Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.19.3
Stockholders' Equity (Tables)
9 Months Ended
Sep. 30, 2019
Stockholders Equity Note [Abstract]  
Summary of Stock Option Activity

A summary of stock option activity under each of the Company’s stock option plans during the nine month period ended September 30, 2019 is as follows:

 

 

 

Stock Options Outstanding

 

 

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Life (in years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding at January 1, 2019

 

 

1,968,747

 

 

$

1.14

 

 

 

4.56

 

 

$

1,469,525

 

Granted

 

 

106,000

 

 

$

2.14

 

 

 

5.25

 

 

 

85,390

 

Forfeited / Cancelled

 

 

(62,000

)

 

$

2.04

 

 

 

7.35

 

 

 

57,000

 

Exercised

 

 

(356,669

)

 

$

0.41

 

 

 

0.35

 

 

 

905,523

 

Outstanding at September 30, 2019

 

 

1,656,078

 

 

$

1.33

 

 

 

5.16

 

 

$

2,779,300

 

Exercisable at September 30, 2019

 

 

1,437,732

 

 

$

1.12

 

 

 

4.65

 

 

$

2,663,880

 

Vested and expected to vest at September 30, 2019

 

 

1,650,992

 

 

$

1.32

 

 

 

5.14

 

 

$

2,777,298

 

Schedule of Assumption to Calculate Weighted Average Grant Date Fair Value of Options Grant

The following table presents details of the assumptions used to calculate the weighted-average grant date fair value of common stock options granted by the Company:

 

 

 

For the Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

Expected term (in years)

 

4.65 - 5.87

 

 

5.81 - 5.88

 

Expected volatility

 

43.7 - 44.4%

 

 

45.9 - 46%

 

Risk-free interest rate

 

2.30 - 2.49%

 

 

2.71 - 2.76%

 

Weighted average grant date fair value per share

 

$

0.68

 

 

 

1.80

 

Grant date fair value of options vested

 

$

656,745

 

 

$

1,387,600

 

Intrinsic value of options exercised

 

$

905,522

 

 

$

1,512,110

 

Schedule of Restricted Stock Unit Activity

The Company’s restricted stock unit activity for the nine month period ended September 30, 2019 is as follows:

 

 

 

Restricted Stock Units

 

 

 

Number of

Shares

 

 

Weighted

Average Grant

Date Fair Value

 

Unvested at January 1, 2019

 

 

173,335

 

 

$

4.13

 

Granted

 

 

160,000

 

 

$

2.43

 

Vested

 

 

(116,668

)

 

$

3.86

 

Cancelled

 

 

-

 

 

$

-

 

Unvested at September 30, 2019

 

 

216,667

 

 

$

3.02

 

Summary of Stock-Based Compensation Expense

Stock-based compensation expense for the three and nine month periods ended September 30, 2019 and 2018 was comprised of the following:

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

Stock-based compensation classified as:

 

2019

 

 

2018

 

 

2019

 

 

2018

 

General and administrative

 

$

120,188

 

 

$

185,624

 

 

$

357,679

 

 

$

312,064

 

Production

 

 

18,140

 

 

 

6,595

 

 

 

52,131

 

 

 

13,058

 

Marketing and selling

 

 

15,011

 

 

 

12,460

 

 

 

44,472

 

 

 

23,275

 

Research and development

 

 

11,518

 

 

 

10,167

 

 

 

35,858

 

 

 

26,582

 

 

 

$

164,857

 

 

$

214,846

 

 

$

490,140

 

 

$

374,979

 

Schedule of Warrant Activity

The following table summarizes the Company’s warrant activity during the nine month period ended September 30, 2019:

 

 

 

Number of

Warrants

 

 

Weighted

Average

Exercise Price

 

Warrants outstanding – January 1, 2019

 

 

578,996

 

 

$

4.32

 

Warrants granted

 

 

69,766

 

 

$

2.15

 

Warrants exercised

 

 

(17,815

)

 

$

1.40

 

Warrants outstanding – September 30, 2019

 

 

630,947

 

 

$

4.16