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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of Stock Options Outstanding

Activity in the various Plans during the nine months ended September 30, 2020:

Options			Number of Shares				Weighted Average Exercise Price
Outstanding at December 31, 2019				589,125			$	3.74
Granted				255.000				2.09
Exercised				(1,875	)			4.16
Forfeited				(3,937	)			(12.14	)
Outstanding at September 30, 2020				838,313			$	3.20
Exercisable at September 30, 2020				669,563			$	3.48

Schedule of Fair Value of Stock Options Assumption

Following are certain estimates and assumptions utilized as of the issuance date to determine the grant-date fair value of the stock options issued during 2020:

Volatility – range			104	%
Risk-free rate			0.28	%
Contractual term			5.5 years
Exercise price		$	2.09

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 September 30, 2020:

				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				725,313				8.4 years				556,563				8.0 years
$	3.50 to $4.99				64,000				3.6 years				64,000				3.6 years
$	5.00 to $6.49				—				— years				—				— years
$	6.50 to $7.99				7,250				1.1 years				7,250				1.1 years
$	8.00 to $9.99				2,500				0.7 years				2,500				0.7 years
$	10.00 to $19.99				39,250				0.3 years				39,250				0.3 years
					838,313				7.6 years				669,563				7.0 years

Summary of Restricted Stock Activity

A summary of all restricted stock activity under the equity compensation plans for the nine months ended September 30, 2020 is as follows:

		Number of Restricted shares				Weighted average grant date fair value
Nonvested balance, January 1, 2020			514,875			$	2.97
Granted			846,591				1.02
Vested			(591,466	)			(1.77	)
Forfeited			(35,250	)			(1.84	)
Nonvested balance, September 30, 2020			734,750			$	1.75

Schedule of Non-vested Balance of Restricted Stock

The nonvested balance of restricted stock vests as follows:

Years ended		Number of shares
2020 (October 1, 2020 through December 31, 2020)			13,125
2021			480,250
2022			241,375

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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