XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

EQUITY | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity [Abstract] |
EQUITY | NOTE 9—EQUITY All information below includes adjustments where applicable to account for the September 2023 1-for-16 reverse stock split. (a) Summary Employee Option Information The Company’s stock option plans provide for the grant to officers, directors and employees of options to purchase shares of common stock. The purchase price may be paid in cash or, if the option is “in-the-money” at the end of the option term, it is automatically exercised “net”. In a net exercise of an option, the Company does not require a payment of the exercise price of the option from the option holder but reduces the number of shares of common stock issued upon the exercise of the option by the smallest number of whole shares that has an aggregate fair market value equal to or in excess of the aggregate exercise price for the option shares covered by the option exercised. Each option is exercisable for one share of the Company’s common stock. Most options expire within five to ten years from the date of the grant, and generally vest over a three-year period from the date of the grant. At December 31, 2023, 76,769 options were available for grant under the Amended and Restated 2006 Stock Incentive Plan and no options were available for grant under the 2006 Stock Option Plan for Non-Employee Directors. In 2023 and 2022, 14,936 (11,874 to directors and executive officers and 3,062 to other employees) and 9,110 (7,187 to directors and executive officers and 1,923 to other employees) options, respectively, were granted. In 2023 and 2022, there were no grants to non-employees (other than the non-employee directors and executive officers). The fair value of the options issued was $47,000 and $54,000 in 2023 and 2022, respectively. 2,187 warrants and no options were exercised in the year ended December 31, 2023. 2,187 options were exercised in the year ended December 31, 2022. The intrinsic value of options outstanding and of options exercisable at December 31, 2023 was $40,000 and $35,000, respectively. The intrinsic value of options outstanding and of options exercisable at December 31, 2022 was $16,000 and $13,000, respectively. The Company utilized the Black-Scholes option-pricing model to estimate fair value, utilizing the following assumptions for the respective years (all in weighted averages): SCHEDULE OF STOCK OPTIONS FAIR VALUE ASSUMPTIONS ESTIMATED USING BLACK-SCHOLES PRICING MODEL
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 4.0 | % |  |  | 1.8 | %
Expected term of options, in years |  |  | 4.01 |  |  |  | 3.86 |
Expected annual volatility |  |  | 85.0 | % |  |  | 93.7 | %
Expected dividend yield |  |  | — | % |  |  | — | %
Determined weighted average grant date fair value per option |  | $ | 3.16 |  |  | $ | 5.85 |
The expected term of the options is the length of time until the expected date of exercising the options. With respect to determining expected exercise behavior, the Company has grouped its option grants into certain groups in order to track exercise behavior and establish historical rates. The Company estimated volatility by considering historical stock volatility over the expected term of the option. The risk-free interest rates are based on the U.S. Treasury yields for a period consistent with the expected term. The Company expects no dividends to be paid. The Company believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in determining the estimated fair value of the Company’s stock options granted in the years ended December 31, 2023 and 2022. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by persons who receive equity awards. (b) Summary Option Information A summary of the Company’s option plans as of December 31, 2023 and 2022, as well as changes during each of the years then ended, is presented below: SUMMARY OF STOCK OPTION ACTIVITY
|  | 2023 |  |  | 2022 |
|  | Number of Options (in shares) |  |  | Weighted Average Exercise Price |  |  | Number of Options (in shares) |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 58,966 |  |  | $ | 6.72 |  |  |  | 52,044 |  |  | $ | 6.24 |
Granted at market price |  |  | 14,936 |  |  | $ | 5.33 |  |  |  | 9,110 |  |  | $ | 8.80 |
Exercised |  |  | — |  |  | $ | — |  |  |  | (2,188 | ) |  | $ | (2.88 | )
Forfeited or expired |  |  | 2,009 |  |  | $ | 7.15 |  |  |  | — |  |  | $ | — |
Outstanding at end of year |  |  | 71,893 |  |  | $ | 6.41 |  |  |  | 58,966 |  |  | $ | 6.72 |
Exercisable at end of year |  |  | 64,366 |  |  | $ | 6.44 |  |  |  | 51,166 |  |  | $ | 6.55 |
Summary information regarding the options outstanding and exercisable at December 31, 2023 is as follows: SUMMARY OF INFORMATION REGARDING TO OPTIONS OUTSTANDING AND EXERCISABLE
|  | Outstanding |  |  | Exercisable |
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Average Exercise Price |  |  | Number Exercisable |  |  | Weighted Average Exercise Price |
|  | (in shares) |  |  | (in years) |  |  |  |  |  | (in shares) |  |  |  |
$2.88 – $6.08 |  |  | 41,316 |  |  |  | 3.60 |  |  | $ | 5.13 |  |  |  | 37,254 |  |  | $ | 5.15 |
$6.10 – $10.08 |  |  | 30,577 |  |  |  | 3.98 |  |  | $ | 8.14 |  |  |  | 27,112 |  |  | $ | 8.21 |
|  |  | 71,893 |  |  |  |  |  |  |  |  |  |  |  | 64,366 |  |  |  |  |
Stock-based compensation expense included in selling, general and administrative expense in the Company’s consolidated statements of operations was $55,000 and $80,000 for the years ending December 31, 2023 and 2022, respectively. The total compensation cost related to non-vested awards not yet recognized was $18,000 and $33,000 as of December 31, 2023 and 2022, respectively. (c) Warrants The Company has issued warrants at exercise prices equal to or greater than the market value of the Company’s common stock at the date of issuance. A summary of warrant activity follows: SUMMARY OF WARRANT ACTIVITY
|  | 2023 |  |  | 2022 |
|  | Number of Shares Underlying Warrants |  |  | Weighted Average Exercise Price |  |  | Number of Shares Underlying Warrants |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 2,187 |  |  | $ | 2.08 |  |  |  | 2,187 |  |  | $ | 2.08 |
Granted |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Exercised |  |  | (2,187 | ) |  | $ | (2.08 | ) |  |  | — |  |  | $ | — |
Forfeited or expired |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Outstanding and exercisable at end of year |  |  | — |  |  | $ | — |  |  |  | 2,187 |  |  | $ | 2.08 |

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

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration