9. Stock-based Plans and Stock-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| 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, 2019 and 2018:
| |
|
Shares |
|
Weighted
Average
Exercise Price |
|
Weighted
Average
Remaining
Contractual
Term(Years) |
|
Aggregate
Intrinsic Value |
| Outstanding at December 31, 2017 |
|
|
6,818,948 |
|
$ |
1.06 |
|
|
8.12 |
|
$ |
209,690 |
| Granted |
|
|
855,000 |
|
$ |
1.25 |
|
|
- |
|
$ |
- |
| Exercised |
|
|
(37,292) |
|
|
0.57 |
|
|
|
|
|
|
| Forfeit/canceled |
|
|
(1,566,589) |
|
$ |
0.74 |
|
|
- |
|
$ |
- |
| Expired |
|
|
(1,082,641) |
|
$ |
1.18 |
|
|
- |
|
$ |
- |
| 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 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Expected to vest at December 31, 2019 |
|
|
5,781,884 |
|
$ |
1.15 |
|
|
7.16 |
|
$ |
527,868 |
| Exercisable at December 31, 2019 |
|
|
3,339,437 |
|
$ |
1.29 |
|
|
5.76 |
|
$ |
343,255 |
| Unrecognized expense at December 31, 2019 |
|
$ |
1,568,273 |
|
|
|
|
|
|
|
|
|
|
| Stock-Based Compensation Expense |
The impact on our results of operations of recording stock-based
compensation expense for the years ended December 31, 2019 and 2018 was as follows:
| |
|
Years ended December 31, |
| |
|
2019 |
|
2018 |
| General and administrative |
|
$ |
670,188 |
|
$ |
311,303 |
| Sales and marketing |
|
|
74,229 |
|
|
225,275 |
| Engineering, research, and development |
|
|
155,475 |
|
|
131,334 |
| |
|
$ |
899,892 |
|
$ |
667,912 |
|
| 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,
2019 and 2018:
| |
|
Years ended December 31, |
| |
|
2019 |
|
2018 |
| Risk-free interest rate |
|
1.49% to 2.65% |
|
2.24% to 3.10% |
| Expected life (years) |
|
6.00 |
|
6.06 |
| Dividend yield |
|
- |
|
- |
| Expected volatility |
|
74.18% to 90.90% |
|
90.88% to 104.06% |
|
| Restricted Stock Units R S U [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, 2019 and 2018 was as follows:
| |
|
Years ended December 31, |
| |
|
|
|
|
|
|
| |
|
2019 |
|
2018 |
| General and administrative |
|
$ |
263,378 |
|
$ |
297,249 |
| |
|
$ |
263,378 |
|
$ |
297,249 |
|
| 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, 2019 and 2018:
| |
|
Shares |
|
Weighted Average
Grant Date Fair Value |
|
Weighted Average
Remaining
Contractual Term
(Years) |
|
Aggregate
Intrinsic Value |
| Outstanding at December 31, 2017 |
|
|
662,800 |
|
$ |
0.72 |
|
|
0.70 |
|
$ |
795,360 |
| Awarded |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
| Released |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
| Canceled/forfeited/expired |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
| Outstanding at December 31, 2018 |
|
|
662,800 |
|
$ |
0.72 |
|
|
- |
|
$ |
785,418 |
| Awarded |
|
|
489,448 |
|
$ |
1.04 |
|
|
- |
|
$ |
325,044 |
| Released |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
| Canceled/forfeited/expired |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
| Outstanding at December 31, 2019 |
|
|
1,152,248 |
|
$ |
0.86 |
|
|
- |
|
$ |
1,120,404 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Vested at December 31, 2018 |
|
|
1,152,248 |
|
$ |
- |
|
|
- |
|
$ |
1,152,248 |
| Unvested at December 31, 2018 |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
| Unrecognized expense at December 31, 2018 |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|