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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of valuation assumptions | The assumptions used in the Black-Scholes option pricing model for stock options granted for the year ended December 31, 2018 are as follows:
| Years Ended December 31,
| 2018 |  | 2017
Risk-Free interest rate | 2.24% - 2.96% |  | 1.87%-2.15% |
Expected dividend yield | —% |  | —% |
Expected stock price volatility | 27.80% -30.36% |  | 70.24%-71.43% |
Expected life of options | 5 - 6.25 Years |  | 5-6.25 Years |
Discount for lack of marketability | 9.35% |  | 17.72 | %
Schedule of stock option activity | The following table summarizes the combined stock option activity under the Company’s Equity Compensation Plans:
| Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at December 31, 2016 | 2,158,083 |  |  | $1.60 |  | 6.10 |  | $214,883
Granted | 660,557 |  |  | 1.61 |  |  |  |  |
Exercised | (6,250 | ) |  | 0.23 |  |  |  |  |
Expired | (100,000 | ) |  | 1.33 |  |  |  |  |
Canceled | — |  |  | — |  |  |  |  |
Outstanding at December 31, 2017 | 2,712,390 |  |  | $1.62 |  | 6.09 |  | $69,090
Granted (1) | 1,120,500 |  |  | 1.44 |  |  |  |  |
Exercised | (30,000 | ) |  | 0.15 |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Canceled (2) | (250,000 | ) |  | 1.69 |  |  |  |  |
Outstanding at December 31, 2018 | 3,552,890 |  |  | $1.57 |  | 5.06 |  | $1,149,461
Exercisable at December 31, 2018 | 2,135,598 |  |  | $1.57 |  | 3.82 |  | $1,149,461
_________________ Notes: (1) Represents the following stock options granted:
• | Annual share-based compensation awards on January 2, 2018, including: (a) 492,000 stock options with an exercise price of $1.39 granted to executives and key personnel, vesting upon grant or one year anniversary, (b) 250,000 stock options with an exercise price of $1.39 granted to Board of Directors, vesting 25% upon grant and the remaining 75% will vest annually in equal installments over four years, and (c) 87,500 stock options with an exercise price of $1.39 granted to employees, vesting annually in equal installments over four years.
• | One-time awards on March 18, 2018, including: (a) 50,000 stock options with an exercise price of $1.44 granted to key personnel, vesting upon one year anniversary, (b) a sign-on award of 50,000 stock options and a conditional award of 50,000 stock options with an exercise price of $1.44 to the Chief Accounting Officer. The sign-on options will vest annually in equal installments over four years, and the conditional award will vest once certain conditions are met.
• | One-time awards on November 16, 2018, including: (a) a conditional award of 125,000 stock options with an exercise price of $1.76 granted to the Chief Accounting Officer, vesting upon certain achievements, but not before November 28, 2019, (b) 16,000 stock options with an exercise price of $1.76 granted to employees, vesting annually in equal installments over four years.
(2) Represents the cancellation of performance-based stock options granted to the Company’s former Chief Financial Officer, who separated from the Company on March 22, 2018. In addition, the Compensation Committee approved an extension of the exercise period of his vested stock options to June 30, 2019. The incremental cost of such modification, which approximated $39,000, was recognized immediately.
Schedule of non-cash stock option compensation expense | Total non-cash stock option compensation expense was allocated among the following expense categories:
| Years Ended December 31,
| 2018 |  | 2017
General and administrative | $ | 390,854 |  |  | $ | 510,679 |
Research and development | 76,349 |  |  | 132,751 |
Total | $ | 467,203 |  |  | $ | 643,430 |

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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=109197908&loc=d3e5070-113901 + Details
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