XML 59 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock Award Programs (Details) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 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]
Cancelled 0 150,000 [2]
Vested 0 275,000 [3]
Non-vested awards outstanding 980,851 125,000
Weighted-average remaining contractual life (in years) 1 year 1 month 6 days 4 months 24 days
Unamortized RSA compensation expense $ 356,082 $ 8,300
Aggregate intrinsic value of RSAs non-vested, June 30 539,468 57,500
Aggregate intrinsic value of RSAs vested, June 30 $ 0 $ 177,750
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 [4] 850,000 [5]
Cancelled [6] 0 600,000
Vested 50,000 110,000
Non-vested awards outstanding 2,635,004 1,060,000
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 0.47
Weighted Average Grant Date Fair Value per Share, Cancelled 0 0.54
Weighted Average Exercise Price per Share, Vested/Excercised 0.40 0.69
Weighted Average Grant Date Fair Value per Share, Non-vested Ending Balance $ 0.35 $ 0.54
[1] During the six month period ended June 30, 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 as part of their annual board retainer fee.
[2] During the six month period ended June 30, 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 six month period ended June 30, 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] During the six month period ended June 30, 2018, there were no grants or vesting of non-qualified stock options.
[5] During the six month period ended and 2017, there were NQSO grants of 850,000, as further described below: Director Grants. During the six month period ended June 30, 2017, the Board of Directors granted each of the five (5) existing non-employee directors as of June 23, 2017, a grant of 50,000 non-qualified stock options that were valued the award using a Black-Scholes Option Pricing model that assumed a 6-month vesting period, 7-year option term, a risk free rate of 2.0%, volatility of 69.6%, no assumed dividend yield, and a forfeiture rate estimate of 4.2%. Non-Director Grants. During the six month period ended June 30, 2017, the Company granted 600,000 non-qualified stock options to its former Chief Executive Officer and valued the award using a Black-Scholes Option Pricing model that assumed a 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%.
[6] During the six month period ended June 30, 2018, there were 60,000 non-qualified stock options that expired unexercised at the end of the option term. During the six month period ended June 30, 2017, there were 600,000 non-qualified stock options that were unvested and cancelled due to the resignation of the Company’s former Chief Executive Officer on June 30, 2017.