10. Stock-based Compensation

Stock Options

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2020:


				Weighted-Average
				Remaining
	Number of	Weighted-Average		Contractual Life
	Options	Exercise Price		(in Years)
	(in thousands, except share and per share data)
Outstanding - January 1, 2020	29,501	$	8.35	2.4
Granted	—		—
Exercised	—		—
Forfeited or canceled	—		—
Outstanding at March 31, 2020	29,501	$	8.35	2.1
Exercisable - March 31, 2020	29,501	$	8.35	2.1

There was no compensation expense related to stock options for the three months ended March 31, 2020 and 2019. At March 31, 2020, 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 three months ended March 31, 2020:


				Weighted-Average
				Remaining
	Number of	Weighted-Average		Contractual Life
	Warrants	Exercise Price		(in Years)
	(in thousands, except share and per share data)
Outstanding - January 1, 2020	200,000	$	13.32	5.4
Granted	—		—
Exercised	—		—
Forfeited or canceled	—		—
Outstanding at March 31, 2020	200,000	$	13.32	5.2
Exercisable - March 31, 2020	200,000	$	13.32	5.2

There was no compensation expense related to warrants for the three months ended March 31, 2020 and 2019. At March 31, 2020, there is no unrecognized compensation expense related to warrants and no unvested warrants.

Restricted Stock

A summary of the Company’s time-based restricted stock activity for the three months ended March 31, 2020 is as follows:


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

Unvested - January 1, 2020	522,269	$	0.85	0.5
Granted	200,000		0.37
Vested	(200,000)		(0.37)
Unvested - March 31, 2020	522,269	$	0.85	0.3

During the three months ended March 31, 2020, the Company granted 200,000 shares of time-based restricted stock to the Company’s Chief Executive Officer as an inducement grant. These shares had a grant date fair value of $0.1 million and vested on the grant date. The Company recorded $0.1 million during the three months ended March 31, 2020 as compensation expense from continuing operations pertaining to this grant.

Total compensation expense from continuing operations related to time-based restricted stock grants for the three months ended March 31, 2020 and 2019 was $0.2 million and $0.1 million, respectively. Total unrecognized compensation expense from continuing operations related to time-based restricted stock grants at March 31, 2020 amounted to less than $0.1 million and is expected to be recognized over a weighted-average period of 0.3 years.

Restricted Stock Units

A summary of the Company’s time-based restricted stock units activity for the three months ended March 31, 2020 is as follows:


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

Unvested - January 1, 2020	428,309	$	1.42	1.3
Granted	400,000		0.37
Vested	(23,063)		(2.71)
Forfeited or canceled	(50,000)		(2.39)
Unvested - March 31, 2020	755,246	$	0.82	2.0

During the three months ended March 31, 2020, the Company granted 400,000 shares of time-based restricted stock to the Company’s Chief Executive Officer as an inducement grant. These shares had a grant date fair value of $0.1 million and vest over a period of three years. The Company recorded less than $0.1 million during the three months ended March 31, 2020 as compensation expense from continuing operations pertaining to this grant.

The Company did not grant time-based restricted stock units during the three months ended March 31, 2019.

Total compensation expense from continuing operations related to time-based restricted stock unit grants for the three months ended March 31, 2020 and 2019 was less than $0.1 million and $0.3 million, respectively. Total unrecognized compensation expense from continuing operations related to time-based restricted stock unit grants at March 31, 2020 amounted to $0.3 million and is expected to be recognized over a weighted-average period of 2.0 years.

Performance Stock Units

A summary of the Company’s PSUs activity for the three months ended March 31, 2020 is as follows:


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

Unvested - January 1, 2020	129,929	$	4.51	—
Granted	900,000		0.37
Vested	—		—
Forfeited or canceled	(129,929)		(4.51)
Unvested - March 31, 2020	900,000	$	0.37	2.8

During the three months ended March 31, 2020, the Company granted 900,000 PSUs to the Company’s Chief Executive Officer as an inducement grant. These shares had a grant date fair value of $0.3 million and vest over a period of three 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 months ended March 31, 2020 as the likelihood of these PSUs being earned was not considered probable.

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 three months ended March 31, 2019.

No compensation expense was recorded for the three months ended March 31, 2020 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 March 31, 2019 was $0.2 million.