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STOCK-BASED COMPENSATION PLANS | 3 Months Ended
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Mar. 31, 2021
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 vesting and are not included in outstanding shares until such vesting and issuance occurs. During the three months ended March 31, 2021, no stock option awards were granted under the 2017 Stock Plan. During the three months ended March 31, 2020, 14,000 stock option awards were granted under the 2017 Stock Plan. At March 31, 2021, the company had 0.8 million stock options outstanding and 0.6 million exercisable under the following plans: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Outstanding |  | Exercisable
​ | ​ | Number of Options | ​ | Number of Options
​ | ​ | (in thousands) | ​ | (in thousands)
Plan Category |  |  |  | ​ |
2005 Stock Option Plan |  | 296 |  | ​ | 296
Equity Compensation Plans not approved by Shareholders |  | 38 |  | ​ | 25
2017 Stock Option Plan |  | 490 |  | ​ | 274
Total |  | 824 | ​ | $ | 595
​ During the three months ended March 31, 2021, 65,000 shares of restricted stock were granted to the Board of Directors and management under the 2017 Stock Plan. During the three months ended March 31, 2020, 165,000 shares of restricted stock were granted. 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 is typically released quarterly over three years for the Board of Directors and annually or quarterly over four years for management. ​ The following summarizes stock-based compensation expenses recorded in the consolidated statements of operations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended March 31, | ​
​ |  | 2021 |  | 2020 | ​
Cost of Revenue | ​ | $ | 15 | ​ | $ | 6 | ​
Sales and marketing expense | ​ |  | 15 | ​ |  | 29 | ​
General, and administrative | ​ | ​ | 78 | ​ | ​ | 462 | ​
Total stock based compensation expense | ​ | $ | 108 | ​ | $ | 497 | ​
​ The Company received proceeds of $27,000 and $0.2 million related to option exercises during the three months ended March 31, 2021 and 2020, 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 months ended March 31, 2021 and March 31, 2020. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months |
​ | ​ | Ended March 31, |
​ |  | 2021 |  | 2020 |
Expected term (years) | ​ | — | ​ | 6.79 | ​
Risk-free interest rate | ​ | — | % | 1.59 | %
Expected volatility | ​ | — | % | 116.76 | %
Expected dividend yield | ​ | — | % | — | %
​ A summary of stock option activity under all equity compensation plans for the three months ended March 31, 2021, 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, 2020 |  | 1,006 | ​ | $ | 3.04 | ​ | 6.47 | ​ | $ | 10,483
Granted |  | — | ​ | $ | — | ​ | ​ | ​ |  | ​
Forfeited |  | (174) | ​ | $ | 7.65 | ​ | ​ | ​ |  | ​
Exercised | ​ | (8) | ​ | $ | 3.12 | ​ | ​ | ​ | ​ | ​
Outstanding at March 31, 2021 |  | 824 | ​ | $ | 2.07 | ​ | 5.79 | ​ | $ | 10,873
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at March 31, 2021 |  | 595 | ​ | $ | 1.73 | ​ | 5.23 | ​ | $ | 8,061
​ A summary of restricted stock award activity under all equity compensation plans for the three months ended March 31, 2021, is presented below: ​
​ | ​ | ​
​ | ​ | Number of
​ | ​ | Shares
​ |  | (in thousands)
Granted but not vested at December 31, 2020 |  | 268
Granted |  | 65
Forfeited |  | (66)
Vested |  | (49)
Granted but not vested at March 31, 2021 |  | 218
​ As of March 31, 2021, the Company had approximately $3.5 million of unrecognized compensation expense related to stock options and restricted stock awards that will be recognized over a weighted average period of approximately 2.3 years.

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