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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense

The amount of stock-based compensation expense is as follows (amounts in thousands):

 

    Three months ended March 31,  
    2020     2019  
Stock options   $ 30     $ 39  
Restricted stock awards     1       6  
Total   $ 31     $ 45  
Schedule of Estimated Fair Value of Stock Options

The Company estimated the fair value of stock options using the Black-Scholes-Merton option pricing model with the following assumptions:

 

    Three months ended March 31,  
    2020     2019  
Number of options awarded to purchase common shares     20,000        None  
Risk-free interest rate         1.56 %     N/A  
Expected volatility           97.0 %     N/A  
Assumed dividend yield         N/A       N/A  
Expected life of options from the date of grant     9.9 years       N/A  
Schedule of Unrecognized Compensation Cost from Unvested Awards

The estimated unrecognized compensation cost from unvested awards which will be recognized ratably over the remaining vesting phase is as follows (amounts in thousands):

 

Years ended December 31st:   Unvested stock options     Unvested restricted stock awards     Total unrecognized compensation expense  
2020 (remaining nine months)   $ 94     $ 3     $ 97  
2021     83       1       84  
2022     16       -       16  
2023     1       -       1  
    $ 194     $ 4     $ 198  
Schedule of Stock Option Activity

Stock option activity under our Equity Incentive Plan is summarized as follows:

 

                      Weighted avg.        
          Weighted avg.     Weighted avg.     remaining        
    Number of     exercise price     grant date fair     contractual life     Aggregate  
    awards     per share     value per share     (in years)     intrinsic value  
                               
Outstanding, December 31, 2019     437,126     $ 1.46     $ 1.49       5.97     $ 150,417  
 Granted     20,000     $ 1.81     $ 2.05       9.90          
 Exercised     -     $ -     $ -       -          
 Expired/Forfeited     -     $ -     $ -       -          
Outstanding, March 31, 2020     457,126     $ 1.48     $ 1.52       5.82     $ 178,795  
Exercisable, March 31, 2020     318,812     $ 1.34     $ 1.36       4.67     $ 172,704  
Unvested, March 31, 2020     138,314     $ 1.78     $ 1.88       8.76     $ 6,091  
Schedule of Restricted Stock Activity Under Equity Incentive Plan

Restricted stock activity under our Equity Incentive Plan is summarized as follows:

 

          Weighted avg.  
    Number of     grant date  
    options     fair value  
Non-vested restricted shares, December 31, 2019     5,000     $ 2.55  
Granted     -     $ -  
Vested     -     $ -  
Forfeited     -     $ -  
Non-vested restricted shares, March 31, 2020     5,000     $ 2.55