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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2019
Share-based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense | The amount of stock-based compensation expense is as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Stock options |  | $ | 41,138 |  |  | $ | 19,944 |  |  | $ | 79,881 |  |  | $ | 36,375 |
Restricted stock awards |  |  | 5,958 |  |  |  | 22,175 |  |  |  | 11,917 |  |  |  | 43,646 |
Total |  | $ | 47,096 |  |  | $ | 42,119 |  |  | $ | 91,798 |  |  | $ | 80,021 |
Schedule of estimated fair value of stock options | The Company estimated the fair value of stock options using the Black-Scholes-Merton option pricing model with the following assumptions:
|  | Six months ended June 30, |
|  | 2019 |  |  | 2018 |
Number of options awarded to purchase common shares |  |  | None |  |  |  | 25,000 |
Risk-free interest rate |  |  | N/A |  |  |  | 2.60 | %
Expected volatility |  |  | N/A |  |  |  | 154.3 | %
Assumed dividend yield |  |  | N/A |  |  |  | N/A |
Expected life of options from the date of grant |  |  | N/A |  |  |  | 9.8 years
Schedule of unrecognized compensation cost from unvested awards | The estimated unrecognized compensation cost from unvested awards which will be recognized ratably over the remaining vesting phase is as follows:
Years ended December 31st: |  | Unvested stock options |  |  | Unvested restricted stock awards |  |  | Total unrecognized compensation expense |
2019 (remaining six months) |  |  | 72,348 |  |  |  | 3,757 |  |  |  | 76,105 |
2020 |  |  | 108,436 |  |  |  | 4,251 |  |  |  | 112,687 |
2021 |  |  | 65,953 |  |  |  | 706 |  |  |  | 66,659 |
|  | $ | 246,737 |  |  | $ | 8,714 |  |  | $ | 255,451 |
Schedule of stock option activity under Equity Incentive Plan | Stock option activity under our Equity Incentive Plan is summarized as follows:
|  |  |  |  |  |  |  |  |  |  | Weighted avg. |  |  |  |
|  |  |  |  | Weighted avg. |  |  | Weighted avg. |  |  | remaining |  |  |  |
|  | Number of |  |  | exercise price |  |  | grant date fair |  |  | contractual life |  |  | Aggregate |
|  | awards |  |  | per share |  |  | value per share |  |  | (in years) |  |  | intrinsic value |
Outstanding, December 31, 2018 |  |  | 434,451 |  |  | $ | 1.49 |  |  | $ | 1.47 |  |  |  | 6.91 |  |  | $ | 230,039 |
Granted |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Exercised |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Expired/Forfeited |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Outstanding, June 30, 2019 |  |  | 434,451 |  |  | $ | 1.49 |  |  | $ | 1.47 |  |  |  | 6.42 |  |  | $ | 157,717 |
Exercisable, June 30, 2019 |  |  | 235,710 |  |  | $ | 1.16 |  |  | $ | 1.16 |  |  |  | 4.27 |  |  | $ | 157,717 |
Unvested, June 30, 2019 |  |  | 198,741 |  |  | $ | 1.89 |  |  | $ | 1.83 |  |  |  | 8.96 |  |  | $ | — |
Schedule of restricted stock activity under Equity Incentive Plan | Restricted stock activity under our Equity Incentive Plan is summarized as follows:
|  |  |  |  | Weighted avg. |
|  | Number of |  |  | grant date |
|  | options |  |  | fair value |
Non-vested restricted shares, December 31, 2018 |  |  | 30,000 |  |  | $ | 2.38 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | — |  |  | $ | — |
Non-vested restricted shares, June 30, 2019 |  |  | 30,000 |  |  | $ | 2.38 |

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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