SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

NOTE 5: SHARE-BASED COMPENSATION

Share-based compensation is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and additional paid-in capital in the accompanying unaudited condensed consolidated balance sheets.

On March 6, 2024, the Company granted 300 shares of restricted stock and an option to purchase 300 shares of our common stock to our newly appointed Chief Executive Officer (“CEO”). The restricted shares have a fair value grant price, and the option has an exercise price, of $0.56 per share, based on the closing price of our common stock on that day. Fair value of the stock options was $0.35 per share at the date of grant. These shares and options vest over three years in equal tranches on the anniversaries of the grant date. The related share-based compensation is being amortized over the three-year requisite service period, and the Company recognized a total of $5 in compensation expense for these grants for the three months ended March 31, 2024.

During the three months ended March 31, 2024 and 2023, the Company recognized a total of $19 and $24 of share-based compensation expense, respectively. The unamortized estimated fair value of nonvested stock options was $112 and $24 at March 31, 2024 and December 31, 2023, respectively. The unamortized estimated fair value of nonvested restricted stock was $103 and $0 at March 31, 2024 and December 31, 2023, respectively.