7. Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Stock Option Activity |
The following table summarizes stock option activity for the year
ended December 31, 2018 and for the nine months ended September 30, 2019:
| |
Options |
| Outstanding at December 31, 2017 |
6,818,948 |
| Granted |
855,000 |
| Exercised |
(12,500) |
| Forfeit/canceled |
(1,566,589) |
| Expired |
(1,082,641) |
| Outstanding at December 31, 2018 |
5,012,218 |
| Granted |
2,205,000 |
| Exercised |
- |
| Forfeit/canceled |
(738,389) |
| Expired |
(628,402) |
| Outstanding at September 30, 2019 |
5,850,427 |
|
| 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, 2019 and 2018 were as follows:
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
September 30, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| General and administrative |
|
$ |
94,122 |
|
$ |
111,003 |
|
$ |
584,160 |
|
$ |
328,854 |
| Sales and marketing |
|
|
13,020 |
|
|
4,982 |
|
|
63,575 |
|
|
129,079 |
| Engineering, research, and development |
|
|
40,607 |
|
|
34,525 |
|
|
111,567 |
|
|
100,321 |
| |
|
$ |
147,749 |
|
$ |
150,510 |
|
$ |
759,302 |
|
$ |
558,254 |
|
| Valuation Assumptions |
The fair value of each stock option award was
calculated on the date of grant using the Black-Scholes option pricing model. The following weighted average assumptions were used
for the nine months ended September 30, 2019 and 2018.
| |
|
Nine Months Ended |
| |
|
September 30, |
| |
|
2019 |
|
|
2018 |
|
| Risk-free interest rate |
|
2.21 |
% |
|
1.96 |
% |
| Expected life (years) |
|
6.00 |
|
|
6.00 |
|
| Expected dividend yield |
|
- |
% |
|
- |
% |
| Expected volatility |
|
81.57 |
% |
|
84.94 |
% |
|
| Restricted Stock Unit Activity |
The following table summarizes restricted stock unit activity under
our stock-based plans for the year ended December 31, 2018 and for the nine months ended September 30, 2019:
| |
|
Shares |
| Outstanding at December 31, 2017 |
|
|
662,800 |
| Awarded |
|
|
- |
| Released |
|
|
- |
| Canceled/forfeited/expired |
|
|
- |
| Outstanding at December 31, 2018 |
|
|
662,800 |
| Awarded |
|
|
294,448 |
| Released |
|
|
- |
| Canceled/forfeited/expired |
|
|
- |
| Outstanding at September 30, 2019 |
|
|
957,248 |
| |
|
|
|
| Expected to vest at September 30, 2019 |
|
|
957,248 |
| Vested at September 30, 2019 |
|
|
957,248 |
| Unvested at September 30, 2019 |
|
|
- |
| Unrecognized expense at September 30, 2019 |
|
$ |
- |
|
| Restricted Stock Units (RSUs) [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 restricted stock units for the three and nine months ended September 30, 2019 and
2018 was as follows:
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
September 30, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| General and administrative |
|
$ |
- |
|
$ |
- |
|
$ |
65,001 |
|
$ |
30,546 |
| |
|
$ |
- |
|
$ |
- |
|
$ |
65,001 |
|
$ |
30,546 |
|