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Stockholders’ Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders’ Equity

Note 6. Stockholders’ Equity

 

The following are changes in stockholders’ equity for the six months ended June 30, 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   179,593    -    (20,000)   -    (20,000)
Equity-based compensation expense   -    -    517,000    -    517,000 
Conversion of debt and interest (Note 5)   124,208    -    136,000    -    136,000 
Net loss   -    -    -    (1,460,000)   (1,460,000)
Balance June 30, 2024   14,723,906   $-   $63,932,000   $(62,256,000)  $1,676,000 

 

           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   141,296    -    (161,000)   -    (161,000)
Equity-based compensation expense   -    -    297,000    -    297,000 
Registered issuance of common stock   1,052,793         2,974,000         2,974,000 
Net loss   -    -    -    (1,641,000)   (1,641,000)
Balance June 30, 2025   15,940,261   $-   $67,309,000   $(65,262,000)  $2,047,000 

 

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

 

There are no warrants outstanding as of June 30, 2025.

 

Equity Incentive Plan

 

As of June 30, 2025, the Company has $867,000 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 2.2 years.

 

 

Stock Options

 

The following is a summary of stock option activity for the six months ended June 30, 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   84,056   $2.70      
Forfeited   -           
Expired   (7,719)  $7.65      
Outstanding on June 30, 2025   786,660   $4.76    5.5 
                
Exercisable, June 30, 2025   560,559   $5.59    4.0 

 

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   97.9%
Risk-free interest rate   4.2%
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 six months ended June 30, 2025:

 

   Number of
shares		   Weighted
average grant date
fair value		 
Unvested at January 1, 2025   61,873   $2.72 
Granted   119,169   $2.62 
Forfeited   (24,960)  $1.67 
Vested   (39,293)  $(3.67)
Unvested at June 30, 2025   116,789   $2.45 

 

 

Performance Share Units

 

During 2023 and 2024, 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 six months ended June 30, 2025:
 

  

Number of

shares

  

Weighted

average grant date

fair value

 
Unvested January 1, 2025   157,694   $1.20 
Vested   (155,157)  $1.20 
Issued   20,490   $3.00 
Unvested at June 30, 2025   23,027   $2.70