Quarterly report pursuant to Section 13 or 15(d)

10. Stock-Based Compensation

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10. Stock-Based Compensation
 3 Months Ended
Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]  
Stock-Based Compensation
Note 10. Stock-Based Compensation

 

Stock-based compensation expense is as follows:

 

    Three Months Ended June 30,  
    2020     2019  
Cost of revenues   $ (21,000 )   $ 17,000  
Research and development     (14,000 )     22,000  
Selling, general and administrative     98,000       253,000  
Total stock-based compensation   $ 63,000     $ 292,000  

 

At June 30, 2020, there were unrecognized compensation costs of $249,000 related to stock options which is expected to be recognized over a weighted-average amortization period of 0.5 years.

 

At June 30, 2020, there were unrecognized compensation costs of $26,000 related to restricted stock which is expected to be recognized over a weighted-average amortization period of 1.9 years.

 

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, 2020     378,000     $ 26.55       –       –  
Options granted     –       –       –       –  
Options exercised     –       –       –       –  
Options forfeited     (104,000 )     4.82       –       –  
Options expired     (9,000 )     113.38       –       –  
Outstanding at June 30, 2020     265,000     $ 31.42       6.28     $ 396,000  
Exercisable at June 30, 2020     122,000     $ 60.00       2.83     $ 40,000  

 

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 $7.12 per share at June 30, 2020.

 

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, 2020     2,000     $ 13.68  
Restricted stock awards granted     6,000       4.79  
Restricted stock awards vested     (3,000 )     4.79  
Restricted stock awards forfeited     –       –  
Unvested restricted stock awards outstanding at June 30, 2020     5,000     $ 8.25  

 

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.

 

No income tax benefit has been recognized relating to stock-based compensation expense and no tax benefits have been realized from exercised stock options.