Stock-based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Note 3 – Stock-based Compensation

Options

At March 31, 2018 the Company had four stock-based compensation plans, which are described more fully in Note 15 to the audited consolidated financial statements for the year ended December 31, 2017, contained in the Company’s most recently filed Annual Report on Form 10-K.

During the three months ended March 31, 2018, the Company issued options to purchase 141,500 shares of common stock to the Company’s employees and options to purchase 85,000 shares of common stock to the Company’s non-employee directors as part of their annual compensation. During the same period, the Company cancelled options to purchase 51,550 shares of common stock as a result of employee resignations and natural expiration.

The following summarizes the changes in common stock options for the three months ended March 31, 2018:

	Options			Weighted Average Exercise Price
Outstanding at December 31, 2017		5,040,450		$	0.97
Granted		226,500		$	0.44
Exercised		—		$	—
Forfeited		(51,550	)	$	0.99
Outstanding at March 31, 2018		5,215,400		$	0.95

Options exercisable at March 31, 2018		2,668,475		$	1.42

The Company recognized stock-based compensation expense related to stock options of $0.1 million for the three months ended March 31, 2018. As of March 31, 2018, there is approximately $0.7 million of unrecognized stock-based compensation expense related to unvested option awards outstanding, which is expected to be recognized over a weighted average period of 2.8 years.