|9 Months Ended|
Sep. 30, 2020
|Share-based Payment Arrangement [Abstract]|
NOTE 11 – STOCK-BASED COMPENSATION
Equity Incentive Plan
The Company increased the number of shares available for issuance under its 2012 Equity Incentive Plan (as amended, the "Plan") from 850,000 to 1,200,000 in December 2019, which was approved by the Company's shareholders in December 2019. The plan provides for the issuance of up to 1,200,000 shares. The Plan provides for grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards. As of September 30, 2020, the remaining shares of common stock available for future issuances of awards was 560,260. See Note 16 – Subsequent Event for details regarding issuances of restricted shares to employees under the Plan.
Stock options generally vest and become exercisable with respect to 100% of the common stock subject to such stock option on the third (3rd) anniversary of the date of grant. Any unvested portion of a stock option shall expire upon termination of employment or service of the participant granted the stock option, and the vested portion shall remain exercisable in accordance with the provisions of the Plan.
Stock-based compensation consists of expenses related to the issuance of stock options and restricted stock. Stock-based compensation expenses were $9 and $28 for the three months ended September 30, 2020 and 2019, respectively, and $236 and $93 for the nine months ended September 30, 2020 and 2019, respectively.
On March 31, 2020, the Company issued 172,727 shares of its common stock with a fair value of $209 to members of its board of directors in connection with 2019 services. These restricted shares vested immediately upon issuance.
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef