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Stock Options | 6 Months Ended
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Jun. 30, 2020
Stock Options |
Stock Options | 5. Stock Options A summary of stock option activity under the Plan as of June 30, 2020, and changes during the six 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 |  | 1,050,000 |  |  | 1.37 |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  |  |
Forfeited/Expired |  | (634,303) |  |  | 3.08 |  |  |  |  |
Outstanding at June 30, 2020 |  | 7,249,000 |  | $ | 1.68 |  | 7.35 |  | $ | 693,862
Exercisable at June 30, 2020 |  | 4,576,417 |  | $ | 1.93 |  | 6.33 |  | $ | 392,225
Vested and Expected to Vest at June 30, 2020 |  | 7,249,000 |  | $ | 1.68 |  | 7.35 |  | $ | 693,862
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 six months ended June 30, |
|  | 2020 |  | 2019 |
Weighted average fair value of options granted |  | $ | 0.61 |  | $ | 0.64 |
Risk-free interest rate |  |  | 0.47%-0.56% |  |  | 2.55 | %
Expected term (years) |  |  | 5-6 |  |  | 6 |
Expected volatility factor |  |  | 46.75%-50.01% |  |  | 45 | %
Expected dividends |  |  | None |  |  | None |
A summary of restricted shares under the Company’s Plan as of June 30, 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 June 30, 2020 |  | 50,000 |  | $ | 1.38
The compensation cost related to non-vested stock options and restricted stock awards not yet recognized as of June 30, 2020 totaled approximately $1.5 million. The weighted-average period over which these costs may be recognized is twenty-five months. The stock-based compensation expense related to the Company’s various stock awards was allocated as follows (in thousands):
|  | For the three months ended |  | For the six months ended
|  | June 30, |  | June 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Direct operating costs |  | $ | 39 |  | $ | 20 |  | $ | 79 |  | $ | 38
Selling and administrative expenses |  |  | 259 |  |  | 125 |  |  | 389 |  |  | 236
Total stock-based compensation |  | $ | 298 |  | $ | 145 |  | $ | 468 |  | $ | 274

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