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Stock based compensation, options and warrants | 6 Months Ended
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Jun. 30, 2019
Share-based Payment Arrangement [Abstract] |
Stock based compensation, options and warrants | Note 10. Stock based compensation, options and warrants: Stock based compensation: The Company’s stock-based compensation expenses recognized during the six months ended June 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 six months ended June 30, 2019 and 2018 granted under the Company’s 2017 equity incentive plan (the “Plan”), from the following categories:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Restricted stock awards under the Plan |  | $ | 115,026 |  |  | $ | 1,432,593 |  |  | $ | 291,570 |  |  | $ | 2,199,542 |
Stock option awards under the Plan |  |  | — |  |  |  | 175,493 |  |  |  | 58,498 |  |  |  | 292,487 |
Total stock-based compensation |  | $ | 115,026 |  |  | $ | 1,608,086 |  |  | $ | 350,068 |  |  | $ | 2,492,029 |
Restricted stock: A summary of the Company’s unvested restricted stock activity in the six months ended June 30, 2019 is presented here:
|  | Number of Shares |  | Weighted Average Grant-Date Fair Value
| Unvested at January 1, 2019 |  |  |  | 95,939 |  |  | $ | 12.49 |
| Vested |  |  |  | (37,459 | ) |  | $ | 8.01 |
| Granted |  |  |  | 24,500 |  |  | $ | 5.11 |
| Forfeited |  |  |  | (40,000 | ) |  | $ | 16.82 |
| Unvested at June 30, 2019 |  |  |  | 42,980 |  |  | $ | 7.43 |
During the six months ended June 30, 2019, the Company granted 24,500 shares of restricted stock to consultants. The total fair value of restricted stock granted during the six months ended June 30, 2019 was approximately $0.1 million. The fair value of each restricted stock was based upon the closing stock price on the grant date. During the six months ended June 30, 2019, forfeitures of restricted common stock totaled 40,000, which consisted of shares forfeited due to the termination of two of the Company’s officers. The fair value of restricted stock grants 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 June 30, 2019, there was approximately $0.3 million of unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a remaining weighted-average vesting period of approximately 5 months. Stock incentive plan options: A summary of activity under the Plan for the six months ended June 30, 2019 is presented below:
|  | Shares Underlying Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
| Outstanding at January 1, 2019 |  |  |  | 62,000 |  |  | $ | 15.71 |  |  |  | 9.2 |  |  | $ | — |
| Forfeited |  |  |  | (50,000 | ) |  | $ | 18.50 |  |  |  | — |  |  |  | — |
| Outstanding at June 30, 2019 |  |  |  | 12,000 |  |  | $ | 4.09 |  |  |  | 9.2 |  |  | $ | — |
| Exercisable at June 30, 2019 |  |  |  | 12,000 |  |  | $ | 4.09 |  |  |  | 9.2 |  |  | $ | — |
Aggregate intrinsic value represents the total intrinsic value (the difference between the Company’s closing stock price on June 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 June 30, 2019. Other common stock purchase warrants: Following is a summary of outstanding warrants that were issued outside of the Plan for the six months ended June 30, 2019:
|  | Shares Underlying Options/Warrants |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
| Outstanding at January 1, 2019 |  |  |  | 1,671,113 |  |  | $ | 39.47 |  |  |  | 2.0 |  |  | $ | — |
| Granted |  |  |  | 1,908,144 |  |  | $ | 1.94 |  |  |  | 5.2 |  |  | $ | 2,537,832 |
| Forfeited |  |  |  | (5,000 | ) |  | $ | 7.90 |  |  |  | — |  |  | $ | — |
| Outstanding at June 30, 2019 |  |  |  | 3,574,257 |  |  | $ | 19.48 |  |  |  | 3.4 |  |  | $ | 2,289,773 |
| Exercisable at June 30, 2019 |  |  |  | 1,928,144 |  |  | $ | 19.48 |  |  |  | 0.7 |  |  | $ | — |
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 8). The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company’s closing stock price on June 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 June 30, 2019.

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