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Stockholders’ Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders’ Equity

Note 6. Stockholders’ Equity

 

The following are changes in stockholders’ equity for the three months ended March 31, 2024 and 2025:

 

   Shares   Amount   Capital   (Deficit)   Total 
       Additional         
   Common Stock   paid in   Accumulated     
   Shares   Amount   Capital   (Deficit)   Total 
                     
Balance December 31, 2023    14,420,105   $      -   $63,299,000   $(60,796,000)  $2,503,000 
Issuance of common stock for equity compensation, net of shares repurchased for income tax withholding   175,562    -    (20,000)   -    (20,000)
Equity-based compensation expense    -    -    366,000    -    366,000 
Conversion of debt and interest (Note 5)   124,208    -    136,000    -    136,000 
Net loss    -    -    -    (449,000)   (449,000)
Balance March 31, 2024   14,719,875   $-   $63,781,000   $(61,245,000)  $2,536,000 

 

       Additional         
   Common Stock   paid in   Accumulated     
   Shares   Amount   Capital   (Deficit)   Total 
                     
Balance December 31, 2024   14,746,172   $      -   $64,199,000   $(63,621,000)  $578,000 
Issuance of common stock for equity compensation, net of shares repurchased for income tax withholding   121,082    -    (160,000)   -    (160,000)
Equity-based compensation expense   -    -    158,000    -    158,000 
Registered issuance of common stock   1,052,793         2,974,000         2,974,000 
Net loss   -    -    -    (761,000)   (761,000)
Balance March 31, 2025   15,920,047   $-   $67,171,000   $(64,382,000)  $2,789,000 

 

On February 5, 2025, the Company entered into securities purchase agreements with several investors, pursuant to which the Company sold an aggregate of 1,052,793 shares of common stock at a price of $2.85 per share in a registered direct offering.

 

Warrants

 

During the three months ended March 31, 2025, 121,076 warrants at a weighted average exercise price of $3.51 per share expired. There are no warrants outstanding as of March 31, 2025.

 

Equity Incentive Plan

 

As of March 31, 2025, the Company has $409,000 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 3.0 years.

 

 

Stock Options

 

The following is a summary of stock option activity for the three months ended March 31, 2025:

 

   Number of
Options		   Weighted
average exercise
price per share		   Remaining
term in years		 
Outstanding on December 31, 2024   710,323   $5.04    5.5 
Issued   40,071   $2.74      
Forfeited   -           
Expired   (3,102)  $10.01      
Outstanding on March 31, 2025   747,292   $4.89    5.5 
                
Exercisable, March 31, 2025   520,874   $5.73    3.9 

 

The fair value of the options issued was calculated using the Black-Scholes option pricing model, based on the following:

 

   2025 
Expected term (in years)   8.0 
Expected volatility   97.4%
Risk-free interest rate   4.4%
Expected dividends  $- 
Weighted average grant date fair value per share  $2.36 

 

Restricted Stock

 

The following is a summary of restricted stock award and restricted stock unit activity for the three months ended March 31, 2025:

 

   Number of shares   Weighted average
grant date fair value		 
Unvested at January 1, 2025   61,873   $2.72 
Granted   44,880   $2.69 
Forfeited   (9,960)  $(2.51)
Vested   (18,873)  $(4.80)
Unvested at March 31, 2025   77,920   $2.23 

 

Performance Share Units

 

The Company issues performance share units (“PSUs”) that represent 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 three months ended March 31, 2025:

 

   Number of shares   Weighted average
grant date fair value		 
Unvested January 1, 2025   157,694   $1.20 
Vested   (157,694)     
Unvested at March 31, 2025   -   $-