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Note 9 - Benefit Plans
3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Compensation and Employee Benefit Plans [Text Block]

NOTE 9. BENEFIT PLANS

 

The Company has established a 401(k) plan (the “401(k) Plan”) for its employees. The 401(k) Plan allows employees to contribute a portion of their earnings, and the Company may match a percentage of the contributions on a discretionary basis. The expense associated with the 401(k) Plan for the three months ended March 31, 2025 and 2024 was $0.6 million each.

 

On  April 28, 2014, the Board approved the 2014 Long-Term Incentive Plan (“LTIP”). Under the LTIP, the Company is authorized to grant nonqualified stock options, rights to purchase shares of common stock, restricted stock, restricted stock units and other awards to be settled in, or based upon, shares of common stock to persons who are directors and employees of and consultants to the Company or any of its subsidiaries on the date of the grant. In  April 2024, the LTIP was terminated and any remaining awards that were available for grant in the LTIP were cancelled. The LTIP remains active as to previously granted awards until such time that the awards vest, or are exercised in the case of stock options.

 

On  January 16, 2018, the Board adopted and our stockholders approved the 2018 Omnibus Incentive Plan (the “2018 Plan”) pursuant to which equity-based and cash incentives  may be granted to participating employees, directors and consultants. On  May 8, 2020, the Board approved an amendment to the 2018 Plan to increase the number of shares of Common Stock authorized for issuance thereunder from 1,607,389 shares to 4,607,389 shares, an increase of 3,000,000 shares (the “2020 Plan Amendment”), which was approved by the stockholders on  July 1, 2020 at the 2020 Annual Meeting of Stockholders.

 

On  April 28, 2022, the Board approved an amendment to the 2018 Plan, as amended by the 2020 Plan Amendment, to increase the number of shares of Common Stock authorized for issuance thereunder from 4,607,389 shares to 9,607,389 shares, an increase of 5,000,000 shares (the “2022 Plan Amendment”), which was approved by the stockholders on  July 1, 2022 at the 2022 Annual Meeting of Stockholders. As a result of the 2022 Plan Amendment, awards that were previously accounted for as liability awards were reclassified to equity as they are expected to be settled with equity. Prior to the 2022 Plan Amendment, there were insufficient shares available to settle the liability awards with equity. As of March 31, 2025, we had 1,753,135 shares available for issuance.