8. Stock-Based Compensation

3 Months Ended

Jun. 30, 2019

Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]

Stock-Based Compensation

Note 8. Stock-Based Compensation

Share-based awards compensation expense is as follows:

	Three Months Ended June 30,
	2019		2018
Cost of revenues	$	17,000	$	35,000
Research and development		22,000		32,000
Selling, general and administrative		253,000		280,000
Total stock-based compensation	$	292,000	$	347,000

At June 30, 2019, there were unrecognized compensation costs of $444,000 related to stock options which is expected to be recognized over a weighted-average amortization period of 0.90 years.

At June 30, 2019, there were unrecognized compensation costs of $35,000 related to restricted stock which is expected to be recognized over a weighted-average amortization period of 1.73 years.

Stock options award activity is as follows:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Term		Aggregate Intrinsic Value
Outstanding at April 1, 2019		165,000		$	72.88
Options granted		–			–
Options exercised		–			–
Options forfeited		(2,000	)		57.91
Options expired		(8,000	)		127.10
Outstanding at June 30, 2019		155,000		$	70.33		7.27	$	77,000
Exercisable at June 30, 2019		84,000		$	115.33		5.67	$	–

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock, or $7.92 per share at June 30, 2019.

Restricted stock award activity is as follows:

	Number of Shares			Weighted Average Award Date Fair Value per Share
Unvested restricted stock awards outstanding at April 1, 2019		4,000		$	27.96
Restricted stock awards granted		–			–
Restricted stock awards vested		(1,000	)		53.38
Restricted stock awards forfeited		–			–
Unvested restricted stock awards outstanding at June 30, 2019		3,000		$	48.15

The Company did not capitalize any cost associated with stock-based compensation.

The Company issues new shares of common stock upon exercise of stock options or release of restricted stock awards.

The Company issues new shares of common stock upon exercise of stock-based awards.

No income tax benefit has been recognized relating to stock-based compensation expense and no tax benefits have been realized from exercised stock options.