v3.20.1

Stock Based Compensation | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
STOCK BASED COMPENSATION | STOCK-BASED COMPENSATION The Company maintains, as approved by the board of directors, the 2019 Stock Incentive Plan (the “Plan”) providing for the issuance of stock-based awards to employees, officers, directors or consultants of the Company. Non-qualified stock options may only be granted with an exercise price equal to the market value of the Company’s common stock on the grant date. Awards under the plans may be either vested or unvested options, or unvested restricted stock. The Plan has authorized 8,000,000 shares for issuance of stock-based awards. As of December 31, 2019, there were 8,029,778 shares available for issuance of future stock awards, which includes shares available under the 2019 and 2017 Incentive plans. Stock-based compensation expense The following table summarizes stock-based compensation expense:
| Years Ended December 31, |  |
| 2019 |  | 2018
Stock options | $ | 1,542,644 |  |  | $ | 1,059,582 |
Restricted stock | 437,354 |  |  | — |
Total stock-based compensation expense | $ | 1,979,998 |  |  | $ | 1,059,582 |
In November 2019, the vesting for 1,000,000 stock options issued to an officer of the Company were accelerated, resulting in the remaining unvested compensation of $460,000 being recognized in the year ended December 31, 2019. Stock options The following table summarizes stock option activity:
|  | Number of Options |  | Weighted Average Exercise Price per Option |  | Weighted Average Grant Date Fair Value per Option |  | Weighted Average Remaining Contractual Life (Years)
Balance December 31, 2017 |  | 3,851,371 |  |  | $ | 3.11 |  |  |  |  |  |
Granted |  | 340,000 |  |  | 1.18 |  |  | 0.54 |  |  |
Exercised |  | (52,500) |  |  | 1.24 |  |  |  |  |  |  |
Forfeited |  | — |  |  | — |  |  |  |  |
Expired |  | (271,250) |  |  | 3.22 |  |  |  |  |  |  |
Balance December 31, 2018 |  | 3,867,621 |  |  | 4.05 |  |  |  |  |  |
Granted |  | 2,450,000 |  |  | 0.96 |  |  | 0.51 |  |  |
Exercised |  | (736,552) |  |  | 0.72 |  |  |  |  |  |  |
Forfeited |  | (907,500) |  |  | 4.49 |  |  |  |  |
Expired |  | (948,569) |  |  | 5.01 |  |  |  |  |  |  |
Balance December 31, 2019 |  | 3,725,000 |  |  | $ | 2.32 |  |  |  |  |  |
Number of options exercisable at December 31, 2019 |  | 3,069,000 |  |  | $ | 2.35 |  |  |  |  | 5.4
As of December 31, 2019, unrecognized compensation expense was $0.5 million for unvested options which is expected to be recognized over the next 2.0 years. Restricted stock The following table summarizes restricted stock activity:
|  | Number of Unvested Shares |  | Weighted Average Grant Date Fair Value per Share
Balance December 31, 2018 |  | — |  |  | $ | — |
Granted |  | 1,805,222 |  |  | 2.57 |
Vested |  | (36,496) |  |  | 2.74 |
Forfeited |  | — |  |  | — |
Balance December 31, 2019 |  | 1,768,726 |  |  | $ | 2.57 |
As of December 31, 2019, unrecognized compensation expense was $4.2 million for unvested restricted stock awards which is expected to be recognized over the next 2.3 years.

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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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