Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.21.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2021
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, 2021:

 

 

 

Stock Options Outstanding

 

 

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Life (in years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding at January 1, 2021

 

 

1,320,267

 

 

$

1.81

 

 

 

6.43

 

 

$

2,889,274

 

Granted

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited / Cancelled

 

 

1,113

 

 

$

1.95

 

 

 

6.28

 

 

$

4,886

 

Exercised

 

 

(198,891

)

 

$

1.08

 

 

 

3.17

 

 

$

1,047,002

 

Outstanding at March 31, 2021

 

 

1,122,489

 

 

$

1.95

 

 

 

6.72

 

 

$

4,932,363

 

Exercisable at March 31, 2021

 

 

663,265

 

 

$

1.75

 

 

 

5.08

 

 

$

3,044,253

 

Vested and expected to vest at March 31,

   2021

 

 

1,108,712

 

 

$

1.94

 

 

 

6.69

 

 

$

4,875,720

 

 

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.  There were no options granted during the three month period ended March 31, 2021:

 

 

 

For the Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Expected term (in years)

 

0

 

 

5.87

 

Expected volatility

 

 

0.00

%

 

43. - 47.8%

 

Risk-free interest rate

 

 

0.00

%

 

 

1.41

%

Weighted average grant date fair value per share

 

$

-

 

 

$

2.70

 

Grant date fair value of options vested

 

$

1,160,847

 

 

$

720,095

 

Intrinsic value of options exercised

 

$

1,047,002

 

 

$

463,800

 

 

Schedule of Restricted Stock Unit Activity

The Company’s restricted stock unit activity for the three month period ended March 31, 2021 is as follows:

 

 

 

Restricted Stock Units

 

 

 

Number of

Shares

 

 

Weighted

Average Grant

Date Fair Value

 

Unvested at January 1, 2021

 

 

575,922

 

 

$

2.65

 

Granted

 

 

-

 

 

$

-

 

Vested

 

 

(93,793

)

 

$

2.37

 

Cancelled

 

 

-

 

 

$

2.70

 

Unvested at March 31, 2021

 

 

482,129

 

 

$

2.70

 

 

Summary of Stock-Based Compensation Expense

Stock-based compensation expense for the three month periods ended March 31, 2021 and 2020 was comprised of the following:

 

 

 

For the Three Months Ended March 31,

 

Stock-based compensation classified as:

 

2021

 

 

2020

 

General and administrative

 

$

401,000

 

 

$

159,680

 

Production

 

 

14,659

 

 

 

17,969

 

Marketing and selling

 

 

15,397

 

 

 

17,292

 

Research and development

 

 

7,338

 

 

 

12,820

 

 

 

$

438,394

 

 

$

207,761

 

 

Schedule of Warrant Activity

The following table summarizes the Company’s warrant activity during the three month period ended March 31, 2021:

 

 

 

Number of

Warrants

 

 

Weighted

Average

Exercise Price

 

Warrants outstanding – January 1, 2021

 

 

505,946

 

 

$

5.00

 

Warrants granted

 

 

-

 

 

$

-

 

Warrants exercised

 

 

(35,067

)

 

$

1.85

 

Warrants outstanding – March 31, 2021

 

 

470,879

 

 

$

5.23