| Schedule of stock option activity |
The following table summarizes the changes
in the Company’s stock option plan during the nine months ended September 30, 2019:
| |
|
Options Outstanding Number of Shares |
|
|
Exercise Price per Share |
|
|
Weighted Average Remaining Contractual Life |
|
|
Aggregate Intrinsic Value |
|
|
Weighted Average Exercise Price per Share |
|
| Balance at December 31, 2018 |
|
|
1,259,415 |
|
|
$ |
2.09 -12.00 |
|
|
|
2.50 years |
|
|
$ |
– |
|
|
$ |
7.39 |
|
| Options Granted |
|
|
81,000 |
|
|
$ |
1.99 |
|
|
|
3.0 years |
|
|
$ |
– |
|
|
$ |
1.99 |
|
| Options Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Options Cancelled |
|
|
40,793 |
|
|
$ |
1.99-2.70 |
|
|
|
4.92 |
|
|
|
– |
|
|
|
4.39 |
|
| Options Expired |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Balance at September 30, 2019 |
|
|
1,299,622 |
|
|
$ |
2.09 -12.00 |
|
|
|
1.64 years |
|
|
$ |
– |
|
|
$ |
7.23 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable December 31, 2018 |
|
|
1,070,869 |
|
|
$ |
2.70 - 9.00 |
|
|
|
2.96 years |
|
|
$ |
– |
|
|
$ |
7.44 |
|
| Exercisable September 30, 2019 |
|
|
1,131,172 |
|
|
$ |
2.82 - 9.00 |
|
|
|
1.31 years |
|
|
$ |
– |
|
|
$ |
8.00 |
|
|
| |
|
Options
Outstanding Number of Shares |
|
|
Exercise
Price Per Share |
|
|
Weighted
Average Remaining Contractual Life |
|
|
Aggregate
Intrinsic Value |
|
|
Weighted
Average Exercise Price Per Share |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at December 31, 2016 |
|
|
1,373,554 |
|
|
|
$2.82
- $12.00 |
|
|
|
3.99
years |
|
|
$ |
280,642.00 |
|
|
$ |
8.14 |
|
| Options Granted |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options Exercised |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options Cancelled |
|
|
79,509 |
|
|
|
$2.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options Expired |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at December 31, 2017 |
|
|
1,294,045 |
|
|
|
$2.09
- $12.00 |
|
|
|
2.99
years |
|
|
$ |
– |
|
|
$ |
8.14 |
|
| Options Granted |
|
|
170,176 |
|
|
|
$2.09 |
|
|
|
4.55
years |
|
|
$ |
– |
|
|
$ |
2.09 |
|
| Options Exercised |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options Cancelled |
|
|
57,294 |
|
|
|
$9.00
- $12.00 |
|
|
|
3.56
years |
|
|
$ |
– |
|
|
$ |
10.08 |
|
| Options Expired |
|
|
147,512 |
|
|
|
$2.80
- $6.00 |
|
|
|
|
|
|
$ |
– |
|
|
$ |
4.30 |
|
| Balance at December 31, 2018 |
|
|
1,259,415 |
|
|
|
$2.09
- $12.00 |
|
|
|
2.50
years |
|
|
$ |
– |
|
|
$ |
7.39 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable December 31, 2017 |
|
|
1,070,869 |
|
|
|
$2.70
- $9.00 |
|
|
|
2.96
years |
|
|
$ |
– |
|
|
$ |
7.44 |
|
| Exercisable December 31, 2018 |
|
|
1,089,239 |
|
|
|
$2.70
- $9.00 |
|
|
|
2.70
years |
|
|
$ |
– |
|
|
$ |
8.32 |
|
|
| Schedule of assumptions used |
The fair value of these options was determined to be $117,797 using the Black-Scholes option pricing
model based on the following assumptions:
| Exercise Price |
|
$ |
1.99 |
|
| Dividend Yield |
|
|
0% |
|
| Volatility |
|
|
125% |
|
| Risk-free interest rate |
|
|
2.44% |
|
| Expected life of options |
|
|
3 years |
|
|
The fair value of these options was determined
to be $285,760 using the Black-Scholes option pricing model based on the following assumptions:
| Exercise Price |
$2.09 |
| Dividend Yield |
0% |
| Volatility |
61% - 62% |
| Risk-free interest rate |
2.52% - 2.57% |
| Expected life of options |
3.5 years |
|