Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.24.3
Stock-Based Compensation
 6 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

 

Note 8. Stock-Based Compensation

 

For the three months ended September 30, 2024 and 2023, the Company incurred $14,000 and $130,000 of stock-based compensation expense, respectively. For the six months ended September 30, 2024 and 2023, the Company incurred $121,000 and $307,000 of stock-based compensation expense, respectively. All stock-based compensation incurred is included in selling, general and administrative expense in the accompanying condensed consolidated statements of comprehensive loss.

 

At September 30, 2024, there was unrecognized compensation costs of $229,000 related to stock options which is expected to be recognized over a weighted-average amortization period of 1.80 years.

 

Stock options award activity is as follows:

           
    Number of
Shares		     Weighted-
Average
Exercise Price		  
Outstanding at April 1, 2024     51,675     $ 62.60  
Options exercised     (9,250 )     3.60  
Options forfeited     (250 )     3.60  
Options expired     (10 )     2,402  
Outstanding at September 30, 2024     42,165     $ 75.77  
Exercisable at September 30, 2024     28,335     $ 107.92  

 

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 $3.07 per share at September 30, 2024.

 

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, 2024     –     $ –  
Restricted stock awards granted     9,538       4.00  
Restricted stock awards vested     (9,538 )     4.00  
Unvested restricted stock awards outstanding at September 30, 2024     –     $ –  

 

The Company issues new shares of common stock upon exercise of stock options or release of restricted stock awards.