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STOCK-BASED COMPENSATION PLANS | 9 Months Ended
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Sep. 30, 2022
STOCK-BASED COMPENSATION PLANS |
STOCK-BASED COMPENSATION PLANS | NOTE (9) STOCK-BASED COMPENSATION PLANS In June 2017, our stockholders approved the 2017 Stock Incentive Plan (the “2017 Stock Plan”) with a maximum of 5.5 million 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. During the three months ended September 30, 2022, no stock option awards were granted under the 2017 Stock Plan. During the nine months ended September 30, 2022, 200,000 performance based stock option awards were granted under the 2017 Stock Plan. During the three and nine months ended September 30, 2021, no stock option awards were granted under the 2017 Stock Plan. At September 30, 2022, 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 |  | 211 | ​ | 211
Equity compensation plans not approved by shareholders |  | — | ​ | —
2017 Stock Option Plan |  | 592 | ​ | 342
Total |  | 803 | ​ | 553
​ During the three and nine months ended September 30, 2022, 50,000 and 143,000 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, 2021, 222,000 and 349,000 shares of restricted stock were granted to the Board of Directors and management under the 2017 Stock Plan, 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 occurs quarterly over three years for the Board of Directors and quarterly or annually over two to four years for management. ​ The following summarizes stock-based compensation expenses recorded in the condensed consolidated statements of operations (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
Cost of Revenue | ​ | $ | 13 | ​ | $ | 12 | ​ | $ | 40 | ​ | $ | 42
Sales and marketing expense | ​ |  | 16 | ​ |  | 48 | ​ |  | 130 | ​ |  | 78
General, and administrative | ​ | ​ | 549 | ​ | ​ | 473 | ​ | ​ | 1,532 | ​ | ​ | 922
Total stock based compensation expense | ​ | $ | 578 | ​ | $ | 533 | ​ | $ | 1,702 | ​ | $ | 1,042
​ The Company received minimal cash proceeds related to option exercises during the three months ended September 30, 2022. The Company received cash proceeds of $0.1 million related to option exercises during the nine months ended September 30, 2022. The Company received minimal cash proceeds related to option exercises during the three months ended September 30, 2021. The Company received cash proceeds of $0.1 million related to option exercises during the nine months ended September 30, 2021. The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions during the nine months ended September 30, 2022: ​
​ | ​ | ​ | ​
Expected term (years) |  | 3.00 | ​
Risk-free interest rate |  | 2.81 | %
Expected volatility |  | 73.28 | %
Expected dividend yield |  | — | %
​ A summary of stock option activity under all equity compensation plans for the nine months ended September 30, 2022, 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, 2021 |  | 765 | ​ | $ | 1.36 | ​ | 4.68 | ​ | $ | 5,896
Granted |  | 200 | ​ | $ | 6.23 | ​ | ​ | ​ |  | ​
Forfeited |  | (11) | ​ | $ | 2.98 | ​ | ​ | ​ |  | ​
Exercised | ​ | (151) | ​ | $ | 0.57 | ​ | ​ | ​ | ​ | ​
Outstanding at September, 2022 |  | 803 | ​ | $ | 2.70 | ​ | 5.38 | ​ | $ | 5,112
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2022 |  | 553 | ​ | $ | 1.27 | ​ | 3.76 | ​ | $ | 4,314
​ A summary of restricted stock award activity under all equity compensation plans for the nine months ended September 30, 2022, is presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted
​ | ​ | Shares |  | Average Grant
​ |  | (in thousands) |  | Date Fair Value
Granted but not vested at December 31, 2021 |  | 454 | ​ | $ | 13.69
Granted |  | 143 | ​ | $ | 7.39
Forfeited |  | (43) | ​ | $ | 10.13
Vested |  | (134) | ​ | $ | 13.44
Granted but not vested at September 30, 2022 |  | 420 | ​ | $ | 11.82
​ As of September 30, 2022, the Company had approximately $4.5 million of unrecognized compensation expense related to stock options and restricted stock awards that will be recognized over a weighted average period of approximately 2.35 years.

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