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15. STOCK OPTIONS AND WARRANTS (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Assumptions for options granted | We used the following assumptions for options granted in fiscal 2019 and 2018:
| 2019 | 2018
Expected volatility | 78.47%-82.26% | 82.40%
Expected term | 5-7 Years | 5 Years
Risk-free interest rate | 1.73%-1.92% | 2.59%
Weighted average FV | $4.02 | $6.66
Rollforward of option activity | Option activity for the years ended December 31, 2019 and 2018 under the 2008 and 2011 Plans are as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2017 |  |  | 304,327 |  |  | $ | 11.50 |
Granted |  |  | 14,150 |  |  |  | 10.00 |
Exercised |  |  | – |  |  |  | – |
Forfeited |  |  | (20,300 | ) |  |  | 9.50 |
Expired |  |  | (1,771 | ) |  |  | 31.50 |
Outstanding at December 31, 2018 |  |  | 296,406 |  |  | $ | 11.50 |
Granted |  |  | 58,204 |  |  |  | 5.52 |
Exercised |  |  | – |  |  |  | – |
Forfeited |  |  | (84,350 | ) |  |  | 11.71 |
Expired |  |  | (30,556 | ) |  |  | 16.37 |
Outstanding at December 31, 2019 |  |  | 239,704 |  |  | $ | 9.25 |
Exercisable at December 31, 2019 |  |  | 195,715 |  |  | $ | 10.02 |
Stock options information by exercise price | The following table summarizes information about employee stock options outstanding at December 31, 2019: Options exercisable have a weighted average remaining contractual life of 4.74 years as of December 31, 2019:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Price |  |  | Number Outstanding at December 31, 2019 |  |  | Weighted Average Remaining Contractual life |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |  |  | Number Exercisable at December 31, 2019 |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
$4.09 - $8.00 |  |  |  | 148,404 |  |  |  | 7.93 Years |  |  | $ | 6.73 |  |  | $ | 5,187 |  |  |  | 104,415 |  |  | $ | 7.13 |  |  | $ | 5,187 |
$10.00 - $13.50 |  |  |  | 91,300 |  |  |  | 1.89 Years |  |  |  | 13.33 |  |  |  | – |  |  |  | 91,300 |  |  |  | 13.33 |  |  |  | – |
|  |  |  |  | 239,704 |  |  |  | 5.63 Years |  |  | $ | 9.25 |  |  | $ | 5,187 |  |  |  | 195,715 |  |  | $ | 10.02 |  |  | $ | 5,187 |
Options exercisable have a weighted average remaining contractual life of 4.73 years as of December 31, 2018:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Price |  |  | Number Outstanding at December 31, 2018 |  |  | Weighted Average Remaining Contractual life |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |  |  | Number Exercisable at December 31, 2018 |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |
$6.50 - $16.50 |  |  |  | 296,412 |  |  |  | 4.75 Years |  |  | $ | 11.50 |  |  | $ | – |  |  |  | 293,495 |  |  | $ | 11.50 |  |  | $ | – |
|  |  |  |  | 296,412 |  |  |  | 4.75 Years |  |  | $ | 11.50 |  |  | $ | – |  |  |  | 293,495 |  |  | $ | 11.50 |  |  | $ | – |
Warrant activity | Warrant activity for the years ended December 31, 2018 and 2019 are as follows:
|  | Number of Warrants |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2017 |  |  | 115,638 |  |  | $ | 8.50 |
Granted |  |  | 31,622 |  |  |  | 10.50 |
Exercised |  |  | – |  |  |  | – |
Forfeited |  |  | – |  |  |  | – |
Expired |  |  | (12,901 | ) |  |  | 12.50 |
Outstanding at December 31, 2018 |  |  | 134,359 |  |  | $ | 8.57 |
Granted |  |  | 2,410,001 |  |  |  | 6.31 |
Exercised |  |  | – |  |  |  | – |
Forfeited |  |  | – |  |  |  | – |
Expired |  |  | (8,570 | ) |  |  | 12.50 |
Outstanding at December 31, 2019 |  |  | 2,535,790 |  |  | $ | 6.41 |
Exercisable at December 31, 2019 |  |  | 2,535,790 |  |  | $ | 6.41 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + 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 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, 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 (d) -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 (e) -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 (c)(1) -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 warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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