10. Stock-Based Compensation

We have a stock incentive plan providing for the grant of stock -based awards to employees and directors. The Compensation Committee of the Board of Directors (“Compensation Committee”) administers the Amended and Restated 2011 Stock Incentive Plan (the "Stock Plan"). Under the Stock Plan, the Compensation Committee may award stock options and shares of common stock on a restricted basis. The Stock Plan also specifically provides for stock appreciation rights ("SARs") and authorizes the Compensation Committee to provide, either at the time of the grant of an award under the Stock Plan or otherwise, that such award may be cashed out upon terms and conditions to be determined by the Compensation Committee or the Board of Directors.

Option awards are granted with an exercise price equal to the market price of our stock at the date of grant. We recognize stock compensation expense in accordance with ASC 718-10 over the requisite service period of the individual grantees, which generally equals the vesting period. All of our stock compensation is accounted for as equity instruments. As of June 30, 2020, there were 692,193 shares available for future grant under the Stock Plan.

During the fiscal years ended June 30, 2020 and 2019, we recorded $411,000 and $231,000, respectively, of stock-based compensation expense to selling, general, and administrative expense. Our stock-based compensation expense results from the issuance of stock options and restricted stock to employees and board members during the current and prior years, for which expense is recognized over the respective vesting periods of the granted stock and options.

Restricted Stock Awards

A summary of our restricted stock activity for the fiscal year ended June 30, 2020 is as follows:


		Weighted-
		Average
		Grant Date
Restricted Stock Awards	Shares	Fair Value

Non-vested at July 1, 2019	167,500	$	4.15
Granted	100,026		4.90
Vested	(58,336)		4.13
Forfeited	(5,000)		5.42
Non-vested at June 30, 2020	204,190	$	4.41

During the fiscal year ended June 30, 2020, the Company granted 15,000 restricted stock awards to non-employee directors and 85,026 restricted stock awards to employees, all vesting over three years. The 85,026 restricted stock awards to employees were granted in settlement of 2019 bonuses based on the Company’s net asset value as of December 31, 2019 under the Company’s 2019 bonus plan. The share-based compensation expense attributable to these awards is being recorded over the requisite service period starting with the service inception date and ending on the final vest date. Total remaining compensation cost of restricted stock awards issued but not yet vested as of June 30, 2020 is $527,000, which is expected to be recognized over the weighted-average period of 2.31 years.

Stock Options

As of June 30, 2020, we had 15,000 stock options outstanding, of which 10,000 options had vested and were exercisable, at a weighted-average exercise price of $5.42, with a weighted-average remaining contractual term of 7.64 years.

Options outstanding and exercisable had no intrinsic value at June 30, 2020 and 2019. Total remaining compensation cost of stock options granted, but not yet vested, at June 30, 2020 is $3,000, which is expected to be recognized over the weighted-average remaining period of 0.63 years. We generally issue new shares to satisfy option exercises. During the fiscal years ended June 30, 2020 and 2019, there were no grants, forfeitures, or exercises of stock options.