Stockholders' Deficit

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Deficit

5. Stockholders’ Deficit

Stock-based compensation expense is based on the estimated grant date fair value of the portion of stock-based payment awards that are ultimately expected to vest during the period. The grant date fair value of stock -based awards to employees and directors is calculated using the Black-Scholes-Merton valuation model.

Forfeitures of stock-based payment awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The estimated average forfeiture rate for the six months ended June 30, 2021 and 2020, was approximately 4.78% and 13.59%, respectively, based on historical data.

Valuation and Expense Information:

The weighted-average fair value of stock-based compensation is based on the Black-Scholes-Merton valuation model. Forfeitures are estimated and it is assumed no dividends will be declared. The estimated fair value of stock-based compensation awards to employees is amortized using the accrual method over the vesting period of the options.

No options were granted during the three and six months ended June 30, 2021 and 2020. There were no stock options exercised during the three and six months ended June 30, 2021 and 2020, respectively.

The following table summarizes the allocation of stock-based compensation expense related to stock option grants for the three and six months ended June 30:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development	$	-	$	2	$	-	$	5
General and administrative	$	17	$	12	$	29	$	28
Director and consultant options	$	7	$	3	$	12	$	6
Total stock-based compensation expense	$	24	$	17	$	41	$	39

A summary of option activity under the Company’s plans for the six months ended June 30, 2021 and 2020 is as follows:

	2021								2020
Options	Shares		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value		Shares		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at January 1,		1,338	$	0.87		-	$			1,077	$	1.59		-	$	-
Granted		-			$	-	$			-	$	-		-	$	-
Forfeited or expired		-			$	-	$			10	$	56.10		-	$	-
Outstanding at June 30		1,338	$	0.87		4.10	$			1,067	$	1.07		5.50	$	-
Vested and expected to vest at June 30		1,320	$	0.88		3.80	$	-		1,067	$	1.07		4.52	$	-
Exercisable at June 30		1,078	$	0.96		3.68	$	-		822	$	1.18		4.38	$	-

The following table summarizes significant ranges of outstanding and exercisable options as of June 30, 2021:

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Term (in years)		Weighted Average Exercise Price per share		Number Outstanding		Weighted Average Exercise Price per Share
$0.01 – $0.50		930		4.15	$	0.50		703	$	0.50
$0.51 – $625.00		408		3.98	$	1.73		375	$	1.81
Total		1,338		4.10	$	0.87		1,078	$	0.96

A summary of the status of the Company’s non-vested shares as of June 30, 2021 is as follows:

Non-vested Shares	Shares			Weighted Average Grant-Date Fair Value per share
Non-vested at January 1, 2021		381		$	0.57
Vested		(120	)	$	0.57
Non-vested at June 30, 2021		261		$	0.54

As of June 30, 2021, there was a total of $46 of unrecognized compensation expense related to non-vested stock-based compensation arrangements granted under the plans. The unrecognized compensation expense is expected to be realized over a weighted average period of 1.5 years.

Warrants

The Company did not issue any warrants during the three and six month periods ended June 30, 2021. The Company issued 30,000 warrants during the three and six months ended June 30, 2020 to a consultant for services. The warrants are exercisable for three years with an exercise price of $0.50 per share. The Company ascribed a value of $13 to the warrants which is based on the Black-Scholes-Merton valuation model.

In June 2021, the Company transferred from SGP to Andrea Goren the Common Stock Purchase Warrant numbers 19-01 and 20-2, respectively dated February 6, 2019 and August 11, 2020 (the “SGP Warrants”) to purchase Seven Hundred Thousand (700,000) and Two hundred Fifty Thousand (250,000) shares of Company common stock, respectively.

A summary of the warrant activity for the six months ended June 30 is as follows:

	2021				2020
	Shares		Weighted Average Exercise Price Per Share		Shares		Weighted Average Exercise Price Per Share
Outstanding at beginning of period		3,001	$	1.52		2,536	$	1.52
Issued		-	$	-		30	$	-
Expired		1,551	$	2.18		-	$	-
Outstanding at end of period		1,450	$	0.50		2,566	$	1.52
Exercisable at end of period		1,450	$	0.50		2,566	$	1.52

A summary of the status of the warrants outstanding and exercisable as of June 30, 2021 is as follows:

Number of Warrants	Weighted Average Remaining Life (years)		Weighted Average Exercise Price per share
985		0.61	$	0.50
30		1.60	$	0.50
10		4.08	$	0.50
425		2.14	$	0.50
1,450		1.10	$	0.50

Common Stock

In June 2021, the Company, with approval of the Board of Directors, reallocated all of the $560,000 of accrued compensation owed to SG Phoenix in equal parts to Mr. Sassower and Mr. Goren, according to their respective ownership in SG Phoenix. Mr. Sassower settled $280,000 of Accrued Long -term deferred salary allocated to him into 560,000 shares of the Company’s Common Stock at a price of $0.50 per share, which was substantially above the then current market price of the company’s common stock.