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Note 11 - Share-based Compensation | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 11. Share Based Compensation As of December 31, 2023, the Company has outstanding stock options and unvested restricted stock units granted under its 2008 Stock Compensation Plan, 2018 Stock Compensation Plan, 2020 Stock Compensation Plan and 2021 Stock Compensation Plan, which generally permitted stock-based awards under terms determined by the Company’s board of directors. Stock options and RSUs generally provided for vesting over service periods of one to four years, with option exercise prices generally equal to fair market value on the date of grant. As of December 31, 2023, no further shares were available under these plans for future awards. The Company also granted stock options and restricted stock units as inducements under contracts with selected executives. Stock options 2008 Plan Summary 2008 Plan Stock option award activity for the years ended December 31, 2023 and 2022 is summarized below for the periods presented:
|  |  |  |  |  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  |  |  | Weighted- |  |  | Average |  |  | Aggregate |
|  |  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  |  |  |  |  | Exercise |  |  | Contractual |  |  | Value |
Option Awards |  | Shares |  |  | Price |  |  | Term (Years) |  |  | (thousands) |
Outstanding at January 1, 2022 |  |  | 691,162 |  |  | $ | 1.53 |  |  |  | 2.60 |  |  | $ | 72 |
Granted |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Exercised / cancelled |  |  | (57,500 | ) |  |  | 1.07 |  |  |  | – |  |  |  | 10 |
Forfeited or expired |  |  | (120,562 | ) |  |  | – |  |  |  | – |  |  |  | – |
Outstanding at December 31, 2022 |  |  | 513,100 |  |  |  | 1.63 |  |  |  | 2.16 |  |  |  | 68 |
Granted |  |  | – |  |  |  | – |  |  |  |  |  |  |  |  |
Exercised / cancelled |  |  | – |  |  |  | – |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (291,100 | ) |  |  | 2.10 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  | $ | 222,000 |  |  | $ | 1.01 |  |  |  | 3.27 |  |  | $ | 12 |
Exercisable at December 31, 2023 |  |  | 222,000 |  |  | $ | 1.01 |  |  |  | 3.27 |  |  | $ | 12 |
The Company recognized no stock-based compensation expense relating to stock option awards during the years ended December 31, 2023 and 2022. 2018 Plan Summary 2018 Plan Stock option award activity for the years ended December 31, 2023 and 2022 are summarized below:
|  |  |  |  |  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  |  |  | Weighted- |  |  | Average |  |  | Aggregate |
|  |  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  |  |  |  |  | Exercise |  |  | Contractual |  |  | Value |
Option Awards |  | Shares |  |  | Price |  |  | Term (Years) |  |  | (thousands) |
Outstanding at January 1, 2022 |  | 160,000 |  |  | $0.93 |  |  | 6.82 |  |  | $31 |
Granted |  | – |  |  | – |  |  | – |  |  | – |
Exercised/cancelled |  | (12,500 | ) |  | 0.76 |  |  | – |  |  | 8 |
Forfeited or expired |  | (2,500 | ) |  | – |  |  | – |  |  | – |
Outstanding at December 31, 2022 |  | 145,000 |  |  | $0.94 |  |  | 5.79 |  |  | $52 |
Granted |  | – |  |  | – |  |  |  |  |  |  |
Exercised |  | – |  |  | – |  |  |  |  |  |  |
Forfeited or expired |  | – |  |  | – |  |  |  |  |  |  |
Outstanding at December 31, 2023 |  | 145,000 |  |  | $0.94 |  |  | 4.79 |  |  | $26 |
Exercisable at December 31, 2023 |  | 145,000 |  |  | $0.94 |  |  | 4.79 |  |  | $26 |
No stock options were granted in 2023 under the 2018 Plan. The total intrinsic value of stock options awards exercised during the year ended December 31, 2023 and 2022 was $0 and $8,000, respectively. The Company recognized $1,000 and $6,000 in stock-based compensation expense relating to stock option awards during the years ended December 31, 2023 and 2022, respectively. The recognized tax benefit on stock-based compensation expense related to stock options during the years ended December 31, 2023 and 2022 was approximately $0 and $2,000, respectively. As of December 31, 2023, there was no unrecognized stock-based compensation expense related to stock options granted under the 2018 Plan. 2020 Plan Summary 2020 Plan Stock option award activity for the years ended December 31, 2023 and 2022 are summarized below:
|  |  |  |  |  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  |  |  | Weighted- |  |  | Average |  |  | Aggregate |
|  |  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  |  |  |  |  | Exercise |  |  | Contractual |  |  | Value |
Option Awards |  | Shares |  |  | Price |  |  | Term (Years) |  |  | (thousands) |
Outstanding at January 1, 2022 |  | 385,000 |  |  | $1.55 |  |  | 4.10 |  |  | $- |
Granted |  | – |  |  | – |  |  | – |  |  | – |
Exercised/cancelled |  | – |  |  | – |  |  | – |  |  | – |
Forfeited or expired |  | (10,000 | ) |  | – |  |  | – |  |  | – |
Outstanding at December 31, 2022 |  | 375,000 |  |  | $1.55 |  |  | 3.10 |  |  | $- |
Granted |  |  |  |  |  |  |  |  |  |  | – |
Exercised |  |  |  |  |  |  |  |  |  |  | – |
Forfeited or expired |  | (20,000 | ) |  | – |  |  | – |  |  | – |
Outstanding at December 31, 2023 |  | 355,000 |  |  | $1.55 |  |  | 2.10 |  |  | $- |
Exercisable at December 31, 2023 |  | 177,500 |  |  | $1.55 |  |  | 2.10 |  |  | $- |
No stock options were granted in 2023 under the 2020 Plan. The total intrinsic value of stock option awards exercised during the years ended December 31, 2023 and 2022 was $0. The Company recognized $47,000 and $58,000 in stock-based compensation expense relating to stock option awards during the years ended December 31, 2023 and 2022, respectively. The recognized tax benefit on stock-based compensation expense related to stock options during the years ended December 31, 2023 and 2022 was approximately $12,000 and $15,000, respectively. As of December 31, 2023, total unrecognized stock-based compensation expense related to stock options was $58,000. This expense is expected to be recognized over a weighted average period of approximately 1.1 years. CFO Inducement Plan Summary CFO Inducement Plan Stock option award activity for the years ended December 31, 2023 and 2022 are summarized below:
|  |  |  |  |  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  |  |  | Weighted- |  |  | Average |  |  | Aggregate |
|  |  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  |  |  |  |  | Exercise |  |  | Contractual |  |  | Value |
Option Awards |  | Shares |  |  | Price |  |  | Term (Years) |  |  | (thousands) |
Outstanding at January 1, 2022 |  |  | 150,000 |  |  |  | 0.85 |  |  |  | 8.67 |  |  |  | 57 |
Granted |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Exercised/cancelled |  |  | (50,000 | ) |  |  | 0.85 |  |  |  | – |  |  |  | – |
Forfeited or expired |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Outstanding at December 31, 2022 |  |  | 100,000 |  |  | $ | 0.85 |  |  |  | 7.67 |  |  | $ | 45 |
Granted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (100,000 | ) |  | $ | 0.85 |  |  |  | – |  |  |  | – |
Outstanding at December 31, 2023 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Exercisable at December 31, 2023 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
No stock options were granted in 2023 under the CFO Inducement Plan. The total intrinsic value of stock option awards exercised during the years ended December 31, 2023 and 2022 was $0 and $45,000. The Company recognized a benefit of $6,000 and expense of $19,000 relating to stock option awards during the years ended December 31, 2023 and 2022, respectively. The recognized tax benefit on stock-based compensation expense related to stock options during the years ended December 31, 2023 and 2022 was approximately $0 and $5,000 respectively. As of December 31, 2023, there was no unrecognized share-based compensation expense related to stock options granted under the CFO Inducement Plan. CEO Inducement Plan Summary CEO Inducement Plan stock option award activity for the years ended December 31, 2023 and 2022 are summarized below:
|  |  |  |  |  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  |  |  | Weighted- |  |  | Average |  |  | Aggregate |
|  |  |  |  |  | Average |  |  | Remaining |  |  | Intrinsic |
|  |  |  |  |  | Exercise |  |  | Contractual |  |  | Value |
Option Awards |  | Shares |  |  | Price |  |  | Term (Years) |  |  | (thousands) |
Outstanding at January 1, 2022 |  |  | 630,000 |  |  | $ | 1.90 |  |  |  | 9.15 |  |  | $ | - |
Granted |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Exercised/cancelled |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Forfeited or expired |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Outstanding at December 31, 2022 |  |  | 630,000 |  |  | $ | 1.90 |  |  |  | 8.15 |  |  | $ | - |
Granted |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Exercised |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Forfeited or expired |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Outstanding at December 31, 2023 |  |  | 630,000 |  |  | $ | 1.90 |  |  |  | 7.15 |  |  | $ | - |
Exercisable at December 31, 2023 |  |  | 630,000 |  |  | $ | 1.90 |  |  |  | 7.15 |  |  | $ | - |
No stock options were granted in 2023 under the CEO Inducement Plan. The total intrinsic value of stock option awards exercised during the years ended December 31, 2023 and 2022 was $0. The Company recognized $0 and $85,000 in stock-based compensation expense relating to stock option awards during the years ended December 31, 2023 and 2022, respectively. The recognized tax benefit on stock-based compensation expense related to stock options during the years ended December 31, 2023 and 2022, was $0 and $21,000, respectively. As of December 31, 2023, there was no unrecognized share-based compensation expense related to stock options granted under the CEO Inducement Plan. Restricted Stock Units The following table summarizes the activity for Restricted Stock Unit (RSU) awards during the years ended December 31, 2023 and 2022
|  |  |  |  |  | Weighted- |
|  |  |  |  |  | Average |
|  |  |  |  |  | Grant Date |
|  |  |  |  |  | Fair Value |
|  | Shares |  |  | per Share |
Unvested at January 1, 2022 |  |  | 138,090 |  |  | $ | 1.85 |
Granted |  |  | – |  |  |  | – |
Vested |  |  | (99,415 | ) |  |  | 1.86 |
Forfeited |  |  | – |  |  |  | – |
Unvested at December 31, 2022 |  |  | 38,675 |  |  | $ | 1.81 |
Granted |  |  | 304,513 |  |  |  | 1.16 |
Vested |  |  | (100,337 | ) |  |  | 1.20 |
Forfeited |  |  | (16,575 | ) |  |  | 1.81 |
Unvested at December 31, 2023 |  |  | 226,276 |  |  | $ | 1.19 |
During the years ended December 31, 2023 and 2022, the Company recognized approximately $235,000 and $101,000, respectively, of stock-based compensation expense related to RSUs. During the years ended December 31, 2023 and 2022, the total fair value of RSUs vested was $104,000 and $120,000, respectively. As of December 31, 2023, total unrecognized stock-based compensation expense related to unvested RSUs awards was $78,000, which is expected to be recognized over a weighted average period of approximately 0.3 years. Phantom Stock Awards See Note 10, Related Party Transactions for a description of the Company’s phantom stock awards.

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