XML 32 R19.htm IDEA: XBRL DOCUMENT

12. STOCK OPTIONS AND WARRANTS

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

STOCK OPTIONS AND WARRANTS

12.

STOCK OPTIONS AND WARRANTS

Stock Options

There were no stock options issued during the six months ended June 30, 2019.

During the six months ended June 30, 2019, the Company recorded stock option-based compensation of $3,832 related to prior grants. As of June 30, 2019, there is $2,806 of unrecognized stock option-based compensation expense that will be recognized over the next six months.

The number of options to purchase capital stock that were outstanding at June 30, 2019 was 276,229. During the six months ended June 30, 2019, 28,800 options were forfeited due to terminations and 13,454 expired.

Warrants

As part of the Company’s public offering (see Note 11), the Company issued 2,300,000 warrants during the three months ended June 30, 2019 to the underwriter. These warrants are exercisable for five years at an exercise price of $6.30 per share. In April 2019, pursuant to the Underwriting Agreement, the Company issued as a fee to the Underwriters warrants (the “Representative’s Warrants”) to purchase up to a total of 110,000 shares of common stock (5% of the shares of common stock sold). The warrants are exercisable at $6.60 per share and have a term of five years. There was no financial statement accounting effect for the issuance of these warrants.

During the six months ended June 30, 2019, 3,467 warrants expired. Total warrants outstanding at June 30, 2019 were 2,540,892 as per the table below:

	Number of Warrants

Outstanding December 31, 2018		134,359
Public Offering		2,300,000
Underwriter Warrants		100,000
Over-Allottment Warrants for Underwriters		10,000
Expired		(3,467	)
Outstanding June 30, 2019		2,540,892