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Stockholders’ Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Stockholders’ Equity | Note 7. Stockholders’ Equity The following are changes in stockholders’ equity for the nine months ended September 30, 2022 and 2023: Schedule of Changes in Stockholders' Equity
|  | Shares |  |  | Amount |  |  | Capital |  |  | (Deficit) |  |  | Total |
|  |  |  |  |  |  |  | Additional |  |  |  |  |  |  |
|  | Common Stock |  |  | paid in |  |  | Accumulated |  |  |  |
|  | Shares |  |  | Amount |  |  | Capital |  |  | (Deficit) |  |  | Total |
Balance December 31, 2021 |  |  | 12,905,112 |  |  | $ | - |  |  | $ | 60,341,000 |  |  | $ | (51,838,000 | ) |  | $ | 8,503,000 |
Shares issued for warrant exercise |  |  | 986 |  |  |  | - |  |  |  | 5,000 |  |  |  | - |  |  |  | 5,000 |
Equity-based compensation |  |  | 5,000 |  |  |  | - |  |  |  | 211,000 |  |  |  | - |  |  |  | 211,000 |
Cash settlement of equity-based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of stock and options for services |  |  | 23,643 |  |  |  | - |  |  |  | 173,000 |  |  |  | - |  |  |  | 173,000 |
Net loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,276,000 | ) |  |  | (4,276,000 | )
Balance September 30, 2022 |  |  | 12,934,741 |  |  | $ | - |  |  | $ | 60,730,000 |  |  | $ | (56,114,000 | ) |  | $ | 4,616,000 |
|  |  |  |  |  |  |  | Additional |  |  |  |  |  |  |
|  | Common Stock |  |  | paid in |  |  | Accumulated |  |  |  |
|  | Shares |  |  | Amount |  |  | Capital |  |  | (Deficit) |  |  | Total |
Balance December 31, 2022 |  |  | 12,934,741 |  |  | $ | - |  |  | $ | 60,905,000 |  |  | $ | (57,972,000 | ) |  | $ | 2,933,000 |
Balance |  |  | 12,934,741 |  |  | $ | - |  |  | $ | 60,905,000 |  |  | $ | (57,972,000 | ) |  | $ | 2,933,000 |
Equity-based compensation |  |  | 165,779 |  |  |  | - |  |  |  | 496,000 |  |  |  | - |  |  |  | 496,000 |
Cash settlement of equity-based compensation |  |  | - |  |  |  | - |  |  |  | (24,000 | ) |  |  | - |  |  |  | (24,000 | )
Issuance of stock and options for services |  |  | 4,094 |  |  |  | - |  |  |  | 11,000 |  |  |  | - |  |  |  | 11,000 |
Net loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,123,000 | ) |  |  | (2,123,000 | )
Balance September 30, 2023 |  |  | 13,104,614 |  |  | $ | - |  |  | $ | 61,388,000 |  |  | $ | (60,095,000 | ) |  | $ | 1,293,000 |
Balance |  |  | 13,104,614 |  |  | $ | - |  |  | $ | 61,388,000 |  |  | $ | (60,095,000 | ) |  | $ | 1,293,000 |
Warrants During the nine months ended September 30, 2023, 936,375 warrants at a weighted average exercise price of $6.00 per share expired. Equity Incentive Plan Through 2022, the Company issued equity awards under the 2015 Equity Incentive Plan (the “2015 Plan”) and outside the Plan. In June 2023, the Company’s stockholders adopted the 2023 Equity Incentive Plan (the “2023 Plan”), reserving 650,000 shares for future issuance. The Board of Directors discontinued further grants under the 2015 Plan. As of September 30, 2023, the Company has $153,000 of total unrecognized share-based compensation expense relative to unvested options, stock awards and stock units, which is expected to be recognized over the remaining weighted average period of 1.5 years. Stock Options The following is a summary of stock option activity for the nine months ended September 30, 2023: Summary of Stock Options Activity
|  | Number of Options |  |  | Weighted average exercise price per share |  |  | Remaining term in years |
Outstanding on December 31, 2022 |  |  | 682,939 |  |  | $ | 7.30 |  |  |  | 3.2 |
Issued |  |  | 63,545 |  |  | $ | 1.50 |  |  |  | 8.0 |
Cancelled/expired |  |  | (109,388 | ) |  | $ | 8.48 |  |  |  |  |
Outstanding on September 30, 2023 |  |  | 637,096 |  |  | $ | 6.54 |  |  |  | 3.6 |
Exercisable, September 30, 2023 |  |  | 576,393 |  |  | $ | 6.75 |  |  |  | 3.2 |
The fair value of the options issued was calculated using the Black-Scholes option pricing model, based on the following: Summary of Fair Value of Options Using Black-Sholes Option Pricing Model
|  | 2023 |
Expected term (in years) |  |  | 8.0 |
Expected volatility |  |  | 84.4 | %
Risk-free interest rate |  |  | 3.6 | %
Expected dividends |  | $ | - |
Weighted average grant date fair value per share |  | $ | 1.19 |
Restricted Stock The following is a summary of restricted stock award and restricted stock unit activity for the nine months ended September 30, 2023: Summary of Restricted Stock Award and Restricted Stock Unit Activity
|  | Number of shares |  |  | Weighted average grant date fair value |
Unvested at January 1, 2023 |  |  | 41,923 |  |  | $ | 4.92 |
Granted |  |  | 5,000 |  |  | $ | 1.25 |
Vested |  |  | (4,386 | ) |  | $ | 5.06 |
Forfeited |  |  | (9,931 | ) |  | $ | 3.33 |
Unvested at September 30, 2023 |  |  | 32,606 |  |  | $ | 4.82 |
Performance Share Units During 2022 and 2023, the Company issued performance share units (“PSUs”) that represented shares potentially issuable based upon Company and individual performance in the years of issuance. The following table summarizes the activity for the Company’s unvested PSUs for the nine months ended September 30, 2023: Summary of Performance Stock Unit Activity
|  | Number of shares |  |  | Weighted average grant date fair value |
Unvested at January 1, 2023 |  |  | 17,678 |  |  | $ | 4.50 |
Cash settled |  |  | (17,678 | ) |  | $ | 4.50 |
Granted |  |  | 357,689 |  |  | $ | 1.64 |
Vested |  |  | (45,251 | ) |  | $ | 1.36 |
Unvested at September 30, 2023 |  |  | 312,438 |  |  | $ | 1.68 |
In February 2023, the unvested awards issued for individual performance and outstanding at January 1, 2023 were modified to cash-settle the original grant-date fair value of approximately $80,000, resulting in incremental compensation of $56,000 after considering the $24,000 fair value of the vested shares at the date of the modification. Additionally, the Company performance targets were modified to allow approximately 71,000 PSUs to vest, with an additional time-based vesting requirement for approximately 26,000 of the PSUs. Because the awards did not vest based on the original terms, the modification was considered a new grant, resulting in $64,000 in compensation expense in the nine-months ended September 30, 2023. The Company adopted a 2023 PSU program in April 2023, granting approximately 211,000 PSUs at target performance against company-wide metrics. An additional 76,000 PSUs were granted in September 2023 for performance against individual goals, replacing the Company’s cash bonus program. The results for the three and nine months ended September 30, 2023 include $84,000 in expense for the 2023 PSU program. Estimates of expense associated with 2023 performance will be reassessed each quarter through the performance period.

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