11. COMMON STOCK

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

COMMON STOCK

11. COMMON STOCK

Director Compensation

During the three months ended March 31, 2019, the Company released and issued a total of 2,500 vested shares of common stock (related to previous grants to each of two directors of 15,000 shares each which vest on a pro rata basis over a three year period), with a per share fair value of $7.50, or $18,750 (based on the market price at the time of the agreement), to two directors for their service as defined in their respective Restricted Stock Grant Agreements. Additionally, during the three months ended March 31 2019, the Company released and issued a total of 1,250 vested shares of common stock (related to a previous grant to a director of 15,000 shares which vest on a pro rata basis over a three year period), with a per share fair value of $10.00, or $12,500 (based on the market price at the time of the agreement), to a director for his service as defined in his respective Restricted Stock Grant Agreement. As of March 31, 2019, there were 55,000 unreleased shares of common stock representing $481,250 of unrecognized restricted stock grant expense related to these Restricted Stock Grant Agreements.