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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The Black-Scholes option-pricing model was used to estimate the fair value of equity-based awards with the following weighted-average assumptions for the period ending September 30:

	2018		2017
Risk-free interest rate	2.52 - 2.97%		2.00 %
Expected volatility	72.0% - 76.0%		75.0%
Expected life (years)	6.25 to 10.00		6.25 to 10.00
Expected dividend yield	0%		0%

Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes the activity for all stock options outstanding for the nine months ended September 30 under the Plan:

		2018								2017
		Shares				Weighted Average Exercise Price				Shares				Weighted Average Exercise Price
Options outstanding at beginning of year			501,603			$	7.58				302,088			$	5.91
Granted			41,421				21.85				191,730				8.56
Exercised			(49,700	)			7.60				-				-
Forfeited			-				-				(15,365	)			3.60
Balance at September 30			493,324			$	8.75				478,453			$	7.05
Options exercisable at September 30:			265,531			$	6.83				178,275			$	5.65
Weighted Average Grant Date Fair Value for Options Granted During the period:						$	15.25							$	5.42

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]

The following table summarizes additional information about stock options outstanding and exercisable at September 30, 2018 under the Plan:

Options Outstanding																Options Exercisable
Options Outstanding				Weighted Average Remaining Contractual Life				Weighted Average Exercise Price				Aggregate Intrinsic Value				Options Exercisable				Weighted Average Exercise Price				Aggregate Intrinsic Value
	493,324				7.99			$	8.75			$	9,873,199				265,531			$	6.83			$	5,823,852

Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]

Total unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized as follows:

2018		$	226,782
2019			627,387
2020			385,282
2021			209,986
2022			46,776
Total estimated compensation cost to be recognized		$	1,496,213

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

The Company recognized total stock-based compensation, as follows for the three months and nine months ended September 30:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2018				2017				2018				2017
Stock-based compensation expense in operating expenses:
Research and development		$	217,499			$	126,600			$	555,034			$	420,789
General and administrative			82,777				11,682				358,006				140,308
Total		$	300,276			$	138,282			$	913,040			$	561,097

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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