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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Share-Based Compensation |
Share-Based Compensation | 10. Share-based Compensation As of June 30, 2023, the Company had 245,685 options with contractual lives of ten years and 400,000 options with contractual lives of six years offered under the Company’s 2007 Equity Incentive Plan (the “2007 Plan”), which was restated and approved by the shareholders on December 12, 2015. As of June 30, 2023, the 2007 Plan had 813,585 authorized unissued options. The Company uses judgment in determining the fair value of the share-based payments on the date of grant using an option-pricing model with assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the risk-free interest rate of the awards, the expected life of the awards, the expected volatility over the term of the awards, and the expected dividends of the awards. The Company uses the Black-Scholes option pricing model to determine the fair value of share-based payments granted under the guidelines of ASC Topic 718. In applying the Black-Scholes methodology to 160,000 options granted in June 2023, the Company used the following assumptions:
Risk free interest rate, average | 3.91%
Expected option life, average | 5 years
Expected price volatility, average | 91.47%
Expected dividend yield | 0%
A summary of the stock option activity under the Company’s plans for the six months ended June 30, 2023, is as follows:
|  | Number of shares |  |  | Weighted average exercise price |
Options outstanding at beginning of year |  |  | 488,477 |  |  | $ | 6.48 |
Granted |  |  | 160,000 |  |  |  | — |
Less: |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |
Forfeited prior to vesting |  |  | (1,355 | ) |  |  | 2.50 |
Canceled or expired |  |  | (1,437 | ) |  |  | 8.88 |
Options outstanding at June 30, 2023 |  |  | 645,685 |  |  |  | 5.14 |
Options exercisable at end of June 30, 2023 |  |  | 405,400 |  |  | $ | 7.30 |
As of June 30, 2023, the total remaining unrecognized compensation cost related to non-vested stock options, net of forfeitures, was approximately $221, which will be recognized over a weighted average period of 3.67 years. Share-based compensation expense has been recorded as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Cost of goods sold |  | $ | 1 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 4 |
Sales and marketing |  |  | 2 |  |  |  | 3 |  |  |  | 4 |  |  |  | 7 |
Research and product development |  |  | 11 |  |  |  | 11 |  |  |  | 20 |  |  |  | 24 |
General and administrative |  |  | 10 |  |  |  | 14 |  |  |  | 20 |  |  |  | 30 |
|  | $ | 24 |  |  | $ | 30 |  |  | $ | 47 |  |  | $ | 65 |

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