Stock Options, Warrants and Restricted Common Stock (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Share-based Payment Arrangement [Abstract] |
|
| Schedule of Recognized Stock-based Compensation |
The Company recognized total stock-based compensation
expense during the years ended December 31, 2019 and 2018, from the following categories (in thousands):
| |
|
Years Ended December 31, |
| |
|
2019 |
|
2018 |
| Restricted stock awards under the Plan |
|
$ |
687 |
|
|
$ |
3,972 |
|
| Stock option awards under the Plan |
|
|
58 |
|
|
|
688 |
|
| Total stock-based compensation |
|
$ |
745 |
|
|
$ |
4,660 |
|
|
| Summary of Restricted Stock Activity |
A summary of the Company's restricted stock
activity in the years ended December 31, 2019 and 2018 is as follows:
| |
|
Number of Shares |
|
Weighted Average Grant-Date
Fair Value |
| |
Unvested at January 1, 2018 |
|
|
|
496,152 |
|
|
$ |
5.97 |
|
| |
Granted |
|
|
|
431,000 |
|
|
$ |
10.46 |
|
| |
Vested |
|
|
|
(530,065 |
) |
|
$ |
7.61 |
|
| |
Forfeited |
|
|
|
(301,148 |
) |
|
$ |
7.68 |
|
| |
Unvested at December 31, 2018 |
|
|
|
95,939 |
|
|
$ |
12.49 |
|
| |
Vested |
|
|
|
(58,772 |
) |
|
$ |
7.66 |
|
| |
Granted |
|
|
|
1,542,332 |
|
|
$ |
1.41 |
|
| |
Forfeited |
|
|
|
(55,000 |
) |
|
$ |
14.95 |
|
| |
Unvested at December 31, 2019 |
|
|
|
1,524,499 |
|
|
$ |
1.37 |
|
|
| Schedule of Fair Value Assumptions Used to Estimate Stock-based Compensation |
The Company currently provides stock-based
compensation to employees, directors and consultants under the Plan. There were no stock options issued during the year
ended December 31, 2019. The Company utilized assumptions in the estimation of fair value of stock-based compensation for the year
ended December 31, 2018, as follows:
| |
December 31, |
| |
2018 |
| Dividend yield |
0% |
| Expected price volatility |
152% - 159% |
| Risk free interest rate |
2.49% - 2.96% |
| Expected term |
5 years |
|
| Summary of Stock Incentive Plan Activity |
A summary of stock option activity under the
Plan for options to employees, officers, directors and consultants, for the years ended December 31, 2019 and 2018, is presented
below:
| |
|
Shares Underlying Options |
|
Weighted Average Exercise Price |
|
Weighted Average Remaining Contractual
Term (Years) |
|
Aggregate Intrinsic Value |
| |
Outstanding at January 1, 2018 |
|
|
|
119,533 |
|
|
$ |
9.02 |
|
|
|
|
|
|
|
|
|
| |
Granted |
|
|
|
62,000 |
|
|
$ |
15.71 |
|
|
|
|
|
|
|
|
|
| |
Exercised |
|
|
|
(19,533 |
) |
|
$ |
4.02 |
|
|
|
|
|
|
|
|
|
| |
Forfeited |
|
|
|
(100,000 |
) |
|
$ |
10.00 |
|
|
|
|
|
|
|
|
|
| |
Outstanding at December 31, 2018 |
|
|
|
62,000 |
|
|
$ |
15.71 |
|
|
|
9.2 |
|
|
|
|
|
| |
Granted |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| |
Exercised |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| |
Forfeited |
|
|
|
(50,000 |
) |
|
$ |
18.50 |
|
|
|
|
|
|
|
|
| |
Outstanding at December 31, 2019 |
|
|
|
12,000 |
|
|
$ |
4.09 |
|
|
|
3.7 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Exercisable at December 31, 2019 |
|
|
|
12,000 |
|
|
$ |
4.09 |
|
|
|
3.7 |
|
|
$ |
— |
|
|
| Schedule of Changes in Outstanding Warrants |
The following is a summary of the change in outstanding warrants
during the years ended December 31, 2019 and 2018:
| |
|
Shares Underlying Options/Warrants |
|
Weighted Average Exercise Price |
|
Weighted Average Remaining Contractual
Term (Years) |
|
Aggregate Intrinsic Value |
| |
Outstanding at January 1, 2018 |
|
|
|
1,944,895 |
|
|
$ |
35.06 |
|
|
|
2.7 |
|
|
$ |
6,135,000 |
|
| |
Issued |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
|
|
|
| |
Exercised |
|
|
|
(113,009 |
) |
|
$ |
3.50 |
|
|
|
— |
|
|
|
|
|
| |
Forfeited |
|
|
|
(160,773 |
) |
|
$ |
10.88 |
|
|
|
— |
|
|
|
|
|
| |
Outstanding at December 31, 2018 |
|
|
|
1,671,113 |
|
|
$ |
39.47 |
|
|
|
2.0 |
|
|
$ |
— |
|
| |
Issued |
|
|
|
1,908,144 |
|
|
$ |
1.94 |
|
|
|
5.2 |
|
|
|
|
|
| |
Forfeited |
|
|
|
(5,000 |
) |
|
$ |
7.90 |
|
|
|
— |
|
|
|
|
|
| |
Outstanding at December 31, 2019 |
|
|
|
3,574,257 |
|
|
$ |
19.48 |
|
|
|
2.9 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Exercisable at December 31, 2019 |
|
|
|
3,574,257 |
|
|
$ |
19.48 |
|
|
|
2.9 |
|
|
$ |
— |
|
|