 3.29 |
During the nine months ended September 30, 2024 and 2023, the Company granted 363,500 and 243,850 restricted stock awards, respectively, with a fair value on date of grant of $3.10 and $3.60, respectively, per share. As of September 30, 2024, the Company had $5.9 million of total unrecognized compensation expense for option issuance, which the Company will amortize over the remaining vesting period for each applicable grant, which has a weighted average of 1.73 years as of September 30, 2024.

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