Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Stock-based Compensation

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Note 4 - Stock-based Compensation
6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]

4.

Stock-Based Compensation

 

For the three-month periods ended June 30, 2021 and 2020, our total stock-based compensation expense, which includes reversals of expense for certain forfeited or cancelled awards, was approximately $142,000 and $35,000, respectively. For the six-month periods ended June 30, 2021 and 2020, our total stock-based compensation expense, which includes reversals of expense for certain forfeited or cancelled awards, was approximately $263,000 and $74,000, respectively. We have not recorded any income tax benefit related to stock-based compensation in any of the three-month or six-month periods ended June 30, 2021 and 2020.

 

A summary of the status of our stock options as of June 30, 2021, and changes during the six-month period then ended, is presented below.

 

   

Six Months Ended June 30, 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

    232,000       2.54                

Exercised

    (2,000

)

    1.06                

Cancelled/Forfeited

    (67,600

)

    4.01                

Outstanding, June 30, 2021

    712,370     $ 7.25     7.8     $ 143,695  

Exercisable, June 30, 2021

    186,638     $ 15.64     5.3     $ 52,874  

 

The weighted average grant date fair value per stock option granted during the six-month period ended June 30, 2021 was $1.86. Key assumptions used in the Black-Scholes option pricing model for stock options granted during the six-month period ended June 30, 2021 were the Company’s stock price, an expected volatility rate of 90.22%, 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 June 30, 2021, and changes during the six-month period then ended, is presented below.

 

   

Six Months Ended

June 30, 2021

 
   

Number of

Shares

   

Weighted

Average

Grant-Date

Fair Value

 

Unvested, January 1, 2021

    60,000     $ 2.90  

Granted

    15,000       2.17  

Vested

    (15,000

)

    1.47  

Unvested, June 30, 2021

    60,000     $ 3.08  

 

As of June 30, 2021, there was approximately $415,000 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.