Annual report pursuant to Section 13 and 15(d)

15. Stock-Based Compensation (Tables)

v3.20.2
15. Stock-Based Compensation (Tables)
12 Months Ended
Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]  
Weighted-average assumptions of fair value of employee stock options

The fair value of employee stock options was estimated using the following weighted-average assumptions:

 

    Year Ended March 31,  
    2020     2019  
Fair value of the Company’s common stock on date of grant   $ 4.36     $ 10.71  
Expected term     5.3 yrs       5.38 yrs  
Risk-free interest rate     1.6993%       2.61%  
Dividend yield     0.00%       0.00%  
Volatility     122.4%       121.5%  
Fair value of options granted   $ 3.69     $ 9.00  
Employee stock-based compensation expense

Share-based awards compensation expense is as follows:

 

    Year Ended March 31,  
    2020     2019  
Cost of revenues   $ 94,000     $ 90,000  
Research and development     102,000       107,000  
Selling, general and administrative     643,000       1,379,000  
Total stock-based compensation   $ 839,000     $ 1,576,000  
Schedule of stock-based awards outstanding by plan

          Unvested        
Plan   Stock Options     Restricted Stock     Total  
2006 Plan     7,000             7,000  
2011 Plan     170,000             170,000  
2016 Plan     157,000       2,000       159,000  
Granted outside shareholder approved plans     44,000             44,000  
      378,000       2,000       380,000  
Stock-based awards available for grant as of March 31, 2020                     442,000  

 

Schedule of option activity

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     $ 72.81                  
Options granted     278,000       4.37                  
Options exercised                            
Options forfeited     (45,000 )     9.53                  
Options expired     (20,000 )     140.00                  
Outstanding at March 31, 2020     378,000     $ 26.55       7.54     $ 128,000  
Exercisable at March 31, 2020     126,000     $ 66.04       3.38     $  
Schedule of unvested restricted stock activity

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     $ 27.99  
Restricted stock awards granted            
Restricted stock awards vested     (2,000 )     39.02  
Restricted stock awards forfeited           48.15  
Unvested restricted stock awards outstanding at March 31, 2020     2,000     $ 13.68