On February 6, 2020, the Company amended the Company’s 2015 New Employee Incentive Plan (the “2015 Plan”) to increase the total number of shares of common stock reserved for issuance under the plan by 250,000 shares. Awards may only be granted under the 2015 Plan to employees who were not previously an employee or director of the Company, or following a bona fide period of non-employment, as a material inducement to entering into employment with the Company. As of September 30, 2020 there were 210,389 shares of common stock remaining and available for future issuances under the 2015 Plan.

On June 16, 2020, the stockholders of the Company approved the Company’s 2020 Stock Incentive Plan (“2020 Plan”), which replaced the Company’s 2014 Equity Incentive Plan. The 2020 Plan provides for the award or sale of shares of common stock (including restricted stock), the award of stock units and stock appreciation rights, and the grant of both incentive stock options to purchase common stock. The 2020 Plan provides for the issuance of up to 550,000 shares of common stock, and the number of shares available for issuance will be increased to the extent that awards granted under the 2020 Plan and the Company’s 2014 Equity Incentive Plan are forfeited or expire (except as otherwise provided in the 2020 Plan). As of September 30, 2020, there were 159,939 shares of common stock remaining and available for future issuances under the 2020 Plan.

A summary of activity for the nine months ended September 30, 2020 is as follows:

	Options			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding as of December 31, 2019		1,865		$	2,968.22
Granted		530,000		$	2.12
Cancelled/forfeited		(529	)	$	2,486.82
Outstanding as of September 30, 2020		531,336		$	10.01	$	233,000
Vested as of September 30, 2020		39,114		$	106.86	$	17,500
Vested and expected to be vested as of September 30, 2020		482,121		$	10.66	$	211,500

As of September 30, 2020, the total compensation cost related to non-vested stock options not yet recognized for the Company’s plans is approximately $786,000, which is expected to be recognized as a result of vesting under service conditions over a weighted average period of 2.99 years.