Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.20.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2020
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 three month period ended March 31, 2020:

 

 

 

Stock Options Outstanding

 

 

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Life (in years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding at January 1, 2020

 

 

1,686,444

 

 

$

1.32

 

 

 

4.84

 

 

$

1,416,279

 

Granted

 

 

20,000

 

 

$

2.70

 

 

 

 

 

 

 

 

 

Forfeited / Cancelled

 

 

(6,500

)

 

$

2.12

 

 

 

 

 

 

 

 

 

Exercised

 

 

(686,250

)

 

$

0.79

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2020

 

 

1,013,694

 

 

$

1.69

 

 

 

5.08

 

 

$

287,953

 

Exercisable at March 31, 2020

 

 

866,837

 

 

$

1.49

 

 

 

5.08

 

 

$

287,953

 

Vested and expected to vest at March 31, 2020

 

 

1,009,288

 

 

$

1.69

 

 

 

5.55

 

 

$

287,953

 

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 Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Expected term (in years)

 

5.87

 

 

4.65 - 5.87

 

Expected volatility

 

43.5 - 47.8%

 

 

43.7 - 44.4%

 

Risk-free interest rate

 

 

1.41

%

 

 

3.00

%

Weighted average grant date fair value per share

 

$

2.70

 

 

$

1.09

 

Grant date fair value of options vested

 

$

720,095

 

 

$

1,441,371

 

Intrinsic value of options exercised

 

$

463,800

 

 

$

56,369

 

Schedule of Restricted Stock Unit Activity

The Company’s restricted stock unit activity for the three months ended March 31, 2020 is as follows:

 

 

 

Restricted Stock Units

 

 

 

Number of

Shares

 

 

Weighted

Average Grant

Date Fair Value

 

Unvested at January 1, 2020

 

 

216,670

 

 

$

3.02

 

Granted

 

 

80,000

 

 

$

2.31

 

Vested

 

 

(91,669

)

 

$

2.94

 

Cancelled

 

 

(12,500

)

 

$

2.43

 

Unvested at March 31, 2020

 

 

192,501

 

 

$

2.80

 

Summary of Stock-Based Compensation Expense

Stock-based compensation expense for the three month periods ended March 31, 2020 and 2019 was comprised of the following:

 

 

 

For the Three Months Ended March 31,

 

Stock-based compensation classified as:

 

2020

 

 

2019

 

General and administrative

 

$

159,680

 

 

$

125,206

 

Production

 

 

17,969

 

 

 

14,898

 

Marketing and selling

 

 

17,292

 

 

 

14,393

 

Research and development

 

 

12,820

 

 

 

12,977

 

 

 

$

207,761

 

 

$

167,474

 

Schedule of Warrant Activity

The following table summarizes the Company’s warrant activity during the three months ended March 31, 2020:

 

 

 

Number of

Warrants

 

 

Weighted

Average

Exercise Price

 

Warrants outstanding – January 1, 2020

 

 

630,947

 

 

$

4.16

 

Warrants granted

 

 

-

 

 

$

-

 

Warrants exercised

 

 

-

 

 

$

-

 

Warrants outstanding – March 31, 2020

 

 

630,947

 

 

$

4.16