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Share Capital (Tables)
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Summary of Stock Option Activity

A summary of the Company’s option activity related to options to employees and directors, and related information is as followed:

 

    As of March 31, 2020  
    Number of stock options     Weighted average exercise price  
             
Outstanding at beginning of period     371,360     $ 11.50  
Granted     166,666       9.64  
Exercise     (965 )     -  
Forfeited     -       -  
Cancelled     -       -  
Outstanding at end of period     537,061     $ 9.35  
                 
Vested at end of period     285,742     $ 8.70  

 

    For the Year ended December 31, 2019  
    Number of stock options     Weighted average exercise price  
             
Outstanding at beginning of period     398,308     $ 11.50  
Granted     48,893       6.20  
Forfeited     (28,690 )     -  
Cancelled     (47,151 )     -  
Outstanding at end of period     371,360     $ 9.19  
                 
Vested at end of period     270,827     $ 8.48  
Schedule of Stock Options Outstanding

The stock options outstanding as of March 31, 2020 and December 31, 2019, summarized by exercise prices, are as follows:

 

Exercise price $     Stock options outstanding as of March 31, 2020     Stock options outstanding as of December 31, 2019     Weighted average remaining contractual life – years as of March 31, 2020     Weighted average remaining contractual life – years as of December 31, 2019     Stock options exercisable as of March 31, 2020     Stock options exercisable as of December 31, 2019  
                                       
  4.20       77,846       77,846       5.8       6.0       77,846       77,846  
  15.75       133,546       133,546       7.5       7.8       98,276       90,641  
  8.60       11,630       11,630       9.7       9.9       6,385       5,515  
  9.00       10,000       10,000       8.5       8.8       5,500       4,750  
  9.64       166,666       -       1.0       -       -       -  
  5.95       17,503       17,503       9.5       9.7       4375       -  
  5.06       19,760       19,760       9.6       9.8       -       -  
  15.30       38,533       38,533       7.8       8.0       31,783       29,533  
  (*)       61,577       62,542       6.5       6.8       61,577       62,542  
          537,061       371,360       7.3       8.3       285,742       270,827  

 

(*) Less than $0.01.
Schedule of Stock Options Valuation Assumptions

The grant date fair values of stock options granted in the years ended March 31, 2020 and 2019 were estimated using the Black-Scholes valuation model with the following:

 

    As of
March 31, 2020		     Year ended
December 31, 2019		  
             
Expected volatility     135.60 %     132.63%-144.4%  
Risk-free interest     1.20 %     1.49%-2.62%  
Dividend yield     0 %     0 %
Expected life of up to (years)     6       5.282  
Schedule of Warrants Outstanding

The remaining outstanding warrants and terms as of March 31, 2020 and December 31, 2019 are as follows:

 

Issuance date   Outstanding as of March 31, 2020     Outstanding as of December 31, 2019     Exercise Price     Exercisable as of March 31, 2020     Exercisable Through
                             
Series A (2013) (*)     183       183     $ 2,754.00       183     April 9, 2023
Series A (2015) (*)     683       683     $ 1,377.00       683     April 30, 2020
Series B (2016) (a)(*)     2,770       2,770     $ 40.50       2,770     March 14, 2022
Warrant to underwriters – 1/2019     22,767       22,767     $ 8.13       22,767     July 14, 2022
Warrant to underwriters – 1/2019     29,500       29,500     $ 12.50       29,500     July 15, 2022
Warrant to underwriters – 1/2019     12,500       12,500     $ 12.50       12,500     January 15, 2020
Warrant to underwriters – 12/2019     45,643       45,643     $ 13.13       -     June 27, 2023
Warrant to underwriters – 12/2019     47,619       47,619     $ 13.13       -     June 30, 2023
Warrant to underwriters – 12/2019     45,045       45,045     $ 13.88       -     June 25, 2023

 

(*) Prior to January 1, 2019, warrants with non-standard anti-dilution provisions (referred to as down round protection) were classified as liabilities and re-measured each reporting period. On January 1, 2019, the Company adopted the provisions of ASU 2017-11, which indicates that a down round feature no longer precludes equity classification when assessing whether an investment is indexed to an entity’s own stock. The Company used a full retrospective approach to adoption and restated its financial statements as of the earliest period presented. The cumulative effect of adoption of ASU 2017-11 resulted in an adjustment to accumulated deficit as of January 1, 2018 of $20 with a corresponding adjustment to additional paid-in capital.