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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense | The amount of stock-based compensation expense is as follows:
|  | Year ended December 31, |
|  | 2019 |  |  | 2018 |
Stock options |  | $ | 146,731 |  |  | $ | 94,751 |
Restricted stock awards |  |  | 15,674 |  |  |  | 66,377 |
Total |  | $ | 162,405 |  |  | $ | 161,128 |
Schedule of unrecognized compensation cost from unvested awards | As of December 31, 2019, 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 |
2020 |  |  | $ | 113,378 |  |  | $ | 4,251 |  |  | $ | 117,629 |
2021 |  |  |  | 70,896 |  |  |  | 706 |  |  |  | 71,602 |
2022 |  |  |  | 3,722 |  |  |  | — |  |  |  | 3,722 |
2023 |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | $ | 187,996 |  |  | $ | 4,957 |  |  | $ | 192,953 |
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:
|  | Year ended December 31, |
|  | 2019 |  |  | 2018 |
Number of options awarded to purchase common shares |  |  | 10,000 |  |  |  | 183,750 |
Risk-free interest rate |  |  | 1.50% |  |  |  | 2.6% - 3.0% |
Expected volatility |  |  | 100.3% |  |  |  | 115.9 - 154.3% |
Assumed dividend yield |  |  | N/A |  |  |  | N/A |
Expected life of options from the date of grant |  |  | 9.8 years |  |  |  | 9.8 years |
Schedule of stock option activity under Equity Incentive Plan | Stock option activity during 2019 and 2017 is summarized as follows:
|  |  | Number of awards |  |  | Weighted avg. exercise price per share |  |  | Weighted avg. grant date fair value per share |  |  | Weighted avg. remaining contractual life (in years) |  |  | Aggregate intrinsic value |
Outstanding, January 1, 2018 |  |  |  | 266,585 |  |  | $ | 1.23 |  |  | $ | 1.22 |  |  |  | 6.06 |  |  | $ | 462,508 |
Granted |  |  |  | 183,750 |  |  | $ | 1.91 |  |  | $ | 1.85 |  |  |  | 9.68 |  |  |  |  |
Exercised |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  |  |  |
Expired/Forfeited |  |  |  | (15,884 | ) |  | $ | 1.85 |  |  | $ | 1.83 |  |  |  | 7.86 |  |  |  |  |
Outstanding, December 31, 2018 |  |  |  | 434,451 |  |  | $ | 1.49 |  |  | $ | 1.47 |  |  |  | 6.91 |  |  | $ | 230,039 |
Granted |  |  |  | 10,000 |  |  | $ | 1.71 |  |  | $ | 1.53 |  |  |  | 9.80 |  |  |  |  |
Exercised |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  |  |  |
Expired/Forfeited |  |  |  | (7,325 | ) |  | $ | 1.86 |  |  | $ | 1.83 |  |  |  | 7.55 |  |  |  |  |
Outstanding, December 31, 2019 |  |  |  | 437,126 |  |  | $ | 1.46 |  |  | $ | 1.49 |  |  |  | 5.97 |  |  | $ | 150,417 |
Exercisable, December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 310,728 |
Unvested, December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 126,398 |
Schedule of restricted stock activity under Equity Incentive Plan | The following table summarizes activity for restricted stock awards for the fiscal years presented:
|  | Number of options |  |  | Weighted avg. grant date fair value |
Non-vested restricted shares, January 1, 2018 |  |  | 99,000 |  |  | $ | 2.56 |
Granted |  |  | 5,000 |  |  | $ | 2.55 |
Vested |  |  | (74,000 | ) |  | $ | 2.63 |
Forfeited |  |  | — |  |  | $ | — |
Non-vested restricted shares, December 31, 2018 |  |  | 30,000 |  |  | $ | 2.38 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | (25,000 | ) |  | $ | 2.35 |
Forfeited |  |  | — |  |  | $ | — |
Non-vested restricted shares, December 31, 2019 |  |  | 5,000 |  |  | $ | 2.55 |

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