Stock Options (Tables)

3 Months Ended

Mar. 31, 2020

A summary of stock option activity under the Plan as of March 31, 2020, and changes during the three months then ended, are presented below:


				Weighted-
		Weighted -		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Contractual Term	Intrinsic
	Options	Price		(years)	Value
Outstanding at January 1, 2020	6,833,303	$	1.86
Granted	—
Exercised	—
Forfeited/Expired	(544,303)		3.39
Outstanding at March 31, 2020	6,289,000	$	1.73	7.19	$	-

Exercisable at March 31, 2020	4,108,622	$	2.01	6.29	$	-

Vested and Expected to Vest at March 31, 2020	6,289,000	$	1.73	7.19	$	-

Schedule of weighted average assumptions

The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model. The weighted-average fair value of the options granted, and weighted-average assumptions were as follows:


	For the three months ended March 31,
	2020		2019
Weighted average fair value of options granted	$	—	$	0.64

Risk-free interest rate		—		2.55	%
Expected term (years)		—		6
Expected volatility factor		—		45	%
Expected dividends		—		None

Summary of restricted shares under the Company's Plan

A summary of restricted shares under the Company’s Plan as of March 31, 2020 are presented below:


		Weighted-Average
		Grant Date Fair
	Number of Shares	Value
Granted	75,000	$	1.38
Vested	(25,000)		—
Forfeited/Expired	—		—
Unvested at March 31, 2020	50,000	$	1.38

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense related to the Company’s various stock awards was allocated as follows (in thousands):


	For the three months ended
	March 31,
	2020		2019
Direct operating costs	$	40	$	18
Selling and administrative expenses		130		111
Total stock-based compensation	$	170	$	129