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STOCK-BASED COMPENSATION EXPENSE
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION EXPENSE

NOTE 8: STOCK-BASED COMPENSATION EXPENSE

 

The Company recorded stock-based compensation for the three and six months ended June 30, 2025 and 2024, respectively, that were included in the following line items in our condensed consolidated statements of operations (in thousands):

 

   2025   2024   2025   2024 
   Three months ended June 30,   Six months ended June 30, 
   2025   2024   2025   2024 
                 
Cost of revenue  $26   $38   $52   $76 
Research and development   45    47    92    94 
Selling   21    27    48    54 
General and administrative   158    155    322    310 
                     
Total  $250   $267   $514   $534 

 

Stock-based compensation expense for three months ended June 30, 2025 and 2024 included $50,000 and $57,423, respectively, and for the six month periods June 30, 2025 and 2024 included $100,000 and $103,736, respectively, related to restricted stock awards that directors are entitled to receive pursuant to the Director Compensation Plan. Under this plan each of the Company’s 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.

 

The following table summarizes stock options awards through June 30, 2025:

 

       Weighted 
   Stock Option   Average 
   Awards   Exercise 
   (in shares)   Price 
         
Outstanding at January 1, 2025   823,125   $8.20 
Forfeited   (15,500)   11.04 
Outstanding at June 30, 2025   807,625    8.19 

 

The following table summarizes information about the outstanding and exercisable options at June 30, 2025 by ranges of exercise prices:

 

    Options Outstanding   Options Exercisable 
        Weighted   Weighted           Weighted     
Exercise       Average   Average           Average     
Price   Number   Remaining   Exercise   Intrinsic   Number   Exercise   Intrinsic 
Range   Outstanding   Contractual   Price   Value   Exercisable   Price   Value 
$4.00-7.00    442,125    6.5   $4.54   $-    311,625   $4.46   $     - 
$7.01-10.00    20,000    2.8   $8.07   $     -    20,000   $8.07   $- 
$10.01-13.00    120,000    1.7   $10.52   $-    120,000   $10.57   $- 
$13.01-16.00    225,500    7.7   $14.11   $-    112,000   $14.11   $- 

 

 

NOTE 8: STOCK-BASED COMPENSATION EXPENSE (continued)

 

As of June 30, 2025, there was $1.1 million of unrecognized compensation costs related to stock options expected to be recognized over a weighted average period of 1.6 years.