v3.26.1
Note 5 - Stockholders' Equity
 9 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Equity [Text Block]

NOTE 5 — STOCKHOLDERS’ EQUITY

 

In 2019, the Company adopted the 2019 Omnibus Incentive Plan (the “Plan”). The Plan, as amended, provides for the issuance of stock-based awards to employees. As of March 31, 2026, the Plan provides for the issuance of up to 1,500,000 stock-based awards. There are 1,050,000 stock-based awards available to grant under the Plan at March 31, 2026.

 

On October 30, 2024, and as part of Francis Godfrey’s appointment as the Company’s President and Chief Operating Officer, the Board granted Francis Godfrey 200,000 options with an exercise price of $0.65 with 25% vesting immediately and the remainder vesting at 25% per year thereafter. 

 

NOTE 5 — STOCKHOLDERS’ EQUITY (continued)

 

On March 25, 2025, the Board of Directors (the “Board”) of Moving iMage Technologies, Inc. cancelled the previously issued May 23, 2023 250,000 share options at $1.10 per share to outside directors consisting of 50,000 each to Directors Katherine Crothall, Scott Anderson and John Stiska and as well as 100,000 options to CFO William Greene at $1.10 per share. The Board reissued the 250,000 options at $0.65 per share which resulted in an incremental stock-based compensation charge of $11,000 in the three and nine-months ended March 31, 2025.

 

The Company recognized compensation expense of approximately $7,300 and $22,000 for stock options during the three and nine months ended March 31, 2026, respectively, and $15,000 and $59,000 during the three and nine months ended March 31, 2025, respectively.  

 

The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option valuation model. There were no option grants during the three and nine months ended March 31, 2026:

 

  

March 31, 2025

  

October 30, 2024

 
  

Options

  

Options

 
         

Risk-free interest rate

  4.35%  4.22%

Expected volatility

  83.50%  83.50%

Dividend yield

  —%  —%

Expected option term in years

  2.4   5.5 

 

NOTE 5 — STOCKHOLDERS’ EQUITY (continued)

 

A summary of the status of the Company’s stock options as of  March 31, 2026 and changes during the nine months ended March 31, 2026 are presented below.

 

      

Wtd. Avg.

 
      

Exercise

 
  

Options

  

Price

 

Balance, July 1, 2025

  450,000  $0.65 

Granted during the period

  —   — 

Exercised during the period

  —   — 

Cancelled during the period

  —   — 

Balance, March 31, 2026

  450,000  $0.65 

 

A summary of the status of the Company’s stock options as of March 31, 2025 and changes during the nine months ended March 31, 2025 are presented below.

 

      

Wtd. Avg.

 
      

Exercise

 
  

Options

  

Price

 

Balance, July 1, 2024

  250,000  $1.10 
Granted during the period  450.000   0.65 

Exercised during the period

  —   — 

Canceled during the period

  (250,000)   (1.10) 

Balance, March 31, 2025

  450,000  $0.90 

 

The following table summarizes information about outstanding and exercisable stock options at March 31, 2026:

 

Range of

  

Number

  

Number

  

Wtd. Avg, Life

  

Wtd. Avg.

 

Exercise Price

  

Outstanding

  

Exercisable

  

(in years)

  

Exercise Price

 
$0.65   450,000   331,000   7.79  $0.65 

 

As authorized by the Board on May 26, 2023, directors may receive their board fees as cash or in shares of the Company’s stock. The Company records director fee expense at the end of each board meeting. During the three months ended March 31, 2026 and 2025, the Company issued 5,957 and 36,829 shares, respectively, to the independent directors for director fees earned. During the nine months ended March 31, 2026 and 2025, the Company issued 11,992 and 36,829 shares, respectively, to the independent directors for director fees earned.