STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary of stock options and stock awards

Stock option activity is summarized as follows:

	Number of options	Weighted average exercise price
Outstanding at December 31, 2019	3,966,858	$	4.67
Granted	1,376,900	7.94
Exercised	(81,131)	3.03
Canceled and forfeited	(234,600)	7.57
Outstanding at September 30, 2020	5,028,027	$	5.45

Schedule of option fair value assumptions

We calculated the grant date fair value of options granted in 2020 ("2020 Grants") utilizing a Black Scholes model with an expected life calculated via the simplified method.

	2020 Grants
Strike price	$4.98	-	$	8.18
Risk-free rate	0.3%	-	1.7		%
Expected dividend yield	—
Expected volatility	65.9%	-	70.1		%
Expected term (in years)	6