Stock-based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of Fair Values Options Weighted Average Assumptions |
The fair values for the options granted were
estimated at the date of grant using the Black Scholes option-pricing model with the following weighted average assumptions:
| |
|
Nine Months Ended
September 30, 2018 |
|
|
Nine Months Ended
September 30, 2017 |
|
| Risk free interest rate |
|
|
3.07 |
% |
|
|
1.53 |
% |
| Expected life (in years) |
|
|
10.0 |
|
|
|
5.0 |
|
| Expected volatility |
|
|
64.12 |
% |
|
|
45.54 |
% |
| Expected dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
| Stock price |
|
$ |
2.63 |
|
|
$ |
3.85 |
|
|
| Summary of Option Activity |
The following table summarizes option activity
during the nine months and year ended September 30, 2018 and December 31, 2017, respectively.
| |
|
Options
Outstanding |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Fair
Value |
|
|
Weighted
Average
Remaining Contractual
Life (years) |
|
| Outstanding at January 1, 2017 |
|
|
261,372 |
|
|
$ |
0.55 |
|
|
$ |
0.49 |
|
|
|
8.63 |
|
| Options granted |
|
|
61,335 |
|
|
|
3.85 |
|
|
|
1.59 |
|
|
|
4.60 |
|
| Expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Outstanding at December 31, 2017 |
|
|
322,707 |
|
|
$ |
1.29 |
|
|
$ |
0.70 |
|
|
|
7.05 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options granted |
|
|
850,000 |
|
|
|
2.63 |
|
|
|
1.24 |
|
|
|
9.98 |
|
| Expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at September 30, 2018 |
|
|
1,172,707 |
|
|
$ |
2.23 |
|
|
$ |
1.09 |
|
|
|
8.97 |
|
|
| Schedule of Fair Values Warrants Assumptions |
The fair values for the warrants issued were
estimated at the date of grant using the Black Scholes option-pricing model with the following weighted average assumptions:
| |
|
Nine Months Ended
September 30, 2017 |
|
| Risk free interest rate |
|
|
1.89 |
% |
| Expected life (in years) |
|
|
4.7 |
|
| Expected volatility |
|
|
46.80 |
% |
| Expected dividend yield |
|
|
0.00 |
% |
| Stock price |
|
$ |
2.98 |
|
|
| Summary of Warrant Activity |
The following table summarizes warrant activity
during the nine months and year ended September 30, 2018 and December 31, 2017, respectively.
| |
|
Warrants
Outstanding |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Fair Value |
|
|
Weighted
Average
Remaining Contractual
Life (years) |
|
| Outstanding at January 1, 2017 |
|
|
111,129 |
|
|
|
8.25 |
|
|
|
0.11 |
|
|
|
4.91 |
|
| Warrants issued |
|
|
595,133 |
|
|
|
2.91 |
|
|
|
1.74 |
|
|
|
4.28 |
|
| Expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Outstanding at December 31, 2017 |
|
|
706,262 |
|
|
$ |
3.27 |
|
|
$ |
1.48 |
|
|
|
4.22 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrants issued |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Expired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
272,727 |
|
|
|
0.64 |
|
|
|
0.54 |
|
|
|
3.64 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at September 30, 2018 |
|
|
433,535 |
|
|
$ |
5.26 |
|
|
$ |
2.08 |
|
|
|
3.37 |
|
|
| Summary of Stock Option and Warrant Outstanding |
The following table summarizes information about stock
options and warrants outstanding at September 30, 2018.
| |
|
|
Outstanding |
|
|
Exercisable |
|
| |
|
|
|
|
|
Weighted
Average
Remaining |
|
|
Weighted
Average |
|
|
|
|
|
Weighted
Average |
|
Range of
Exercise Prices |
|
|
Number
Outstanding |
|
|
Contractual
Life (years) |
|
|
Exercise
Price |
|
|
Number
Exercisable |
|
|
Exercise
Price |
|
| $ |
0.55 |
|
|
|
261,372 |
|
|
|
6.88 |
|
|
$ |
0.55 |
|
|
|
261,372 |
|
|
$ |
0.55 |
|
| |
2.00-3.85 |
|
|
|
936,335 |
|
|
|
9.42 |
|
|
|
2.69 |
|
|
|
369,668 |
|
|
|
2.79 |
|
| |
5.10-7.20 |
|
|
|
408,535 |
|
|
|
3.34 |
|
|
|
5.46 |
|
|
|
408,535 |
|
|
|
5.46 |
|
| $ |
0.11-7.20 |
|
|
|
1,606,242 |
|
|
|
7.46 |
|
|
$ |
3.05 |
|
|
|
1,039,575 |
|
|
$ |
3.27 |
|
|
| Schedule of Unrecognized Stock-based Compensation |
The Company expects to recognize the aggregate
amount of this compensation expense over the next years in accordance with contractual provisions and vesting as follows:
| Year |
|
Amount |
|
| 2018 |
|
$ |
110,760 |
|
| 2019 |
|
|
363,038 |
|
| 2020 |
|
|
234,131 |
|
| Total |
|
$ |
707,929 |
|
|