10. Stock-based Compensation

Stock Options

The following table summarizes the Company’s stock option activity for the six months ended June 30, 2019:


				Weighted-Average
				Remaining
	Number of	Weighted-Average		Contractual Life	Aggregate
	Options	Exercise Price		(in Years)	Intrinsic Value
	(in thousands, except share and per share data)
Outstanding - January 1, 2019	49,501	$	10.22	2.3	$	—
Granted	—		—
Exercised	—		—
Forfeited or canceled	(10,000)		(13.68)
Outstanding at June 30, 2019	39,501	$	9.34	2.2	$	—
Exercisable - June 30, 2019	39,501	$	9.34	2.2	$	—

There was no compensation expense related to stock options for the three and six months ended June 30, 2019 and 2018. At June 30, 2019, there is no unrecognized compensation expense related to stock options and no unvested stock options.

Warrants

The following table summarizes the Company’s outstanding warrants for the six months ended June 30, 2019:


				Weighted-Average
				Remaining
	Number of	Weighted-Average		Contractual Life	Aggregate
	Warrants	Exercise Price		(in Years)	Intrinsic Value
	(in thousands, except share and per share data)
Outstanding - January 1, 2019	200,000	$	13.32	6.4	$	—
Granted	—		—
Exercised	—		—
Forfeited or canceled	—		—
Outstanding at June 30, 2019	200,000	$	13.32	5.9	$	—
Exercisable - June 30, 2019	200,000	$	13.32	5.9	$	—

There was no compensation expense related to warrants for the three and six months ended June 30, 2019 and 2018. At June 30, 2019, there is no unrecognized compensation expense related to warrants and no unvested warrants.

Restricted Stock

A summary of the time-based restricted stock activity for the six months ended June 30, 2019 is as follows:


				Weighted-Average
		Weighted-Average		Remaining
		Grant Date Fair		Contractual Life
	Number of Shares	Value		(in Years)

Unvested - January 1, 2019	292,989	$	3.72	0.9
Granted	464,576		0.86
Vested	(235,296)		(1.70)
Unvested - June 30, 2019	522,269	$	2.09	1.0

During the three and six months ended June 30, 2019, the Company granted 464,576 shares of time-based restricted stock to members of the Company’s board of directors. These shares had a grant date fair value of $0.4 million and vest over a period of one year. The Company recorded less than $0.1 million during each of the three and six months ended June 30, 2019 as compensation expense from continuing operations pertaining to these grants.

During the three and six months ended June 30, 2018, the Company granted 235,296 shares of time-based restricted stock to members of the Company’s board of directors. These shares had a grant date fair value of $0.4 million and vest over a period of one year. The Company recorded less than $0.1 million and $0.1 million during the three and six months ended June 30, 2019 as compensation expense from continuing operations pertaining to these grants. The Company recorded $0.1 million during each of the three and six months ended June 30, 2018 as compensation expense from continuing operations pertaining to these grants.

Total compensation expense from continuing operations related to time-based restricted stock grants for each of the three months ended June 30, 2019 and 2018 was $0.1 million. Total compensation expense from continuing operations related to time-based restricted stock grants for each of the six months ended June 30, 2019 and 2018 was $0.2 million and $0.3 million, respectively. Total unrecognized compensation expense from continuing operations related to time-based restricted stock grants at June 30, 2019 amounted to $0.4 million and is expected to be recognized over a weighted-average period of 1.0 year.

Restricted Stock Units

A summary of the time-based restricted stock units activity for the six months ended June 30, 2019 is as follows:


				Weighted-Average
		Weighted-Average		Remaining
		Grant Date Fair		Contractual Life
	Number of Shares	Value		(in Years)

Unvested - January 1, 2019	1,615,953	$	2.24	2.2
Granted	—		—
Vested	(551,519)		(2.86)
Forfeited or canceled	(40,000)		(1.76)
Unvested - June 30, 2019	1,024,434	$	1.92	1.9

The Company did not grant time-based restricted stock units during the three and six months ended June 30, 2019.

During the six months ended June 30, 2018, the Company granted 1,310,257 time-based restricted stock units to certain employees and consultants for future services. These shares of time-based restricted stock units had a grant date fair value of $2.3 million and vest immediately to over a period of five years. The Company recorded $0.1 million and $0.3 million during the three months ended June 30, 2019 and 2018, respectively, as compensation expense from continuing operations pertaining to these grants. The Company recorded $0.2 million and $0.6 million during the six months ended June 30, 2019 and 2018, respectively, as compensation expense from continuing operations pertaining to these grants.

During the six months ended June 30, 2018, the Company issued 843,486 time-based restricted stock units to an employee for a 2017 performance-based bonus pursuant to their employment agreement. The bonus was paid in restricted stock in the first quarter of 2018, based on the average closing stock price for the 30 days preceding March 1, 2018. Compensation expense was fully recognized in 2017 related to this grant.

Total compensation expense from continuing operations related to time-based restricted stock unit grants for the three months ended June 30, 2019 and 2018 was $0.5 million and $0.6 million, respectively. Total compensation expense from continuing operations related to time-based restricted stock unit grants for the six months ended June 30, 2019 and 2018 was $0.8 million and $1.0 million, respectively. Total unrecognized compensation expense from continuing operations related to time-based restricted stock unit grants at June 30, 2019 amounted to $0.9 million and is expected to be recognized over a weighted-average period of 1.9 years.

Performance Stock Units

A summary of the PSUs activity for the six months ended June 30, 2019 is as follows:

	0
				Weighted-Average
		Weighted-Average		Remaining
		Grant Date Fair		Contractual Life
	Number of Shares	Value		(in Years)

Unvested - January 1, 2019	2,219,818	$	4.47	0.8
Granted	—		—
Vested	(289,671)		(4.68)
Forfeited or canceled	(350,913)		(6.29)
Unvested - June 30, 2019	1,579,234	$	4.03	0.8

On March 27, 2019, the Compensation Committee voted to approve, on a discretionary basis, vesting of 231,396 PSUs to employees and consultants previously granted during the years ended December 31, 2016, 2017 and 2018 subject to achievement of certain of the Company’s performance metrics within each fiscal year. The fair value and expense recorded for such PSUs was based on the closing price of the Company’s common stock on the date the modification of the performance metric was communicated to employees and consultants. Total compensation expense related to these PSUs of $0.2 million was recorded as operating expenses from continuing operations in the unaudited condensed consolidated statements of operations for the six months ended June 30, 2019.

During the six months ended June 30, 2018, the Company granted 200,000 PSUs to an employee upon their commencement of employment with the Company. These PSUs had a grant date fair value of $0.5 million, vest over a period of two years and require achievement of certain of the Company’s performance metrics within each fiscal year for such PSUs to be earned. The Company did not record any compensation expense during the three and six months ended June 30, 2019 and 2018 as the likelihood of these PSUs being earned was not considered probable.

During the six months ended June 30, 2018, the Company granted 250,000 PSUs to a consultant pursuant to their endorsement agreement. The PSUs had a grant date fair value of $0.5 million, vest over a period of five years and require achievement of certain sales targets within each fiscal year for such PSUs to be earned. The Company did not record any compensation expense during the three and six months ended June 30, 2019 as the likelihood of these PSUs being earned was not considered probable.

On February 20, 2018, the Compensation Committee voted to approve, on a discretionary basis, vesting of 208,883 PSUs to employees and consultants previously granted during the years ended December 31, 2016 and 2017 subject to achievement of certain of the Company’s performance metrics within each fiscal year. The fair value and expense recorded for such PSUs was based on the closing price of the Company’s common stock on the date the modification of the performance metric was communicated to employees and consultants. Total compensation expense from continuing operations related to these PSUs of $0.5 million was recorded as operating expenses from continuing operations in the unaudited condensed consolidated statements of operations for the six months ended June 30, 2018.

No compensation expense was recorded for the three months ended June 30, 2019 due to the achievement of performance metrics not being deemed probable. Total compensation expense from continuing operations related to the PSUs for the three months ended June 30, 2018 was $0.1 million. Total compensation expense from continuing operations related to the PSUs for the six months ended June 30, 2019 and 2018 was $0.2 million and $0.6 million, respectively.