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Note 9 - Stock Based Compensation | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 9. Stock Based Compensation 2019 Stock Plan The Aemetis, Inc. Amended and Restated 2019 Stock Plan (the “2019 Stock Plan”) allows our Board of Directors 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. During the three months ending March 31, 2025, the Company issued stock options to employees exercisable for 1.8 million shares and issued 364 thousand shares of stock to members of its Board of Directors. The following table summarizes activity under the 2019 Stock Plan during the three-month period ending March 31, 2025:
|  | Shares Available for Grant |  |  | Number of Shares Outstanding |  |  | Weighted-Average Exercise Price |
Balance as of December 31, 2024 |  |  | 78 |  |  |  | 7,201 |  |  | $ | 4.06 |
Authorized |  |  | 2,148 |  |  |  |  |  |  |  |  |
Options Granted |  |  | (1,816 | ) |  |  | 1,816 |  |  |  | 2.73 |
RSAs Granted |  |  | (369 | ) |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | (51 | ) |  |  | 0.97 |
Forfeited/expired |  |  | 62 |  |  |  | (62 | ) |  |  | 4.87 |
Balance as of March 31, 2025 |  |  | 103 |  |  |  | 8,904 |  |  | $ | 3.80 |
The number of outstanding option shares as of March 31, 2025, includes 5.5 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 non-statutory options for the purchase of up 100,000 shares of common stock. This plan was not approved by stockholders and as a result is available only for grants to prospective employees. As of March 31, 2025, 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 three months ended March 31, 2025 and 2024, are based on the following assumptions:
|  | For the three months ended March 31, |
Description |  | 2025 |  |  | 2024 |
Dividend-yield |  |  | -% |  |  |  | -% |
Risk-free interest rate |  |  | 4.30% |  |  |  | 4.08% |
Expected volatility |  |  | 113.50% |  |  |  | 115.42% |
Expected life (years) |  |  | 5.81 |  |  |  | 5.81 |
Market value per share on grant date |  |  | $ 2.73 |  |  |  | $ 3.10 |
Fair value per option on grant date |  |  | $ 2.32 |  |  |  | $ 2.65 |
During the three months ended March 31, 2025 and 2024, the Company granted 368,500 and 363,500 restricted stock awards, respectively, with a fair value on date of grant of $2.73 and $3.10, respectively, per share. As of March 31, 2025, the Company had $7.4 million of total unrecognized compensation expense for option issuances, which the Company will amortize over the remaining vesting period for each applicable grant, which has a weighted average of 2.19 years as of March 31, 2025.

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