Annual report pursuant to Section 13 and 15(d)

NOTE 9 - OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Tables)

v3.19.1
NOTE 9 - OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure Text Block Supplement [Abstract]  
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
The following table presents information related to stock options at December 31, 2018:

 

Options Outstanding

   

Options Exercisable

 
                 

Weighted

         
                 

Average

   

Exercisable

 
 

Exercise

   

Number of

   

Remaining Life

   

Number of

 
 

Price

   

Options

   

In Years

   

Options

 
  $ 2.51-5.00       1,203,218       7.7     $ 1,163,218  
    5.01-7.500       1,812,610       3.5       1,724,728  
    7.51-10.00       120,000       6.3       120,000  
            3,135,828       5.2       3,007,946  
Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the stock option activity and related information for the 2012 Plan for the years ended December 31, 2018 and 2017 is as follows:

                   

Weighted-Average

         
           

Weighted-Average

   

Remaining

   

Aggregate

 
   

Shares

   

Exercise Price

   

Contractual Term

   

Intrinsic Value

 

Outstanding at January 1, 2017

    3,298,079     $ 5.60       6.4     $ -  

Grants

    672,360       3.75       10.0     $ -  

Exercised

    -               -       -  

Canceled

    (566,308

)

    5.43               -  

Outstanding at December 31, 2017

    3,404,131     $ 5.28       5.7     $ -  

Grants

    559,698       4.65       10.0     $ -  

Exercised

    (140,001

)

  $ 4.40                  

Canceled

    (688,000

)

  $ 4.64                  

Outstanding at December 31, 2018

    3,135,828     $ 5.34       5.2     $ 311,545  

Exercisable at December 31, 2018

    3,007,946     $ 5.36       5.0     $ 297,745  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The following assumptions were used in determining the fair value of employee and vesting non-employee options during the year ended December 31, 2017:

 

 

 

 

 

Risk-free interest rate

 

 

2.01% - 2.34

%

Dividend yield

 

 

0

%

Stock price volatility

 

 

95.72% to 107.17

%

Expected life

5 – 10 years

 

Weighted average grant date fair value

 

$

2.925

 

         

Risk-free interest rate

 

 

2.65% to 3.16

%

Dividend yield

 

 

0

%

Stock price volatility

 

 

92.08% to 94.10

%

Expected life

 

 

5 to 10 years

 

Weighted average grant date fair value

 

$

3.37

 

Nonvested Restricted Stock Shares Activity [Table Text Block]
The following table summarizes the restricted stock activity for the two years ended December 31, 2018:

Restricted shares issued as of January 1, 2017

    135,000  

Granted

    -  

Vested

    (135,000

)

Total restricted shares issued as of December 31, 2017

    -  

Granted

    -  

Vested

    -  

Vested restricted shares as of December 31, 2018

    -  

Unvested restricted shares as of December 31, 2018

    -  
Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Table Text Block]
The following table summarizes information with respect to outstanding warrants to purchase common stock of the Company at December 31, 2018:

 

Exercise

   

Number

 

Expiration

 

Price

   

Outstanding

 

Date

  $ 0.0025       153,328  

January 2020

  $ 3.75       2,442,424  

April 2019 to August 2021

  $ 4.375       666,606  

May 2021

  $ 4.60       12,294  

January 2020

  $ 4.875       412,943  

February 2019 to September 2019

  $ 5.05       12,227  

January 2020

  $ 6.85       217,958  

July 2021 to August 2021

  $ 6.875       91,504  

August 2019 to September 2019

  $ 9.175       33,960  

January 2019

  $ 9.375       536,267  

April 2019 to March 2020

            4,579,511    
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
A summary of the warrant activity for the years ended December 31, 2018 and 2017 is as follows:

                   

Weighted-Average

         
           

Weighted-Average

   

Remaining

   

Aggregate

 
   

Shares

   

Exercise Price

   

Contractual Term

   

Intrinsic Value

 

Outstanding at January 1, 2017

    3,651,438     $ 4.90       2.1     $ 494,099  

Grants

    1,792,000     $ 3.75       3.0       -  

Exercised

    -               -       -  

Canceled/Expired

    (327,633

)

  $ 3.75       -       -  

Outstanding at December 31, 2017

    5,115,805     $ 4.55       1.7     $ 551,636  

Grants

    1,375,374       4.54       3.0       -  

Exercised

    (770,717

)

  $ 3.99                  

Canceled/Expired

    (1,140,951

)

  $ 4.23                  

Outstanding at December 31, 2018

    4,579,511     $ 4.73       1.5     $ 1,924,388  
                                 

Vested and expected to vest at December 31, 2018

    4,579,511     $ 4.73       1.5     $ 1,924,388  

Exercisable at December 31, 2018

    4,579,511     $ 4.73       1.5     $ 1,924,388