XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.20.2

STOCK-BASED COMPENSATION PLANS | 9 Months Ended
--- | ---
Sep. 30, 2020
STOCK-BASED COMPENSATION PLANS |
STOCK-BASED COMPENSATION PLANS | (4) STOCK-BASED COMPENSATION PLANS In June 2017, our stockholders approved the 2017 Stock Incentive Plan (the “2017 Stock Plan”) with a maximum of 5,000,000 shares reserved for issuance. Awards permitted under the 2017 Stock Plan include: Stock Options and Restricted Stock. Awards issued under the 2017 Stock Plan are at the discretion of the Board of Directors. As applicable, awards are granted with an exercise price equal to the closing price of our common stock on the date of grant and generally vest over four years. Restricted Stock Awards are issued to the recipient upon grant and are not included in outstanding shares until such vesting and issuance occurs. At September 30, 2020, the company had 1.0 million stock options outstanding and 0.5 million exercisable under the following plans: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Outstanding |  | Exercisable
​ | ​ | Number of Options | ​ | Number of Options
​ | ​ | (in thousands) | ​ | (in thousands)
Plan Category |  |  |  | ​ |
2005 Stock Option Plan |  | 299 |  | ​ | 299
Equity Compensation Plans not approved by Shareholders |  | 37 |  | ​ | 25
2017 Stock Option Plan |  | 679 |  | ​ | 219
Total |  | 1,015 | ​ | $ | 543
​ The following summarizes stock-based compensation expenses recorded in the consolidated statements of operations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, | ​
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 | ​
Cost of Revenue | ​ | $ | 13 | ​ | $ | 5 | ​ | $ | 22 | ​ | $ | 15 | ​
Sales and marketing expense | ​ |  | 13 | ​ |  | 2 | ​ |  | 45 | ​ |  | 6 | ​
General, and administrative | ​ | ​ | 704 | ​ | ​ | 251 | ​ | ​ | 1,739 | ​ | ​ | 535 | ​
Total stock based compensation expense | ​ | ​ | 730 | ​ | ​ | 258 | ​ | ​ | 1,806 | ​ | ​ | 556 | ​
​ During the nine months ended September 30, 2020, there were 14,000 options granted at a weighted average exercise price of $10.15 per share. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2020 was $8.88. There were no options granted during the three months ended September 30, 2020. The Company issued 83,000 and 291,000 shares of restricted stock to management during the three and nine months ended September 30, 2020, respectively. During the nine months ended September 30, 2019, there were 621,000 options granted at a weighted average exercise price of $5.65 per share. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2019 was $4.98. The Company issued 45,000 shares of restricted stock to management during the nine months ended September 30, 2019. The Company received cash proceeds of $0.1 million and $0.6 million related to option exercises during the three and nine months ended September 30, 2020, respectively. The Company received proceeds of approximately $34,000 and $0.2 million related to option exercises during the three and nine months ended September 30, 2019, respectively. The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions for the three and nine months ended September 30, 2020 and September 30, 2019. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months |  | For the Nine Months |
​ | ​ | Ended September 30, |  | Ended September 30, |
​ |  | 2020 | ​ | 2019 |  | 2020 | ​ | 2019 |
Expected term (years) | ​ | 6.38 | ​ | 6.25 | ​ | 6.42 | ​ | 6.25 | ​
Risk-free interest rate | ​ | 0.34 | % | 1.83 | % | 1.15 | % | 2.34 | %
Expected volatility | ​ | 112.97 | % | 121.58 | % | 116.79 | % | 121.83 | %
Expected dividend yield | ​ | — | % | — | % | — | % | — | %
​ A summary of stock option activity under all equity compensation plans for the nine months ended September 30, 2020, is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | Average | ​ | Aggregate
​ | ​ | Number of | ​ | Average | ​ | Remaining | ​ | Intrinsic
​ | ​ | Shares | ​ | Exercise | ​ | Contractual | ​ | Value
​ |  | (in thousands) |  | Price |  | Term (Years) |  | (in thousands)
Outstanding at December 31, 2019 |  | 1,855 | ​ | $ | 2.48 | ​ | 6.42 | ​ | $ | 10,032
Granted |  | 14 | ​ | $ | 10.15 | ​ | ​ | ​ |  | ​
Expired |  | — | ​ | ​ | — | ​ | ​ | ​ |  | ​
Forfeited | ​ | (234) | ​ | $ | 4.71 | ​ | ​ | ​ | ​ | ​
Exercised |  | (620) | ​ | $ | 0.90 | ​ | ​ | ​ |  | ​
Outstanding at September 30, 2020 |  | 1,015 | ​ | $ | 3.04 | ​ | 6.74 | ​ | $ | 14,622
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2020 |  | 543 | ​ | $ | 1.47 | ​ | 5.47 | ​ | $ | 8,677
​ During the three and nine months ended September 30, 2020, 0.1 million and 0.3 million shares of restricted stock were granted to the Board of Directors and management under the 2017 Stock Plan, respectively. During the three and nine months ended September 30, 2019, 35,000 and 45,000 shares of restricted stock were granted, respectively. The fair market value of restricted shares for share-based compensation expensing is equal to the closing price of our common stock on the date of grant. The vesting on the Restricted Stock Awards typically occur quarterly over three years for the Board of Directors and quarterly or annually over two to four years for management. A summary of restricted stock award activity under all equity compensation plans for the nine months ended September 30, 2020, is presented below: ​
​ | ​ | ​
​ | ​ | Number of
​ | ​ | Shares
​ |  | (in thousands)
Granted but not vested at December 31, 2019 |  | 102
Granted |  | 291
Forfeited |  | —
Vested |  | (95)
Granted but not vested at September 30, 2020 |  | 298
​ For the nine months ended September 30, 2020, the Company made payments of $0.2 million related to tax withholding obligations for the vesting or exercise of awards in exchange for 20,236 shares withheld. There were no shares withheld to facilitate the payment of taxes in 2019. ​ As of September 30, 2020, the Company had approximately $4.7 million of unrecognized compensation expense related to stock options and restricted stock awards that will be recognized over a weighted average period of approximately 2.4 years.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration