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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 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 June 30,     Six months ended June 30,  
    2020     2019     2020     2019  
Stock options   $ 23     $ 41     $ 53     $ 80  
Restricted stock awards     1       6       2       12  
Total   $ 24     $ 47     $ 55     $ 92  
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:

 

    Six months ended June 30,  
    2020     2019  
Number of options awarded to purchase common shares     20,000       None  
Risk-free interest rate     1.56 %     N/A  
Expected volatility     97.3 %     N/A  
Assumed dividend yield     N/A       N/A  
Expected life of options from the date of grant     9.8 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 six months)       59       2       61  
2021       79       1       80  
2022       15       -       15  
2023       1       -       1  
      $ 154     $ 3     $ 157  

 
Schedule of Stock Option Activity

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

 

      Number of awards     Weighted avg. exercise price per share     Weighted avg. grant date fair value per share     Weighted avg. remaining contractual life (in years)     Aggregate intrinsic value  
                                 
Outstanding, December 31, 2019       437,126     $ 1.46     $ 1.49       5.97     $ 150,417  
Granted       20,000     $ 1.81     $ 2.05       9.65          
Exercised       (10,000 )   $ 1.60     $ 0.24       0.75          
Expired/Forfeited       (25,325 )   $ -     $ 1.84       7.23          
Outstanding, June 30, 2020       421,801     $ 1.49     $ 1.53       5.68     $ 131,913  
Exercisable, June 30, 2020       292,738     $ 1.35     $ 1.37       4.41     $ 131,913  
Unvested, June 30, 2020       129,063     $ 1.78     $ 1.89       8.54     $ -  
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, June 30, 2020       5,000     $ 2.55