Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Independent directors receive 50% of their retainer fee as Restricted Stock Awards ("RSAs"). The RSAs are issued immediately upon grant and are subject to a one year vesting period and other restrictions.

During the three months ended March 31, 2020, the Company granted 61,308 Restricted Stock Awards (“RSAs”) to independent directors under the 2019 Plan. The fair value of the RSAs on the date of grant was $225 thousand based on the previous day closing price of our common stock as reported on the OTCQX Best Market on the grant date. The Company recognized $19 thousand in stock-based compensation costs, which is included in general and administrative expenses in the condensed consolidated statements of operations.

As of March 31, 2020, the Company had $131 thousand of unrecognized compensation costs related to our Board of Directors grants, which is expected to be recognized over a weighted average period of one year.