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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 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 September 30,     Nine months ended September 30,  
    2020     2019     2020     2019  
Stock options   $ 24     $ 34     $ 77     $ 114  
Restricted stock awards     1       3       3       15  
Total   $ 25     $ 37     $ 80     $ 129  
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:

 

    Nine months ended September 30,  
    2020     2019  
Number of options awarded to purchase common shares     28,000       10,000  
Risk-free interest rate     1.19 %     1.50 %
Expected volatility     94.7 %     100.30 %
Assumed dividend yield     N/A       N/A  
Expected life of options from the date of grant     9.8 years       9.8 years  
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 three months)   $       30     $       1     $        31  
2021     83       1       84  
2022     20       -       20  
2023     4       -       4  
    $ 137     $ 2     $ 139  
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       28,000     $ 1.72     $ 1.98       9.57          
Exercised       (10,000 )   $ 0.24     $ 0.24       0.50          
Expired/Forfeited       (25,325 )   $ -     $ 1.84       6.98          
Outstanding, September 30, 2020       429,801     $ 1.49     $ 1.53       5.51     $ 147,950  
Exercisable, September 30, 2020       315,686     $ 1.38     $ 1.40       4.44     $ 147,350  
Unvested, September 30, 2020       114,115     $ 1.77     $ 1.90       8.47     $ 600  
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, September 30, 2020     5,000     $ 2.55