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Note 10 - Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans | 12 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | (10) Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans Stock Option Activity Summary The Company’s stock option activity for the years ended June 30, 2023 and 2022 was as follows:
|  |  |  |  |  | Weighted |
|  | Shares |  |  | Average |
|  |  |  |  |  | Exercise Price |
Outstanding at June 30, 2021 |  |  | 9,183 |  |  | $ | 157.50 |
Granted |  |  | 29,200 |  |  |  | 19.20 |
Exercised |  |  | — |  |  |  | — |
Canceled or expired |  |  | (4,099 | ) |  |  | 148.80 |
Outstanding at June 30, 2022 |  |  | 34,284 |  |  | $ | 40.50 |
Granted |  |  | 6,962 |  |  |  | 12.47 |
Exercised |  |  | — |  |  |  | — |
Canceled or expired |  |  | (3,080 | ) |  |  | 139.29 |
Outstanding at June 30, 2023 |  |  | 38,166 |  |  | $ | 27.34 |
The aggregate intrinsic value of options exercisable at June 30, 2023 was $0 as the fair value of the Company’s common stock is less than the exercise prices of these options. The aggregate intrinsic value of all options outstanding at June 30, 2023 was $0.
|  |  |  |  |  | Options |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Outstanding |  |  |  |  |  |  |  |  |  |  | Options |
|  |  |  |  |  | Weighted- |  |  |  |  |  |  |  |  |  |  | Exercisable |
|  |  |  |  |  | Average |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  | Number |  |  | Remaining |  |  | Average |  |  | Number |  |  | Average |
|  | Outstanding |  |  | Contractual |  |  | Exercise |  |  | Exercisable |  |  | Exercise |
Range of exercise prices |  |  |  |  | Life (years) |  |  | Price |  |  |  |  |  | Price |
$10.38 – $19.20 |  |  | 35,495 |  |  |  | 8.89 |  |  | $ | 17.99 |  |  |  | 9,733 |  |  | $ | 19.20 |
$55.50 – $84.90 |  |  | 431 |  |  |  | 5.26 |  |  |  | 62.22 |  |  |  | 431 |  |  |  | 62.22 |
$159.00 – $175.50 |  |  | 2,240 |  |  |  | 3.86 |  |  |  | 168.82 |  |  |  | 2,240 |  |  |  | 168.82 |
$10.38 – $175.50 |  |  | 38,166 |  |  |  | 8.55 |  |  | $ | 27.34 |  |  |  | 12,404 |  |  | $ | 46.77 |
Compensation costs recognized related to vested stock option awards during the years ended June 30, 2023 and 2022 were $189 thousand and $37 thousand, respectively. At June 30, 2023, there was $360 thousand of total unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a weighted average period of 1.83 years. Restricted Stock The Company’s restricted stock activity for the years ended June 30, 2023 and 2022, was as follows:
|  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |
|  | Shares |  |  | Grant-Date |
|  |  |  |  | Fair Value |
Outstanding at June 30, 2021 |  |  | 67,423 |  |  | $ | 61.50 |
Granted |  |  | 40,000 |  |  |  | 18.90 |
Vested |  |  | (23,090 | ) |  |  | 62.40 |
Canceled or expired |  |  | (8,461 | ) |  |  | 60.60 |
Outstanding at June 30, 2022 |  |  | 75,873 |  |  | $ | 39.00 |
Granted |  |  | 2,150 |  |  |  | 11.83 |
Vested |  |  | (26,742 | ) |  |  | 46.68 |
Canceled or expired |  |  | (610 | ) |  |  | 60.60 |
Outstanding at June 30, 2023 |  |  | 50,671 |  |  | $ | 33.43 |
Compensation costs recognized related to vested restricted stock awards during the years ended June 30, 2023 and 2022 were $1.3 million and $1.5 million, respectively. At June 30, 2023, there was $1.3 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 1.92 years. Stock-based Compensation in Operating Expenses The Company’s stock-based compensation by category for the years ended June 30,2023 and 2022 was as follows:
|  | Year Ended |  |  | Year Ended |
(in thousands) |  | June 30, 2023 |  |  | June 30, 2022 |
Selling, Administration and General |  | $ | 1,457 |  |  | $ | 1,503 |
Research & Development |  |  | 41 |  |  |  | 32 |
Total |  | $ | 1,498 |  |  | $ | 1,535 |
Fair Value of Stock-Based Compensation Stock-based compensation costs are generally based on the fair value calculated from the Black-Scholes model on the date of the grant of stock options. The fair values of stock options are amortized as compensation expense on a straight-line basis over the vesting period of the grants. The Company recognizes forfeitures as they occur. The assumptions used for the years ended June 30, 2023 and 2022 and the resulting estimates of weighted-average fair value per share of options granted or modified are summarized in the following table:
|  | Year Ended |  |  | Year Ended |
|  | June 30, 2023 |  |  | June 30, 2022 |
Expected Dividend Yield |  |  | — |  |  |  | — |
Expected Volatility |  |  | 104.67 | % |  |  | 104.97 | %
Risk-Free Interest Rates |  |  | 1.59 | % |  |  | 0.65 | %
Expected Option Life (in years) |  |  | 3.5 |  |  |  | 3.5 |
Weighted-average grant-date fair value of options awarded |  | $ | 20.22 |  |  | $ | 25.80 |
| • | The expected dividend yield is based on the Company’s current dividend yield and the best estimate of projected dividend yield for future periods within the expected life of the option, which is currently 0%.
| • | The Company estimated volatility using the historical share price performance over the expected life. Management believes the historical estimated volatility is materially indicative of expectations about future volatility.
| • | The estimate of the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.
| • | For the years ended June 30, 2023 and 2022, the Company used the simplified method of calculating the expected life of the options.

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