Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.19.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following represents a summary of the options granted to employees and non-employees that are outstanding at September 30, 2019 and changes during the period then ended:

 

    Options     Weighted Average Exercise Price     Aggregate Intrinsic Value     Weighted Average Remaining Contractual
Life (in years)
 
Outstanding at December 31, 2018     673,885     $ 19.82     $ ―        8.2  
Granted     698,750     $ 0.62     $ ―        9.0  
Exercised/ Expired/ Forfeited     (28,500 )   $ 0.98     $ ―        ―   
Outstanding at September 30, 2019     1,344,135     $ 10.24     $ ―        8.4  
Exercisable at September 30, 2019     531,528     $ 28.66     $ ―        7.4  

Schedule of Assumptions Used in Black-Scholes Option-Pricing Method

The material factors incorporated in the Black-Scholes model in estimating the fair value of the options granted for the periods presented were as follows (three months ended September 30, 2018 stock price adjusted for 1-for-10 reverse stock split):

 

    For the three months ended September 30,     For the nine months ended September 30,  
    2019     2018     2019     2018  
Expected dividend yield     0.00 %     0.00 %     0.00 %     0.00 %
Expected stock-price volatility     69.00% – 69.38 %     48.89% – 50.22 %     46.33% – 69.38 %     46.47% – 53.11 %
Risk-free interest rate     1.47% – 1.54 %     2.78% – 3.07 %     1.47% – 2.60 %     2.46% – 3.07 %
Expected average term of options     5 –7       7 – 10       5 – 7       5 – 10  
Stock price   $ 1.04     $ 1.85 – $2.22     $ 0.60 – $1.04     $ 1.85 – $3.40  

Schedule of Nonvested Restricted Stock Units

The following table summarizes restricted stock unit activity for the nine months ended September 30, 2019:

 

    Number of
Units
   

Weighted Average

Grant Date

Fair Value

 
Unvested at December 31, 2018     1,100,000     $ 2.73  
Granted     35,000       0.63  
Forfeited            
Expired     (35,000 )     0.63  
Unvested at September 30, 2019     1,100,000     $ 2.73