STOCK BASED AWARDS

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK BASED AWARDS

NOTE 6. STOCK BASED AWARDS

Stock-based compensation expense was reported as follows in the condensed consolidated statements of operations within general and administrative expenses of $118 and $80 for the three months ended March 31, 2025 and 2024, respectively.

Stock Options

Under the 2017 Stock Incentive Plan (“2017 Plan”), as amended, there are an aggregate of 775,000 shares authorized for issuance.

We did not grant service-based stock options during the three months ended March 31, 2025. Weighted average stock option fair value assumptions and the weighted average grant date fair value of stock options granted during the three months ended March 31, 2024 were as follows:

	2024
Stock option fair value assumptions:
Risk-free interest rate		3.45-4.34%
Expected life (years)		6.5
Dividend yield		-%
Expected volatility		60	%
Weighted average grant date fair value of stock options granted	$	5.73

Total compensation expense related to stock options was $54 and $56 for the three months March 31, 2025 and 2024, respectively. As of March 31, 2025, there was $621 of unrecognized compensation related to stock options which will be recognized over a weighted average period of 2.25 years.

Following is a summary of stock option activity as of and for the three months ended March 31, 2025 and 2024:

	Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding – December 31, 2023		458,700		$	6.63		6.53	$	1,432
Granted		-			-
Exercised		-			-
Forfeited		(6,200	)		11.10
Outstanding – March 31, 2024		452,500		$	6.57		6.57	$	3,066
Outstanding – December 31, 2024		453,400		$	6.79		5.70	$	1,654
Granted		-			-
Exercised		(200	)		9.37
Forfeited		(4,400	)		8.98
Outstanding – March 31, 2025		448,800		$	6.77		5.45	$	1,508
Exercisable on March 31, 2025		298,200		$	5.13		4.20	$	1,458

Restricted Stock Units

During the periods ended March 31, 2025 and 2024, we did not grant restricted stock units (“RSUs”). Total compensation expense related to the RSUs was $64 and $24 for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, total unrecognized compensation expense related to the RSUs was $23, which will vest over a weighted average period of 0.25 years.

Following is a summary of RSU activity as of and for the three months ended March 31, 2025 and 2024:

	Shares			Weighted- Average Remaining Vesting Term (in years)		Aggregate Intrinsic Value
Outstanding – December 31, 2023		27,000			1.0	$	254
Granted		-
Vested		(15,000	)
Forfeited		-
Outstanding – March 31, 2024		12,000			1.0	$	160
Outstanding – December 31, 2024		24,141			0.3	$	248
Granted		-
Vested		-
Forfeited		-
Outstanding – March 31, 2025		24,141			0.1	$	239