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Stock Options (Tables)

6 Months Ended

Jun. 30, 2020

Stock Options

Schedule of Stock Option Activity

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

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 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

Summary of restricted shares under the Company's Plan

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

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						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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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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