Annual report pursuant to Section 13 and 15(d)

Stock-based Plans and Stock-based Compensation (Tables)

v3.21.1
Stock-based Plans and Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock Option Activity

The following table summarizes stock option activity under our stock-based plans as of and for the years ended December 31, 2020 and 2019:







 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



Shares

 

Weighted
Average
Exercise Price

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Aggregate
Intrinsic Value

Outstanding at December 31, 2018

 

4,987,426 

 

$

1.16 

 

 

7.12 

 

$

1,215,067 

Granted

 

2,592,500 

 

$

1.01 

 

 

 —

 

$

 —

Exercised

 

 —

 

 

 —

 

 

 

 

 

 

Forfeit/canceled

 

(923,389)

 

$

1.00 

 

 

 —

 

$

 —

Expired

 

(874,653)

 

$

0.93 

 

 

 —

 

$

 —

Outstanding at December 31, 2019

 

5,781,884 

 

$

1.15 

 

 

7.16 

 

$

527,868 

Granted

 

1,545,000 

 

$

1.19 

 

 

 —

 

$

 —

Exercised

 

(15,000)

 

$

0.48 

 

 

 —

 

$

 —

Forfeit/canceled

 

(814,068)

 

$

0.94 

 

 

 —

 

$

 —

Expired

 

(490,264)

 

$

1.07 

 

 

 —

 

$

 —

Outstanding at December 31, 2020

 

6,007,552 

 

$

1.20 

 

 

6.77 

 

$

4,056,639 



 

 

 

 

 

 

 

 

 

 

 

Expected to vest at December 31, 2020

 

6,007,552 

 

$

1.24 

 

 

6.77 

 

$

4,056,639 

Exercisable at December 31, 2020

 

3,477,356 

 

$

1.24 

 

 

5.15 

 

$

2,252,766 

Unrecognized expense at December 31, 2020

$

1,734,104 

 

 

 

 

 

 

 

 

 



Stock-Based Compensation Expense

The impact on our results of operations of recording stock-based compensation expense for the years ended December 31, 2020 and 2019 was as follows:







 

 

 

 

 



 

 

 

 

 



Years Ended



December 31,



2020

 

2019

General and administrative

$

267,306 

 

$

670,188 

Sales and marketing

 

75,235 

 

 

74,229 

Engineering, research, and development

 

171,394 

 

 

155,475 



$

513,935 

 

$

899,892 



Valuation Assumptions

We calculated the fair value of each stock option award on the date of grant using the Black-Scholes option pricing model. The ranges of assumptions were used for the years ended December 31, 2020 and 2019:







 

 

 

 



 

 

 

 

   

   

Years Ended



 

December 31,

   

   

2020

 

2019

Risk-free interest rate

   

0.42% to 0.58%

 

1.49% to 2.65%

Expected life (years)

   

6.00 

 

6.06 

Expected dividend yield

   

 —

 

 —

Expected volatility

   

77.36% to 78.21%

 

74.18% to 90.90%



Restricted Stock Units RSU [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock-Based Compensation Expense

The impact on our results of operations of recording stock-based compensation expense for years ended December 31, 2020 and 2019 was as follows:







 

 

 

 

 



 

 

 

 

 



Years Ended



December 31,



2020

 

2019

General and administrative

$

260,003 

 

$

263,378 



$

260,003 

 

$

263,378 



Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity under our stock-based plans as of and for the years ended December 31, 2020 and 2019:







 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

   

Shares

 

Weighted Average
Grant Date Fair Value

 

Weighted Average
Remaining
Contractual Term
(Years)

 

Aggregate
Intrinsic Value

Outstanding at December 31, 2018

 

662,800 

 

$

0.72 

 

 

0.70 

 

$

795,360 

Awarded

 

489,448 

 

$

1.04 

 

 

 —

 

$

325,044 

Released

 

 —

 

$

 —

 

 

 —

 

$

 —

Canceled/forfeited/expired

 

 —

 

$

 —

 

 

 —

 

$

 —

Outstanding at December 31, 2019

 

1,152,248 

 

$

0.86 

 

 

 —

 

$

1,120,404 

Awarded

 

284,480 

 

$

0.91 

 

 

 —

 

$

60,003 

Released

 

 —

 

$

 —

 

 

 —

 

$

 —

Canceled/forfeited/expired

 

 —

 

$

 —

 

 

 —

 

$

 —

Outstanding at December 31, 2020

 

1,436,728 

 

$

0.86 

 

 

 —

 

$

1,180,407 



 

 

 

 

 

 

 

 

 

 

 

Vested at December 31, 2020

 

1,436,728 

 

$

 —

 

 

 —

 

$

2,428,070 

Unvested at December 31, 2020

 

 —

 

$

 —

 

 

 —

 

$

 —

Unrecognized expense at December 31, 2020

$

 —