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15. STOCK OPTIONS AND WARRANTS (Tables)

12 Months Ended

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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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.

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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.

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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.

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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.

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