STOCKHOLDERS’ EQUITY |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ EQUITY | NOTE 5 – STOCKHOLDERS’ EQUITY
The Company expensed $55 thousand and $148 thousand related to restricted stock awards for the three months ended March 31, 2025, and 2024, respectively.
Notes to the Consolidated Financial Statements (unaudited)
The Company expensed $237 thousand and $264 thousand related to restricted stock units for the three months ended March 31, 2025, and 2024, respectively.
On March 31, 2025, the Company issued shares of restricted common stock, vesting immediately with a value of $ thousand, for consulting services.
On January 2, 2025, the Company issued shares of common stock, of which were issued from treasury, upon vesting of restricted stock units, net of shares withheld for taxes related to stock grants on July 20, 2023 and July 1, 2024.
On August 25, 2023, the Company entered into a Convertible Note Purchase Agreement with certain investors for the sale of convertible promissory notes for the aggregate principal amount of $1,100 thousand. As of January 21, 2025, $350 thousand was converted to shares of common stock, of which were issued from treasury.
Non-Qualified Stock Purchase Plan
On June 10, 2021, the stockholders of the Company approved a non-qualified stock purchase plan (the “2021 Plan”). The 2021 Plan provides eligible participants, including employees, directors and consultants of the Company, the opportunity to purchase shares of the Company’s common stock thereby increasing their interest in the Company’s continued success. The maximum number of common stock reserved and available for issuance under the 2021 Plan is 500,000 shares. The purchase price of shares of common stock acquired pursuant to the exercise of an option will be the lesser of 85% of the fair market value of a share (a) on the enrollment date, and (b) on the exercise date. The 2021 Plan is not intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”). The Company applied ASC Topic 718, Compensation-Stock Compensation and estimated the fair value using the Black-Scholes model, as the 2021 Plan is considered compensatory. In relation to the 2021 Plan the Company expensed $ thousand and $ thousand for the three months ended March 31, 2025 and March 31, 2024, respectively. During the three months ended March 31, 2025 and 2024, the Company received $0 thousand and $21 thousand, respectively, in proceeds related to the 2021 Plan. The Company has currently suspended new offering periods under the 2021 Plan.
Shares Held in Treasury
As of March 31, 2025, and December 31, 2024, the Company had and shares, respectively, held in treasury with a value of approximately $351 thousand and $480 thousand, respectively.
On February 29, 2024, seven participants exercised their option under the Company’s non-qualified stock purchase plan, and as a result, 21,889 shares were issued from treasury, with an exercise price of $0.97 per share.
Shares Repurchase Program
In December 2023, the Company’s Board of Directors approved a share repurchase program to allow the Company to spend up to $ million to repurchase shares of its common stock so long as the price does not exceed $1.00 until December 14, 2024. On November 26, 2024, the Company approved an extension of the $ million share repurchase program to repurchase shares of the Company’s common stock through December 31, 2025. The share repurchase program may be modified, suspended or discontinued at the discretion of the Board at any time. The Company did not repurchase any shares during the three months ended March 31, 2025.
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