Annual report pursuant to Section 13 and 15(d)

Stock Option Plans (Tables)

v3.20.1
Stock Option Plans (Tables)
12 Months Ended
Dec. 31, 2019
Stock Option Plans [Abstract]  
Stock option plans

Options outstanding under the Stock Options Plans are as follows:

 

 

 

 

 

 

 

 

 

 

 

2007

 

2009

 

2014

 

 

 

    

Plan

    

Plan

    

Plan

    

Total

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

Total 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

 

 

 

 

 

 

 

 

 

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

 

Schedule of Summary of Stock Option Activity

The following table summarizes stock option activity for the years ended December 31, 2019, 2018 and 2017:

 

 

 

 

 

 

 

 

 

 

    

 

 

 

 

Weighted

 

 

 

 

Weighted

 

Average

 

 

Number of

 

Average

 

Remaining Life

 

    

Options

    

Exercise Price

    

(years)

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

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

 

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 2019, 2018 and 2017 and their estimated value:

 

 

 

 

 

 

 

 

 

 

 

December 31, 

    

2019

    

2018

    

2017

 

Assumptions for Black-Scholes:

 

 

  

 

 

  

 

 

  

 

Expected term in years

 

 

6.2 to 6.3

 

 

6.4 to 6.6

 

 

6.5 to 6.8

 

Volatility

 

 

79.4% to 89.4

%  

 

108.9% to 119.4

%  

 

122.8% to 133.0

%

Risk-free interest rate

 

 

1.63% to 1.68

%  

 

2.95% to 3.08

%  

 

1.98% to 2.30

%

Expected annual dividends

 

 

None

 

 

None

 

 

None

 

Value of options granted:

 

 

  

 

 

  

 

 

  

 

Number of options granted

 

 

73,500

 

 

330,500

 

 

534,500

 

Weighted average fair value per share

 

$

1.71

 

$

5.01

 

$

5.24

 

Fair value of options granted

 

$

125,814

 

$

1,655,390

 

$

2,803,329