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Note 11 - Stock-based Compensation

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 11: STOCK-BASED COMPENSATION

A summary of outstanding options as of December 31, 2024 is included below:

Time Vesting Options

						Weighted
						Average				Weighted								Weighted
						Remaining				Average								Average
Range of Exercise		Number				Contractual				Exercise				Options				Exercise
Prices between		Outstanding				Life				Price				Exercisable				Price
$4.01 - $8.00			506,672				5.66			$	7.40				506,672			$	7.40
8.01+			85,225				1.20				22.51				85,225				22.51
			591,897				5.01			$	9.58				591,897			$	9.58

Performance Vesting Options

Weighted

Average

Weighted

Weighted

Remaining

Average

Average

Number

Contractual

Exercise

Options

Exercise

Outstanding

Life

Price

Exercisable

Price

240,000

5.42

$

7.59

240,000

$

7.59

Market Vesting Options

Weighted

Average

Weighted

Weighted

Remaining

Average

Average

Number

Contractual

Exercise

Options

Exercise

Outstanding

Life

Price

Exercisable

Price

733,334

7.46

$

3.00

-

$

-

		Market Vesting Options								Time Vesting Options								Performance Vesting Options
						Weighted								Weighted								Weighted
						Average								Average								Average
		Options				Exercise				Options				Exercise				Options				Exercise
Date/Activity		Outstanding				Price				Outstanding				Price				Outstanding				Price
Balance, December 31, 2023			733,334				3.00				662,798				10.00				240,000			$	7.59
Granted			-				-				-				-				-				-
Forfeited or expired			-				-				(70,901	)			13.56				-				-
Balance, December 31, 2024			733,334				3.00				591,897				9.57				240,000			$	7.59

The weighted average remaining contractual life for options exercisable is 5.1 years as of December 31, 2024.

Shares authorized for issuance under the Company's 2014 Stock Incentive Plan is 2,000,000. There are 1,565,231 options outstanding under the 2014 Stock Incentive Plan. The Company’s ability to issue new awards under its 2014 Stock Incentive Plan expired in 2023.

On October 18, 2024, the Company’s shareholders approved the Company’s 2023 Stock Incentive Plan, which authorizes the issuance of up to 2,500,000 shares.  No awards have been issued under the Plan as of December 31, 2024.

Employee Awards

Stock-based compensation expense recognized for the issuance of stock options to employees for the years ended  December 31, 2024 and 2023 of $13 and $383, respectively, was included in general and administrative expense in the Consolidated Financial Statements.

At December 31, 2024, there was $2 of total unrecognized compensation expense related to unvested share-based awards with market vesting criteria for employees. Compensation expense related to market vesting options will be recognized over the next 1.5 months and will be adjusted for any future forfeitures as they occur. The fair value of options on the grant date varied between $0.63 and $1.11 per award as determined using the Monte Carlo model.

Non-Employee Awards

Compensation expense recognized for the issuance of stock options, including those options awarded to our Board of Directors, for the years ended  December 31, 2024 and 2023 of $0 and $150, respectively, was included in general and administrative expense in the Consolidated Financial Statements. At December 31, 2024, there was no unrecognized compensation expense related to share-based awards to non-employees.

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- Definition

The entire disclosure for share-based payment arrangement.

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