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SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION

NOTE 6: SHARE-BASED COMPENSATION

 

On August 2, 2023, the Company’s independent directors each received stock options to purchase 50,000 shares of our common stock with an exercise price of $0.55 per share. Fair value of these stock options was $0.32 per share at the date of grant. Twenty-five percent of the shares vested on each of August 31, 2023, November 30, 2023, February 28, 2024, and the remainder are scheduled to vest on May 31, 2024. In addition to the foregoing, all shares shall vest immediately prior to a change in control.

 

On October 20, 2022, the Company’s independent directors each received stock options to purchase 50,000 shares of our common stock with an exercise price of $0.63 per share. Fair value of these stock options was $0.39 per share at the date of grant. Twenty-five percent of the shares vested on each of October 31, 2022, November 30, 2022, February 28, 2023, and May 31, 2023.

 

The following table summarizes the activity of our nonvested stock options for the years ended December 31, 2023 and 2022:

               
  

Shares

Underlying

Options

  

Weighted-

Average

Exercise Price

  

Weighted-

Average

Remaining Contractual Term

(in years)

 
Outstanding at December 31, 2021   125   $0.74    4.0 
Granted   150    0.63      
Vested   (200)   0.70      
Outstanding at December 31, 2022   75    0.63    4.8 
Granted   150    0.55      
Vested   (150)   0.59      
Outstanding at December 31, 2023   75   $0.55    4.6 
Exercisable at December 31, 2023   875   $0.63    2.0 

 

For the years ended December 31, 2023 and 2022, we recognized a total of $64 and $90, respectively, of share-based compensation expense related to stock options, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. The unamortized estimated fair value of nonvested stock options was $24 and $40 at December 31, 2023 and 2022, respectively. These costs are expected to be recognized as expenses over a weighted-average period of 0.42 years.