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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Estimated Values of Stock Option Grants Valuation Assumptions

The weighted average estimated values of director and employee stock option grants, as well as the weighted average assumptions that were used in calculating such values during the three months ended March 31, 2020 and 2019, were based on estimates at the date of grant as follows:

 

    April 30,     January 1,     February 10,  
    2015 Grant     2016 Grant     2016 Grant  
Risk-free interest rate     1.43 %     1.76 %     1.15 %
Weighted average expected term     5 years       5 years       5 years  
Expected volatility     143.10 %     134.18 %     132.97 %
Expected dividend yield     0.00 %     0.00 %     0.00 %

 

    December 6,     September 25,  
    2016 Grant     2017 Grant  
Risk-free interest rate     1.84 %     1.85 %
Weighted average expected term     5 years       5 years  
Expected volatility     123.82 %     130.79 %
Expected dividend yield     0.00 %     0.00 %

  

    January 30,     March 11,  
    2019 Grant     2019 Grant  
Risk-free interest rate     2.54 %     2.44 %
Weighted average expected term     5 years       5 years  
Expected volatility     115.80 %     116.46 %
Expected dividend yield     0.00 %     0.00 %
Schedule of Stock Option Activity

A summary of stock option activity during the three months ended March 31, 2020 and 2019 is as follows:

 

                Weighted-        
          Weighted-     Average        
    Shares     Average     Remaining     Aggregate  
    Under     Exercise     Contractual     Intrinsic  
    Option     Price     Life     Value  
Outstanding at January 1, 2020     46,860     $ 9.02       9 years       19,200  
                                 
Outstanding at March 31, 2020     46,860     $ 9.02       9 years     $ 19,200  
                                 
Exercisable at March 31, 2020     38,785     $ 9.54       9 years     $ 19,200  

 

                Weighted-        
          Weighted-     Average        
    Shares     Average     Remaining     Aggregate  
    Under     Exercise     Contractual     Intrinsic  
    Option     Price     Life     Value  
Outstanding at January 1, 2019     36,760     $ 25.04       8 years         79,200  
Granted     43,550       6.72                  
Forfeited and expired     (33,450 )     43.00                  
                                 
Outstanding at March 31, 2019     46,860     $ 9.02       9 years       $ 19,200  
                                 
Exercisable at March 31, 2019     28,710     $ 10.61       9 years       $ 19,200