Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Stock-based Compensation

v3.21.1
Note 4 - Stock-based Compensation
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
4.
Stock-Based Compensation
 
For the
three
-month periods ended
March 
31,
2021
and
2020,
our total stock-based compensation expense, which includes reversals of expense for certain forfeited or cancelled awards, was approximately
$121,000
and
$39,000,
respectively. We have
not
recorded any income tax benefit related to stock-based compensation in either of the
three
-month periods ended
March 
31,
2021
and
2020.
 
A summary of the status of our stock options as of
March 
31,
2021,
and changes during the
three
-month period then ended, is presented below.
 
 
   
Three Months Ended March 31, 2021
 
   
Number of
Options
   
Weighted
Average
Exercise
Price
   
Weighted
Average
Remaining
Contractual
Life (years)
   
Aggregate
Intrinsic
Value
 
Outstanding, January 1, 2021
   
549,970
    $
8.81
     
8.0
    $
209,280
 
Granted
   
229,500
     
2.54
     
 
     
 
 
Outstanding, March 31, 2021
   
779,470
    $
6.97
     
8.4
    $
184,320
 
Exercisable, March 31, 2021
   
201,438
    $
15.21
     
6.4
    $
67,841
 
 
The weighted average grant date fair value per stock option granted during the
three
-month period ended
March 31, 2021
was
$1.87.
Key assumptions used in the Black-Scholes option pricing model for stock options granted during the
three
-month period ended
March 31, 2021
were the Company's stock price, an expected volatility rate of
90.14%,
a risk-free rate of
0.67%,
and an expected life of
5.97
years. 
 
A summary of the status of our unvested restricted stock as of
March 
31,
2021,
and changes during the
three
-month period then ended, is presented below.
 
   
Three Months Ended
March 31, 2021
 
   
Number of
Shares
   
Weighted
Average
Grant-Date
Fair Value
 
Unvested, January 1, 2021
   
60,000
    $
2.90
 
Granted
   
12,500
     
2.28
 
Vested
   
(10,000
)
   
1.06
 
Unvested, March 31, 2021
   
62,500
    $
3.07
 
 
As of
March 
31,
2021,
there was approximately
$595,000
of total unrecognized compensation expense related to unvested stock-based awards, which we expect to recognize over the remaining weighted average vesting term of
1.6
years.