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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2020
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | 6. STOCK-BASED COMPENSATION The Company accounts for stock-based compensation based on the fair value of the stock or stock-based instrument on the date of grant. In June 2019, a board member retired and 7,326 of his unvested RSUs (Restricted Stock Units) were forfeited which were valued at approximately $46,700. In addition, in April 2019, the Company granted 6,677 RSUs to one of its board members as partial compensation for the 2019 year. RSUs vest quarterly on a straight-line basis over a one-year period. The Company’s net loss for the six months ended June 30, 2019 includes approximately $15,000 of non- cash compensation expense related to the RSU grants to the board member. In June 2019, two board members were granted an additional 2,725 RSUs as partial compensation for the 2019 year. The Company’s net loss for the six months ended June 30, 2019 includes approximately $7,000 of non-cash compensation expense related to the RSU grants to the board of directors. There were no similar grants in June 2020. In April 2019, the Company granted 4,950 shares of common stock to various employees. For the six months ended June 30, 2019, approximately $6,000 of compensation expense is included in selling, general and administrative expenses and approximately $26,000 of compensation expense is included in cost of sales for this grant. There were no grants as of June 30, 2020. In April 2019, the Company granted 94,972 shares of common stock to various employees. In the event that any of these employees voluntarily terminates their employment prior to certain dates, portions of the shares may be forfeited. In addition, if certain Company performance criteria are not achieved, portions of these shares may be forfeited. These shares will be expensed during various periods through March 2023 based upon the service and performance thresholds. For the six months ended June 30, 2020, approximately $66,200 of compensation expense is included in selling, general and administrative expenses and approximately $16,500 of compensation expense is included in cost of sales for this grant. For the six months ended June 30, 2019, approximately $68,700 of compensation expense is included in selling, general and administrative expenses and approximately $20,800 of compensation expense is included in cost of sales for this grant. In April 2019, 11,193, 8,299 and 8,593 of the shares granted in 2016, 2017 and 2018, respectively, were forfeited because the Company failed to achieve certain performance criteria for the year ended December 31, 2018. In addition, on April 2, 2019, these employees returned 9,806 common shares, valued at approximately $51,600, to pay the employees’ withholding taxes.

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- 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
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