Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.20.2
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2020
Schedule of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2019 and for the nine months ended September 30, 2020:

 

    Options  
Outstanding at December 31, 2018     4,987,426  
Granted     2,592,500  
Exercised     -  
Forfeit/canceled     (923,389 )
Expired     (874,653 )
Outstanding at December 31, 2019     5,781,884  
Granted     715,000  
Exercised     (15,000 )
Forfeit/canceled     (579,695 )
Expired     (438,127 )
Outstanding at September 30, 2020     5,464,062  

Schedule of Stock-Based Compensation Expense

The impact on our results of operations of recording stock-based compensation expense for the three and nine months ended September 30, 2020 and 2019 were as follows:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2020     2019     2020     2019  
General and administrative   $ 61,081     $ 94,122     $ 197,778     $ 584,160  
Sales and marketing     20,914       13,020       55,512       63,575  
Engineering, research, and development     39,460       40,607       125,922       111,567  
    $ 121,455     $ 147,749     $ 379,212     $ 759,302  

Schedule of Valuation Assumptions

The following weighted average assumptions were used for the nine months ended September 30, 2020 and 2019.

 

    Nine Months Ended  
    September 30,  
    2020     2019  
Risk-free interest rate     0.49 %     2.21 %
Expected life (years)     6.00       6.00  
Expected dividend yield     - %     - %
Expected volatility     78.20 %     81.57 %

Schedule of Restricted Stock Units

The following table summarizes restricted stock unit activity under our stock-based plans for the year ended December 31, 2019 and for the nine months ended September 30, 2020:

 

    Shares  
Outstanding at December 31, 2018     662,800  
Awarded     489,448  
Released     -  
Canceled/forfeited/expired     -  
Outstanding at December 31, 2019     1,152,248  
Awarded     181,252  
Released     -  
Canceled/forfeited/expired     -  
Outstanding at September 30, 2020     1,333,500  
         
Expected to vest at September 30, 2020     1,333,500  
Vested at September 30, 2020     1,333,500  
Unvested at September 30, 2020     -  
Unrecognized expense at September 30, 2020   $ -  

Restricted Stock Units (RSUs) [Member]  
Schedule of Stock-Based Compensation Expense

The impact on our results of operations of recording stock-based compensation expense for restricted stock units for the three and nine months ended September 30, 2020 and 2019 was as follows:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2020     2019     2020     2019  
General and administrative   $ 65,002     $ -     $ 130,002     $ 65,001  
    $ 65,002     $ -     $ 130,002     $ 65,001