Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 8. Stock–Based Compensation

Issuance of restricted common stock – directors, officers and employees

The Company’s activity in restricted common stock was as follows for the year ended December 31, 2019:

	Number of shares			Weighted average grant date fair value
Non–vested at January 1, 2019		3,355,000		$	1.46
Granted		100,000		$	0.04
Vested		(2,805,000	)	$	1.30
Non–vested at December 31, 2019		650,000		$	1.24

For the years ended December 31, 2019 and 2018, the Company has recorded $2,249 and $4,357, in employee and director stock–based compensation expense, which is a component of general and administrative expenses in the consolidated statement of operations. 100,000 restricted shares granted to an employee on July 29, 2019 were issued in November 2019. As of December 31, 2019, unamortized stock-based compensation costs related to restricted share arrangements was $223 and will be recognized over a weighted average period of 0.32 years.

Stock options

The following is a summary of the Company’s stock option activity for the year ended December 31, 2019:

	Options		Weighted average exercise price		Weighted average Grant date fair value		Weighted average remaining life		Intrinsic value
Outstanding – January 1, 2019		6,000,000	$	0.71	$	1.29
Granted		–
Exercised		–
Forfeited/Cancelled		–
Outstanding – December 31, 2019		6,000,000	$	0.71	$	1.29		0.10	$	–
Exercisable – December 31, 2019		6,000,000	$	0.71	$	1.29		0.10	$	–

As of December 31, 2019, there were no unrecognized compensation costs, as all outstanding stock options are fully vested. These options expired in their entirety on January 31, 2020.