Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.22.4
Stock-Based Compensation
 9 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

 

Note 8. Stock-Based Compensation

 

Stock-based compensation expense is as follows:

                       
   

Three Months Ended

December 31,

    

Nine Months Ended

December 31,

  
(In thousands)   2022     2021     2022     2021  
Cost of revenues   $ –     $ –     $ –     $ –  
Research and development     –       –       –       –  
Selling, general and administrative     242       56       569       170  
Total stock-based compensation   $ 242     $ 56     $ 569     $ 170  

 

At December 31, 2022, there were unrecognized compensation costs of $686,000 related to stock options, which is expected to be recognized over a weighted-average amortization period of 2.00 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     191,082       1.11  
Options exercised     –       –  
Options forfeited     (58,165 )     5.67  
Options expired     (23,605 )     19.24  
Outstanding at December 31, 2022     575,546     $ 8.80  
Exercisable at December 31, 2022     214,626     $ 18.28  

 

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 $1.12 per share at December 31, 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.