STOCK-BASED COMPENSATION (Tables)
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3 Months Ended |
Mar. 31, 2020 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of fair values of stock options granted, estimated using Black-Scholes option valuation model assumptions |
The fair values of stock options granted for the periods were estimated using the following assumptions:
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Stock Option Grants Awarded During the Three Months Ended March 31, 2020 |
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Stock Option Grants Awarded During the Three Months Ended March 31, 2019 |
Stock Price |
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$1.74 |
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$1.52 to $2.98 |
Dividend Yield |
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0.00% |
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0.00% |
Expected Volatility |
|
70% |
|
70% |
Risk-free interest rate |
|
1.52% |
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2.52% - 2.62% |
Expected Life |
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7 years |
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7 years |
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| Summary of stock option activity |
The following is a summary of our stock option activity during the three months ended March 31, 2020:
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Number of
Options
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Weighted
Average
Exercise
Price
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Weighted
Average
Grant Date
Fair Value
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|
Weighted
Average
Remaining
Life In
Years
|
Outstanding, January 1, 2020 |
1,340,252 |
|
|
$ |
4.57 |
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|
$ |
2.88 |
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|
6.95 |
Granted |
10,000 |
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|
1.74 |
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|
1.16 |
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|
9.87 |
Exercised |
— |
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|
— |
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|
— |
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|
— |
Canceled / Forfeited |
(133,487 |
) |
|
4.29 |
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|
2.84 |
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|
— |
Outstanding, March 31, 2020 |
1,216,765 |
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|
$ |
4.57 |
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|
$ |
2.87 |
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|
6.09 |
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Number of
Options
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Weighted
Average
Exercise
Price
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Weighted
Average
Grant Date
Fair Value
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|
Weighted
Average
Remaining
Life In
Years
|
Exercisable, January 1, 2020 |
989,092 |
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|
$ |
4.85 |
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|
$ |
3.03 |
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|
6.37 |
Vested |
49,618 |
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|
3.49 |
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|
2.22 |
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|
5.04 |
Exercised |
— |
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— |
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— |
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— |
Canceled / Forfeited |
(27,316 |
) |
|
5.69 |
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|
3.69 |
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— |
Exercisable, March 31, 2020 |
1,011,394 |
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|
$ |
4.76 |
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$ |
2.97 |
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|
5.60 |
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| Schedule of information related to stock options outstanding and exercisable |
The following table presents information related to stock options outstanding and exercisable at March 31, 2020:
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Options Outstanding |
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Options Exercisable |
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Exercise
Price
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Outstanding
Number of
Options
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Weighted
Average
Remaining
Life In
Years
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|
Exercisable
Number
of Options
|
$1.52 – $3.15 |
|
280,435 |
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|
5.71 |
|
182,476 |
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$3.25 – $4.92 |
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538,780 |
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|
6.20 |
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462,564 |
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$5.01 – $6.00 |
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237,250 |
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|
4.67 |
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219,161 |
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$6.18 – $7.20 |
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70,000 |
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|
5.02 |
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61,259 |
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$7.54 – $7.80 |
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67,800 |
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|
4.99 |
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63,434 |
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$8.06 – $12.98 |
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22,500 |
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|
4.80 |
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22,500 |
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1,216,765 |
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|
5.60 |
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1,011,394 |
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| Schedule of restricted stock unit activity |
A summary of restricted stock unit activity for the three months ended March 31, 2020 is as follows:
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Number of
Restricted Share
Units
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|
Weighted-
Average
Grant-Date Fair
Value Per Share
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Outstanding at January 1, 2020 |
2,556,004 |
|
|
$ |
3.38 |
|
Granted |
1,824,965 |
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|
1.69 |
|
Vested |
(378,051 |
) |
|
2.32 |
|
Forfeited |
(240,954 |
) |
|
2.45 |
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Outstanding at March 31, 2020 |
3,761,964 |
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|
$ |
2.72 |
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| Schedule of stock-based compensation |
Total stock-based compensation recorded in the condensed consolidated statements of comprehensive loss is allocated as follows:
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Three Months Ended March 31, 2020 |
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Three Months Ended March 31, 2019 |
Research and development |
|
$ |
648,000 |
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$ |
633,000 |
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Sales, marketing and administration |
|
731,000 |
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|
721,000 |
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Total stock-based compensation |
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$ |
1,379,000 |
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$ |
1,354,000 |
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