|
| Note 9. |
Stock-Based Compensation |
Stock-based compensation expense is as follows:
| Employee stock-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended December 31, |
|
|
Nine Months Ended December 31, |
|
| (In thousands) |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
| Cost of revenues |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
(27 |
) |
| Research and development |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
26 |
|
| Selling, general and administrative |
|
|
56 |
|
|
|
93 |
|
|
|
170 |
|
|
|
317 |
|
| Total stock-based compensation |
|
$ |
56 |
|
|
$ |
93 |
|
|
$ |
170 |
|
|
$ |
316 |
|
At December 31, 2021, there were unrecognized
compensation costs of $441,549 related to stock options which is expected to be recognized over a weighted-average amortization period
of 2.02 years.
At December 31, 2021, there were no unrecognized
compensation costs related to restricted stock.
Stock options award activity is as follows:
| Schedule of option activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Number of
Shares |
|
|
Weighted-
Average
Exercise Price |
|
|
Weighted-
Average
Contractual Term |
|
|
Aggregate
Intrinsic
Value |
|
| Outstanding at April 1, 2021 |
|
|
267,569 |
|
|
$ |
25.16 |
|
|
|
– |
|
|
$ |
– |
|
| Options granted |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Options exercised |
|
|
(44,042 |
) |
|
|
4.38 |
|
|
|
– |
|
|
|
154,597 |
|
| Options forfeited |
|
|
(3,500 |
) |
|
|
8.03 |
|
|
|
– |
|
|
|
– |
|
| Options expired |
|
|
(13,996 |
) |
|
|
96.25 |
|
|
|
– |
|
|
|
– |
|
| Outstanding at December 31, 2021 |
|
|
206,031 |
|
|
$ |
25.06 |
|
|
|
7.47 |
|
|
$ |
8,152 |
|
| Exercisable at December 31, 2021 |
|
|
86,200 |
|
|
$ |
48.74 |
|
|
|
5.32 |
|
|
$ |
8,152 |
|
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 $4.56 per share at December 31, 2021.
Restricted stock award activity is as follows:
| Schedule of unvested restricted stock activity |
|
|
|
|
|
|
|
|
| |
|
Number of Shares
|
|
|
Weighted Average Award Date Fair Value per Share
|
|
| Unvested restricted stock awards outstanding at April 1, 2021 |
|
|
833 |
|
|
$ |
13.68 |
|
| Restricted stock awards granted |
|
|
– |
|
|
|
– |
|
| Restricted stock awards vested |
|
|
833 |
|
|
|
13.68 |
|
| Restricted stock awards forfeited |
|
|
– |
|
|
|
– |
|
| Unvested restricted stock awards outstanding at December 31, 2021 |
|
|
– |
|
|
$ |
– |
|
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.
|