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STOCK BASED AWARDS | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK BASED AWARDS | NOTE 6. STOCK BASED AWARDS Stock-based compensation expense was reported as follows in the condensed consolidated statements of operations within general and administrative expenses of $127 and $80 for the three months ended September 30, 2024 and 2023, respectively, and $334 and $299 for the nine months ended September 30, 2024 and 2023, respectively. Stock Options In May 2017, the shareholders approved the 2017 Stock Incentive Plan which authorized the issuance of 350,000 shares. An additional 50,000, 175,000, 100,000 and 100,000 shares were authorized in March 2020, May 2022, May 2023 and May 2024, respectively. We granted 1,000 and 23,000, respectively, service-based stock options during the three and nine months ended September 30, 2024, respectively. The weighted-average grant-date fair value of options granted during the nine months ended September 30, 2024 was $8.20. We granted 25,000 and 54,000, respectively, service-based stock options during the three and nine months ended September 30, 2023. Weighted average stock option fair value assumptions and the weighted average grant date fair value of stock options granted were as follows: SCHEDULE OF WEIGHTED AVERAGE GRANT DATE FAIR VALUE OF STOCK OPTIONS GRANTED
|  | 2024 |  |  | 2023 |
Stock option fair value assumptions: |  |  |  |  |  |  |  |
Risk-free interest rate |  |  | 4.38 | % |  |  | 3.45 | %
Expected life (years) |  |  | 6.0 |  |  |  | 6.5 |
Dividend yield |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 58 | % |  |  | 60 | %
Weighted average grant date fair value of stock options granted |  | $ | 6.49 |  |  | $ | 5.67 |
Total compensation expense related to stock options was $61 and $184 for the three and nine months ended September 30, 2024, respectively. Total compensation expense related to stock options was $42 and $184 for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, there was $775 of unrecognized compensation related to stock options which will be recognized over a weighted average period of 3.6 years. Following is the status of option activity for the nine months ended and as of September 30, 2024: SCHEDULE OF OPTION ACTIVITY
|  | Shares |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding – December 31, 2023 |  |  | 458,700 |  |  | $ | 6.63 |  |  |  | 6.53 |  |  | $ | 1,432 |
Granted |  |  | 23,000 |  |  |  | 11.08 |  |  |  |  |  |  |  |  |
Exercised |  |  | (5,500 | ) |  |  | 5.42 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (12,400 | ) |  |  | 10.13 |  |  |  |  |  |  |  |  |
Outstanding – September 30, 2024 |  |  | 463,800 |  |  | $ | 6.78 |  |  |  | 5.94 |  |  | $ | 2,301 |
Exercisable on September 30, 2024 |  |  | 284,500 |  |  | $ | 4.77 |  |  |  | 4.43 |  |  | $ | 1,979 |
Restricted Stock Units During the three and nine months ended September 30, 2024 and 2023, we granted 15,141 and 18,000 restricted stock units (“RSUs”), respectively, at an average grant price per share of $11.06 and $9.37, respectively, under our 2017 Stock Incentive Plan to non-employee directors which vest over two years. Total compensation expense related to the RSUs was $66 and $150 for the three and nine months ended September 30, 2024, respectively. Total compensation expense related to the RSUs was $38 and $113 for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, total unrecognized compensation expense related to the RSUs was $153, which will vest over a weighted average period of 0.6 years. Following is the status of restricted stock activity for the nine months ended and as of September 30, 2024: SCHEDULE OF RESTRICTED STOCK ACTIVITY
|  | Shares |  |  | Weighted- Average Remaining Vesting Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding – December 31, 2023 |  |  | 27,000 |  |  |  | 1.0 |  |  | $ | 254 |
Granted |  |  | 15,141 |  |  |  |  |  |  |  |  |
Vested |  |  | (16,500 | ) |  |  |  |  |  |  |  |
Forfeited |  |  | (1,500 | ) |  |  |  |  |  |  |  |
Outstanding – September 30, 2024 |  |  | 24,141 |  |  |  | 0.6 |  |  | $ | 283 |

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