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Stock Award Programs (Details) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Non-vested awards outstanding 0 250,000
Granted 980,851 [1] 300,000 [2]
Vested 0 125,000 [3]
Non-vested awards outstanding [4] 980,851 425,000
Weighted-average remaining contractual life (in years) 1 year 3 months 18 days 2 years 9 months 18 days
Unamortized RSA compensation expense $ 474,116 $ 243,188
Aggregate intrinsic value of RSAs non-vested, March 31 568,894 191,250
Aggregate intrinsic value of RSAs vested, March 31 $ 0 $ 108,750
Employee Stock Option [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Non-vested awards outstanding 2,685,004 920,000
Granted 0 [5] 600,000 [6]
Cancelled 0 [5] 60,000 [7]
Non-vested awards outstanding 2,685,004 1,460,000
Weighted Average Grant Date Fair Value per Share, Non-vested Beginning Balance $ 0.35 $ 0.59
Weighted Average Grant Date Fair Value per Share, Granted 0 0.48
Weighted Average Grant Date Fair Value per Share, Cancelled 0 0.68
Weighted Average Grant Date Fair Value per Share, Non-vested Ending Balance $ 0.35 $ 0.54
[1] During the three month period ended March 31, 2018, the Company granted 980,851 RSAs, of which i) 300,000 of RSAs were awarded as part of additional compensation plan to align key employees with the Company’s long term financial goals, and ii) 680,851 were awarded to members of the Company’s board of directors.
[2] During the three month period ended March 31, 2017, the Company granted 300,000 RSAs to its former Chief Executive Officer that had a grant date fair value of approximately $246,000. The vesting of these RSAs were tied to attainment of certain financial goals as outlined by the Company’s Compensation Committee of the Board of Directors. On June 30, 2017, in connection with resignation of our former Chief Executive Officer the Board of Directors accelerated vesting of 150,000 RSAs and cancelled the remaining unvested RSAs.
[3] During the three month period ended March 31, 2017, 125,000 RSAs vested upon expiration of the employment agreement between Steve L. Komar and the Company. On January 3, 2017, the Company issued 84,188 shares of the Company’s common stock. Mr. Komar received less than 125,000 shares vested because he elected to have 40,812 of such shares withheld in satisfaction of the corresponding tax liability of approximately $46,000. The Company's payment of this tax liability was recorded as a cash flow from financing activity on the Condensed Consolidated Statements of Cash Flows.
[4] There were no RSAs that were cancelled or expired during the three month periods ended March 31, 2018 and 2017, respectively.
[5] During the three month period ended March 31, 2018, there were no grants, cancellations, or vesting of non-qualified stock options.
[6] During the three month period ended March 31, 2017, the Company granted 600,000 NQSOs to its former Chief Executive Officer and valued the award using a Black-Scholes model with the following valuation inputs: 3-year vesting period, 7-year option term, a risk free rate of 2.1%, volatility of 68.2%, no assumed dividend yield, and a forfeiture rate estimate of 4.6%. On June 30, 2017, in connection with resignation of our former Chief Executive Officer the Board of Directors cancelled all unvested NQSOs.
[7] During the three month period ended March 31, 2017, there were 70,000 stock options, 60,000 of which were unvested and were cancelled due to termination of employment and the remainder expired unexercised at the end of the option term.