Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

The following table summarizes the Company’s stock option activity for the years ended December 31, 2020 and 2019:

						Weighted
						Average
				Weighted		Remaining		Aggregrate
				Average		Contractual		Intrinsic
	Number of			Exercise		Life		Value
	Options			Price		(in Years)		(in thousands)
Outstanding - January 1, 2020		295,793		$	8.88		7.5	$	-
Granted		30,000			3.69
Exercised		-			-
Forfeited		(259,667	)		9.21
Outstanding - December 31, 2020		66,126		$	5.24		8.3	$	10.8

Exercisable at December 31, 2020		26,126		$	8.18		7.0	$	7.2

						Weighted
						Average
				Weighted		Remaining
				Average		Contractual		Aggregrate
	Number of			Exercise		Life		Intrinsic
	Options			Price		(in Years)		Value
Outstanding - January 1, 2019		499,439		$	6.94		9.0	$	-
Granted		30,000			2.23
Exercised		-			-
Forfeited		(233,646	)		3.87
Outstanding - December 31, 2019		295,793		$	8.88		7.5	$	-

Exercisable at December 31, 2019		275,793		$	9.37		7.4	$	-

Schedule of Fair Value Measurement Assumptions

The following assumptions were utilized in the Black-Scholes option pricing for the stock option grants for the years ended December 31, 2020 and 2019:

	Year Ended December 31,
	2020			2019
Expected dividend yield		-			-
Risk-free interest rate		0.33	%		2.44	%
Expected volatility		111.55	%		102.71	%
Expected term (in years)		5.75			5.75
Grant-date fair value of stock options awarded	$	3.03		$	1.78

Schedule of Restricted Stock Award Activity

A summary of restricted stock activity for the years ended December 31, 2020 and 2019 is as follows:

	Number of
	Shares
Outstanding - January 1, 2019		60,651
Granted		47,568
Forfeited		(13,865	)
Vested		(67,035	)
Outstanding - December 31, 2019		27,319
Granted		306,775
Forfeited		-
Vested		(127,319	)
Outstanding - December 31, 2020		206,775