Stock-Based Compensation |
STOCK-BASED COMPENSATIONThe Company maintains, as approved by the board of directors, the 2019 Stock Incentive Plan (the "Plan") providing for the issuance of stock-based based awards to employees, officers, directors or consultants of the Company. Non-qualified stock options may only be granted with an exercise price equal to the market value of the Company’s common stock on the grant date. Awards under the Plan may be either vested or unvested options, or unvested restricted stock. The Plan has authorized 8,000,000 shares for issuance of stock-based awards. As of March 31, 2020, there were shares available for issuance of future stock awards, which includes 8,042,278 shares available under the 2019 and 2017 incentive plans. Stock-based compensation expense The following table summarizes stock-based compensation expense: | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2020 | | 2019 | Stock options | $ | 80,430 | | | $ | 691,070 | | Restricted stock | 778,597 | | | — | | Total stock-based compensation | $ | 859,027 | | | $ | 691,070 | |
Stock options The following table summarizes option activity for directors, officers, consultants and employees: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price per Option | | Weighted Average Grant Date Fair Value per Option | | Weighted Average Remaining Contractual Life (Years) | Balance, December 31, 2019 | | 3,725,000 | | | $ | 2.32 | | | | | | | Granted | | — | | | | | | | | | | Exercised | | — | | | | | | | | | | | | | | | | | | | | Forfeited | | — | | | | | | | | Expired | | (12,500) | | | 2.74 | | | | | | | Balance, March 31, 2020 | | 3,712,500 | | | $ | 2.31 | | | | | | | | | | | | | | | | Number of options exercisable at March 31, 2020 | | 3,128,500 | | | $ | 2.38 | | | | | 5.4 |
As of March 31, 2020, unrecognized compensation expense was $0.4 million for unvested options which is expected to be recognized over the next 2.0 years.
Restricted stock The following table summarizes restricted stock activity:
| | | | | | | | | | | | | | | | | Number of Unvested Shares | | Weighted Average Grant Date Fair Value per Share | Balance, December 31, 2019 | | 1,768,726 | | | $ | 2.57 | | Granted | | — | | | — | | Vested | | (282,112) | | | 2.54 | | Forfeited | | — | | | — | | Balance, March 31, 2020 | | 1,486,614 | | | $ | 2.57 | |
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