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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Awards and Restricted Stock Grants

A summary of stock option awards and restricted stock grants for the three-months ended March 31, 2021 is presented below:

 

    Stock Options     Restricted Stock Awards    

Weighted

Average

 
   

Options

Outstanding

   

Weighted

Average

Exercise

Price

   

Non-vested

Restricted

Stock

Outstanding

   

Weighted

Average

Grant

Date

Fair Value

   

Contractual

Terms of

Equity

Awards

(in years)

 
Equity awards outstanding at January 1, 2021     4,624,725     $ 2.77       2,750     $ 0.89          
                                         
Equity awards granted     2,032,500     $ 2.24       1,000     $ 2.22          
                                         
Equity awards exercised or vested and issued     (7,500 )   $ 0.63       -     $ -          
                                         
Equity awards forfeited, cancelled or expired     (92,646 )   $ 2.69       -     $ -          
                                         
Equity awards outstanding at March 31, 2021     6,557,079     $ 2.65       3,750     $ 1.31       8.0  
                                         
Aggregate intrinsic value of outstanding equity awards at March 31, 2021   $ 13,163             $ 7,875                  
                                         
Equity awards exercisable at March 31, 2021     4,063,706     $ 2.70                       7.8  
                                         
Aggregate intrinsic value of equity awards exercisable at March 31, 2021   $ 3,300                                  
Schedule of Assumptions Used to Determine Fair Value of Options Granted

The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model:

 

    Three Months Ended March 31,  
    2021     2020  
Risk-free interest rate     1.64 to 1.74 %     1.33 %
Expected volatility     106.8 to 112.5 %     102.7 %
Expected life (in years)     7.5 to 10.0       8.5  
Expected dividend yield     - %     - %