Stock options, warrants and restricted common stock (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of Recognized Stock-based Compensation |
The Company recognized total stock-based compensation expense during the years ended December 31, 2018 and 2017, from the following categories:
| |
|
Years Ended December 31,
|
|
| |
|
2018
|
|
|
2017
|
|
|
Restricted stock awards under the Plan
|
|
$
|
3,971,916
|
|
|
$
|
1,714,116
|
|
|
Stock option awards under the Plan
|
|
|
688,490
|
|
|
|
875,696
|
|
|
Total stock-based compensation
|
|
$
|
4,660,406
|
|
|
$
|
2,589,812
|
|
|
| Summary of Restricted Stock Activity |
A summary of the Company's restricted stock activity in the years ended December 31, 2018 and 2017 is as follows:
| |
|
Number of Shares
|
|
|
Weighted Average Grant-Date
Fair Value
|
|
|
Unvested at January 1, 2017
|
|
|
-
|
|
|
$
|
-
|
|
|
Granted
|
|
|
863,000
|
|
|
$
|
5.39
|
|
|
Vested
|
|
|
(326,848
|
)
|
|
$
|
4.87
|
|
|
Forfeited
|
|
|
(40,000
|
)
|
|
$
|
3.13
|
|
|
Unvested at December 31, 2017
|
|
|
496,152
|
|
|
$
|
5.97
|
|
|
Granted
|
|
|
431,000
|
|
|
$
|
10.46
|
|
|
Vested
|
|
|
(530,065
|
)
|
|
$
|
7.61
|
|
|
Forfeited
|
|
|
(301,148
|
)
|
|
$
|
7.68
|
|
|
Unvested at December 31, 2018
|
|
|
95,939
|
|
|
$
|
12.49
|
|
|
| Schedule of Fair Value Assumptions Used to Estimate Stock-based Compensation |
The Company currently provides stock-based compensation to employees, directors and consultants under the Plan. The Company utilized assumptions in the estimation of fair value of stock-based compensation for the years ended December 31, 2018 and 2017, as follows:
| |
Years Ended December 31,
|
| |
2018
|
|
2017
|
|
Dividend yield
|
0%
|
|
0%
|
|
Expected price volatility
|
152% - 159%
|
|
15% - 95%
|
|
Risk free interest rate
|
2.49% - 2.96%
|
|
1.92-1.99%
|
|
Expected term
|
5 years
|
|
5 years
|
|
| Summary of Stock Incentive Plan Activity |
A summary of stock option activity under the Plan for options to employees, officers, directors and consultants, for the years ended December 31, 2018 and 2017, is presented below:
| |
|
Shares Underlying Options
|
|
|
Weighted Average Exercise Price
|
|
|
Weighted Average Remaining Contractual
Term (Years)
|
|
|
Aggregate Intrinsic Value
|
|
|
Outstanding at January 1, 2017
|
|
|
566,747
|
|
|
$
|
20.46
|
|
|
|
|
|
|
|
|
Granted
|
|
|
120,000
|
|
|
$
|
9.00
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(50,800
|
)
|
|
$
|
2.94
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(516,414
|
)
|
|
$
|
22.16
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2017
|
|
|
119,533
|
|
|
$
|
9.02
|
|
|
|
9.8
|
|
|
$
|
2,316,000
|
|
|
Granted
|
|
|
62,000
|
|
|
$
|
15.71
|
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(19,533
|
)
|
|
$
|
4.02
|
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(100,000
|
)
|
|
$
|
10.00
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2018
|
|
|
62,000
|
|
|
$
|
15.71
|
|
|
|
9.2
|
|
|
$
|
-
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2018
|
|
|
57,836
|
|
|
$
|
15.51
|
|
|
|
9.2
|
|
|
$
|
-
|
|
|
| Schedule of Changes in Outstanding Warrants |
The following is a summary of the change in outstanding warrants during the years ended December 31, 2018 and 2017:
| |
|
Shares Underlying Options/Warrants
|
|
|
Weighted Average Exercise Price
|
|
|
Weighted Average Remaining Contractual
Term (Years)
|
|
|
Aggregate Intrinsic Value
|
|
|
Outstanding at January 1, 2017
|
|
|
527,003
|
|
|
$
|
13.36
|
|
|
|
|
|
|
|
|
Granted
|
|
|
4,451,113
|
|
|
$
|
17.03
|
|
|
|
|
|
|
|
|
Exercised for cash
|
|
|
(620,000
|
)
|
|
$
|
3.00
|
|
|
|
|
|
|
|
|
Exercised on a cashless basis
|
|
|
(2,244,147
|
)
|
|
$
|
-
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(169,074
|
)
|
|
$
|
18.62
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2017
|
|
|
1,944,895
|
|
|
$
|
35.06
|
|
|
|
2.7
|
|
|
$
|
6,135,000
|
|
|
Granted
|
|
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(113,009
|
)
|
|
$
|
3.50
|
|
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
(160,773
|
)
|
|
$
|
10.88
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2018
|
|
|
1,671,113
|
|
|
$
|
39.47
|
|
|
|
2.0
|
|
|
$
|
-
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at December 31, 2018
|
|
|
1,671,113
|
|
|
$
|
39.47
|
|
|
|
2.0
|
|
|
$
|
|