Stock-Based Compensation

6 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 8. Stock-Based Compensation

Stock-based compensation expense is as follows:

	Three Months Ended September 30,				Six Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Cost of revenues	$	–	$	–	$	–	$	–
Research and development		–		–		–		–
Selling, general and administrative		113		55		327		114
Total stock-based compensation	$	113	$	55	$	327	$	114

At September 30, 2022, there were unrecognized compensation costs of $742,000 related to stock options which is expected to be recognized over a weighted-average amortization period of 1.64 years.

Stock options award activity is as follows:

	Number of Shares			Weighted- Average Exercise Price
Outstanding at April 1, 2022		466,234		$	12.09
Options granted		–			–
Options exercised		–			–
Options forfeited		(58,165	)		5.67
Options expired		(2,211	)		136.39
Outstanding at September 30, 2022		405,858		$	12.34
Exercisable at September 30, 2022		197,503		$	19.42

The aggregate intrinsic value of stock options of zero 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 $2.13 per share at September 30, 2022.

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

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