Note 11. Stock based compensation, options and warrants:

Stock based compensation:

The Company’s stock-based compensation expenses recognized during the nine months ended September 30, 2019 and 2018, were attributable to selling, general and administrative expenses, which are included in the accompanying unaudited condensed interim consolidated statements of operations.

The Company recognized total stock-based compensation expense during the three and nine months ended September 30, 2019 and 2018, granted under the Company’s 2017 equity incentive plan (the “Plan”), from the following categories:

Restricted stock rights:

A summary of the Company’s unvested restricted stock rights activity in the nine months ended September 30, 2019 is presented here:

During the nine months ended September 30, 2019, the Company granted 48,500 shares of restricted stock rights to consultants. The total fair value of restricted stock rights granted during the nine months ended September 30, 2019 was approximately $0.2 million. The fair value of each restricted stock right was based upon the closing stock price on the grant date.

During the nine months ended September 30, 2019, forfeitures of restricted common stock rights totaled 55,000, which consisted of rights forfeited due to the termination of three of the Company’s officers.

The fair value of restricted stock rights is measured based on their fair value on the date of grant and amortized over the vesting period of twelve to twenty-four months. As of September 30, 2019, there was approximately $0.1 million of unrecognized compensation cost related to unvested restricted stock rights, which is expected to be recognized over a remaining weighted-average vesting period of approximately 10 months.

Stock incentive plan options:

A summary of activity under the Plan for the nine months ended September 30, 2019 is presented below:

Aggregate intrinsic value represents the total intrinsic value (the difference between the Company’s closing stock price on September 30, 2019 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders, had all option holders been able to, and in fact had, exercised their options on September 30, 2019.

Other common stock purchase warrants:

Following is a summary of outstanding warrants that were issued outside of the Plan for the nine months ended September 30, 2019:

The Company granted Warrants to purchase 1,908,144 shares of its common stock with an exercise price of $1.94, in connection with the Notes issued on January 28, 2019. (See Note 9).

The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company’s closing stock price on September 30, 2019 and the exercise price, multiplied by the number of in-the-money warrants) that would have been received by the warrant holders, had all warrant holders exercised their warrants on September 30, 2019.