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Stockholders’ Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders’ Equity

Note 6. Stockholders’ Equity

 

The following are changes in stockholders’ equity for the nine months ended September 30, 2024 and 2025:

 

   Shares   Amount   Capital   (Deficit)   Total 
   Common Stock  

Additional

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   201,859    -    (20,000)   -    (20,000)
Equity-based compensation expense   -    -    757,000    -    757,000 
Conversion of debt and interest (Note 5)   124,208    -    136,000    -    136,000 
Net loss   -    -    -    (1,973,000)   (1,973,000)
Balance September 30, 2024   14,746,172   $-   $64,172,000   $(62,769,000)  $1,403,000 

 

   Common Stock  

Additional

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   -    -    461,000    -    461,000 
Registered issuance of common stock   1,052,793         2,974,000         2,974,000 
Net loss   -    -    -    (1,931,000)   (1,931,000)
Balance September 30, 2025   15,940,261   $-   $67,473,000   $(65,552,000)  $1,921,000 

 

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 September 30, 2025.

 

Equity Incentive Plan

 

As of September 30, 2025, the Company has $514,000 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 nine months ended September 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   85,979   $2.72      
Forfeited   -           
Expired   (35,223)  $8.79      
Outstanding on September 30, 2025   761,079   $4.60    5.5 
                
Exercisable, September 30, 2025   534,978   $5.40    4.1 

 

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  $2.26 

 

Restricted Stock

 

The following is a summary of restricted stock award and restricted stock unit activity for the nine months ended

 

  

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 September 30, 2025   116,789   $2.45 

 

 

Performance Share Units

 

The Company issues 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, 2025:

 

  

Number of

shares

  

Weighted

average grant

date fair value

 
Unvested January 1, 2025   157,694   $           1.20 
Vested   (155,157)  $1.20 
Issued   143,011   $2.74 
Unvested at September 30, 2025   145,548   $2.70