Annual report pursuant to Section 13 and 15(d)

Stock Option Plans (Tables)

v3.19.1
Stock Option Plans (Tables)
12 Months Ended
Dec. 31, 2018
Stock Option Plans [Abstract]  
Stock option plans
Options outstanding under the Stock Options Plans are as follows:
 
   
2007
Plan
   
2009
Plan
   
2014
Plan
   
Total
 
Outstanding as of December 31, 2016     21,977       132,771       929,550       1,084,298  
Available for future issuance under plan                 1,027,375       1,027,375  
Total authorized by plan     21,977       132,771       1,956,925       2,111,673  
                                 
Outstanding as of December 31, 2017     10,665       117,094       1,382,485       1,510,244  
Available for future issuance under plan                 1,045,143       1,045,143  
Totals authorized by plan     10,665       117,094       2,427,628       2,555,387  
                                 
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  
Totals authorized by plan           110,771       5,518,334       5,629,105  
Summary of Stock Option Activity
The following table summarizes stock option activity for the years ended December 31, 2018, 2017 and 2016:
 
         
Weighted
   
Weighted
Average
 
   
Number of
Options
   
Average
Exercise Price
   
Remaining Life
(years)
 
                   
Outstanding at December 31, 2015     1,022,789     $ 4.59       7.56  
Granted     116,750       6.60          
Exercised     (10,450 )     3.46          
Expired or Forfeited     (44,791 )     3.87          
Outstanding at December 31, 2016     1,084,298     $ 4.76       7.57  
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted     534,500       5.74          
Exercised     (63,187 )     2.89          
Expired or Forfeited     (45,367 )     8.30          
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  
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 2018, 2017 and 2016 and their estimated value:
 
December 31,
 
2018
   
2017
   
2016
 
Assumptions for Black-Scholes:
                       
Expected term in years    
6.4 to 6.6
     
6.5 to 6.8
      7.9  
Volatility    
108.9% to 119.4%
     
122.8% to 133.0%
     
103.6% to 109.7%
 
Risk-free interest rate    
2.95% to 3.08%
     
1.98% to 2.30%
     
1.27% to 1.68%
 
Expected annual dividends    
None
     
None
     
None
 
                         
Value of options granted:
                       
Number of options granted     330,500       534,500       116,750  
Weighted average fair value per share   $ 5.01     $ 5.24     $ 5.73  
Fair value of options granted   $ 1,655,390     $ 2,803,329     $ 669,435