Annual report pursuant to Section 13 and 15(d)

Stock Option Plans (Tables)

v3.20.4
Stock Option Plans (Tables)
12 Months Ended
Dec. 31, 2020
Stock Option Plans  
Schedule of Stock option plans

Options outstanding under the Stock Options Plans are as follows:

2009

2014

    

Plan

    

Plan

    

Total

Outstanding as of December 31,  2018

 

110,771

 

1,435,750

 

1,546,521

Available for future issuance under plan

 

 

4,082,584

 

4,082,584

Total authorized by plan

 

110,771

 

5,518,334

 

5,629,105

Outstanding as of December 31,  2019

 

85,498

 

1,298,093

 

1,383,591

Available for future issuance under plan

 

 

5,329,309

 

5,329,309

Totals authorized by plan

 

85,498

 

6,627,402

 

6,712,900

Outstanding as of December 31,  2020

 

85,498

 

2,547,677

 

2,633,175

Available for future issuance under plan

 

 

6,583,033

 

6,583,033

Totals authorized by plan

 

85,498

 

9,130,710

 

9,216,208

Schedule of Summary of Stock Option Activity

The following table summarizes stock option activity for the years ended December 31, 2020, 2019 and 2018:

Weighted

Average

Number of

Average

Remaining Life

    

Options

    

Exercise Price

    

(years)

Outstanding at December 31,  2017

 

1,510,244

$

5.04

 

7.58

Granted

 

330,500

 

5.81

 

  

Exercised

 

(97,264)

 

4.96

 

  

Expired or Forfeited

 

(196,959)

 

6.11

 

  

Outstanding at December 31,  2018

 

1,546,521

$

5.11

 

7.19

Granted

 

73,500

 

2.36

 

  

Exercised

 

 

 

  

Expired or Forfeited

 

(236,430)

 

6.21

 

  

Outstanding at December 31, 2019

 

1,383,591

$

4.77

 

6.25

Granted

 

1,481,000

 

1.66

 

  

Exercised

 

(82,083)

 

4.67

 

  

Expired or Forfeited

 

(149,333)

 

3.68

 

  

Outstanding at December 31, 2020

 

2,633,175

$

3.09

 

6.53

Summary of assumptions used to compute the fair value of stock options granted

The following summary table shows the assumptions used to compute the fair value of stock options granted during 2020, 2019 and 2018 and their estimated value:

December 31, 

    

2020

    

2019

    

2018

 

Assumptions for Black-Scholes:

 

  

 

  

 

  

Expected term in years

 

6.2 to 6.6

 

6.2 to 6.3

 

6.4 to 6.6

Volatility

 

73.3% to 76.8

%

79.4% to 89.4

%  

108.9% to 119.4

%

Risk-free interest rate

 

0.41% to 0.55

%

1.63% to 1.68

%  

2.95% to 3.08

%

Expected annual dividends

 

None

 

None

 

None

Value of options granted:

 

  

 

  

 

  

Number of options granted

 

1,481,000

 

73,500

 

330,500

Weighted average fair value per share

 

$

1.08

 

$

1.71

 

$

5.01

Fair value of options granted

 

$

1,602,267

 

$

125,814

 

$

1,655,390