XML 49 R38.htm IDEA: XBRL DOCUMENT
v3.25.3

STOCK-BASED COMPENSATION PLAN (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Compensation Expense | The following table summarizes the compensation expense we recorded during the three and nine months ended September 30, 2025 and 2024, related to unvested restricted stock, performance-based restricted stock awards, restricted stock units and stock options:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenues |  | $ | 37 |  |  | $ | 39 |  |  | $ | 120 |  |  | $ | 107 |
Selling expense |  | 19 |  |  | 12 |  |  | 51 |  |  | 37 |
Engineering and product development expense |  | 10 |  |  | 9 |  |  | 9 |  |  | 21 |
General and administrative expense |  | 288 |  |  | 477 |  |  | 1,032 |  |  | 1,285 |
Total stock-based compensation expense |  | $ | 354 |  |  | $ | 537 |  |  | $ | 1,212 |  |  | $ | 1,450 |
Schedule of Stock Options Valuations Assumptions | The fair value for stock options granted during the nine months ended September 30, 2025 and 2024 was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
|  | Nine Months Ended
|  | September 30,
|  | 2025 |  | 2024
Risk-free interest rate |  | 4.28 | % |  | 3.98 | %
Dividend yield |  | 0.00 | % |  | 0.00 | %
Expected common stock market price volatility factor |  | .59 |  | .57
Weighted average expected life of stock options (years) |  | 6.25 |  | 6.25
Schedule of Stock Option Activity | The following table summarizes the activity related to stock options for the nine months ended September 30, 2025:
Stock Options |  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (yrs) |  | Aggregate Intrinsic Value (in thousands)
Options outstanding, January 1, 2025 |  | 602,593 |  | $ | 10.92 |  |  |  |  |
Granted |  | 310,086 |  | 7.74 |  |  |  |  |
Exercised |  | (4,925) |  | 3.69 |  |  |  |  |
Forfeited |  | (29,216) |  | 10.94 |  |  |  |  |
Options outstanding, September 30, 2025 |  | 878,538 |  | $ | 9.84 |  |  | 7.6 |  | $ | 158 |
Exercisable |  | 396,920 |  | $ | 10.51 |  |  | 6.0 |  | $ | 137 |
Expected to vest |  | 481,618 |  | $ | 9.28 |  |  | 8.8 |  | $ | 21 |
The table below summarizes certain additional information with respect to our options:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in thousands, except per option amounts) | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average grant date fair value per option | $ | — |  |  | $ | — |  |  | $ | 4.61 |  |  | $ | 6.55 |
Aggregate intrinsic value of options exercised | $ | — |  |  | $ | 17 |  |  | $ | 22 |  |  | $ | 179 |
Schedule of Restricted Stock Awards Activity | The following table summarizes the activity related to unvested restricted stock awards for the nine months ended September 30, 2025:
Restricted Stock Awards |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2025 |  | 119,833 |  | $ | 11.92 |
Granted |  | 85,098 |  | 7.74 |
Vested |  | (46,474) |  | 11.76 |
Forfeited |  | (9,169) |  | 10.69 |
Unvested shares outstanding, September 30, 2025 |  | 149,288 |  | $ | 9.67 |
Additional information about our restricted stock awards is summarized as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Aggregate market value of RSA’s vested |  | $ | — |  |  | $ | 208 |  |  | $ | 344 |  |  | $ | 643 |
The following table summarizes the activity related to unvested performance-based restricted stock awards for the nine months ended September 30, 2025:
Performance-based Stock Awards |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested shares outstanding, January 1, 2025 |  | 88,949 |  | $ | 12.53 |
Granted |  | 49,098 |  | 7.74 |
Vested |  | — |  | — |
Forfeited |  | (37,823) |  | 11.48 |
Unvested shares outstanding, September 30, 2025 |  | 100,224 |  | $ | 10.58 |
Additional information about our performance-based restricted stock awards is summarized as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Aggregate market value of PSA’s vested |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 117 |
We began issuing restricted stock units to certain employees in 2025. The following table summarizes the activity related to unvested restricted stock units for the nine months ended September 30, 2025:
Restricted Stock Units |  | Number of Units |  | Weighted Average Grant Date Fair Value
Unvested units outstanding, January 1, 2025 |  | — |  | $ | — |
Granted |  | 61,091 |  | 7.98 |
Vested |  | — |  | — |
Forfeited |  | (1,917) |  | 8.60 |
Unvested units outstanding, September 30, 2025 |  | 59,174 |  | $ | 7.96 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration