Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS

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STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS
3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS
STOCK OPTIONS/STOCK-BASED COMPENSATION AND WARRANTS

The Company maintains its 2013 Incentive Plan (the “2013 Plan”) to provide a means whereby the Company may be able, by granting equity and other types of awards, to attract, retain and motivate capable and loyal employees, non-employee directors, consultants and advisors of the Company, for the benefit of the Company and its shareholders.  As of March 31, 2018, there were 3,742,035 shares available for future awards under the 2013 Plan.

Restricted Stock Awards

During the three months ended March 31, 2018, the Company issued 96,152 restricted shares of common stock under the 2013 Plan as compensation to officers, employees and directors of the Company.  Unvested restricted shares vest over various terms with all restricted shares vesting no later than March 2021.  As of March 31, 2018, there was approximately $1.4 million of total unrecognized compensation expense related to unvested restricted stock that will be recognized over a weighted-average period of approximately 1.8 years.  The Company has historically assumed a zero percent forfeiture rate, thus recognizing forfeitures as they occur, for restricted stock due to the small number of officers, employees and directors that have received restricted stock awards.

The following table reflects the outstanding restricted stock awards and activity related thereto for the three months ended March 31, 2018:
 
Three Months Ended
March 31, 2018
 
Number of
Shares
 
Weighted-Average
Price
Restricted Stock Awards:
 
 
 
Restricted Shares Outstanding at Beginning of Period
1,721,533

 
$
3.65

Shares Granted
96,152

 
2.08

Lapse of Restrictions
(285,775
)
 
3.70

Shares Forfeited
(892,086
)
 
4.00

Restricted Shares Outstanding at End of Period
639,824

 
$
2.89



Stock Option Awards

The following table reflects the outstanding stock option awards and the activity related thereto for the three months ended March 31, 2018:

 
Stock Option Awards (1)
 
Weighted-Average Exercise Price
 
Weighted Average Contractual Term
Outstanding as of 12/31/2017
250,000

 
$
2.79

 
1.0
  Granted

 

 
 
  Exercised

 

 
 
  Expired or canceled

 

 
 
  Forfeited

 

 
 
Outstanding as of 3/31/2018
250,000

 
$
2.79

 
0.7
____________
(1) All of the stock options outstanding were vested and exercisable at the end of the period.