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STOCK-BASED COMPENSATION EXPENSE
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION EXPENSE

NOTE 8: STOCK-BASED COMPENSATION EXPENSE

 

The Company recorded stock-based compensation expense for the three months ended March 31, 2025 and 2024, respectively, that were included in the following line items in our condensed consolidated statements of operations (in thousands):

 

         
   Three months
ended March 31,		 
   2025   2024 
         
Cost of revenue  $26   $38 
Research and development   47    47 
Selling   27    27 
General and administrative   164    155 
           
Total  $264   $267 

 

Stock-based compensation expense included $50,000 and $40,000 for the three months ended March 31, 2025 and 2024, respectively, related to restricted stock awards that directors elected to receive pursuant to the Director Compensation plan. Under this plan, each of the five independent directors is entitled to an Annual Equity Retainer in the amount of $40,000, to be granted on the date of the Company’s annual meeting of shareholders.

 

 

NOTE 8:STOCK-BASED COMPENSATION EXPENSE (continued)

 

The following table summarizes stock options awards for the three months ended March 31, 2025:

 

       Weighted 
   Stock Option   Average 
   Awards   Exercise 
   (in shares)   Price 
Outstanding at January 1, 2025   823,125   $8.24 
Forfeited   (7,125)   11.65 
           
Outstanding at March 31, 2025   816,000    8.21 

 

The following table summarizes information about the outstanding and exercisable options at March 31, 2025 by ranges of exercise prices:

 

        Options Outstanding           Options Exercisable 
        Weighted                     
        Average                     
        Remaining   Weighted           Weighted     
        Contractual   Average           Average     
Exercise   Number   Life in   Exercise   Intrinsic   Number   Exercise   Intrinsic 
Price Range   Outstanding   Years   Price   Value   Exercisable   Price   Value 
$4.00-7.00   444,000    6.7   $4.54   $     -    288,500   $4.46   $       - 
$ 7.01-10.00    20,000    3.1   $8.07   $-    20,000   $8.07   $- 
$10.01-13.00    125,000    2.2   $10.57   $-    125,000   $10.57   $- 
$ 13.01-16.00    227,000    8.0   $14.11   $-    113,500   $14.11   $- 

 

As of March 31, 2025, there was $1.3 million of unrecognized compensation costs related to stock options expected to be recognized over a weighted average period of 1.9 years.