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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of Stock Options Outstanding

Activity in the various Plans during the years ended December 31, 2019 and 2018 is reflected in the following table:

Options		Number of Shares				Weighted Average Exercise Price
Outstanding at January 1, 2018			350,269			$	13.44
Granted			160,000				2.20
Exercised			—				—
Forfeited			(76,257	)			(45.52	)
Outstanding at December 31, 2018			434,012			$	4.62
Exercisable at December 31, 2018			354,012			$	5.17

Options		Number of Shares				Weighted Average Exercise Price
Outstanding at January 1, 2019			434,012			$	4.62
Granted			180,000				3.01
Exercised			—				—
Forfeited			(24,887	)			(13.78	)
Outstanding at December 31, 2019			589,125			$	3.74
Exercisable at December 31, 2019			499,125			$	3.87

Schedule of Fair Value of Stock Options Assumption

The Company has utilized the following assumptions in its Black-Scholes option valuation model to calculate the estimated grant date fair value of the options during the years ended December 31, 2019 and 2018:

		2019				2018
		Assumptions				Assumptions
Volatility – range			107.6	%			107.5	%
Risk-free rate			2.23	%			2.74	%
Contractual term			5.5 years				5.5 years
Exercise price		$	3.01			$	2.20

Shares Authorized Under Stock Option Plans by Exercise Price Range

The following table summarizes the range of exercise prices and weighted average remaining contractual life for outstanding and exercisable options under the Company’s option plans as of December 31, 2019:

				Outstanding options						Exercisable options
Exercise price range				Number of options				Weighted average remaining contractual life		Number of options				Weighted average remaining contractual life
$	0.01 to $3.49				470,313			8.4 years			380,313				8.1 years
$	3.50 to $4.99				66,875			4.3 years			66,875				4.3 years
$	5.00 to $6.49				—			— years			—				— years
$	6.50 to $7.99				8,437			1.8 years			8,437				1.8 years
$	8.00 to $9.99				2,500			1.4 years			2,500				1.4 years
$	10.00 to $19.99				39,750			1.0 years			39,750				1.0 years
$	20.00 to $24.99				1,250			0.1 years			1,250				0.1 years
					589,125			7.3 years			499,125				6.9 years

Summary of Restricted Stock Activity

A summary of all restricted stock activity under the equity compensation plans for the years ended December 31, 2019 and 2018 is as follows:

		Number of Restricted shares				Weighted average grant date fair value
Nonvested balance, January 1, 2018			791,725			$	4.37
Granted			484,500				2.27
Vested			(470,175	)			(3.83	)
Forfeited			(33,900	)			(4.04	)
Nonvested balance, December 31, 2018			772,150			$	3.40

		Number of Restricted shares				Weighted average grant date fair value
Nonvested balance, January 1, 2019			772,150			$	3.40
Granted			522,110				2.91
Vested			(774,015	)			(3.35	)
Forfeited			(5,370	)			(3.46	)
Nonvested balance, December 31, 2019			514,875			$	2.97

Schedule of Non-vested Balance of Restricted Stock

The nonvested balance of restricted stock vests as follows:

Years ended		Number of shares
2020			264,750
2021			250,125

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