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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2020
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 during the three months ended March 31, 2020 are as follows:
Risk-Free interest rate | 0.25% - 1.72%
Expected dividend yield | — | %
Expected stock price volatility | 39.94% - 51.22%
Expected life of options | 1.75 - 6.25 Years
Schedule of stock option activity | The following table summarizes the stock option activities during the three months ended March 31, 2020:
| Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2019 | 3,860,390 |  |  | $1.76 |  | 5.7 |  | $13,287,932
Granted (1) | 913,000 |  |  | 5.24 |  |  |  |  |
Exercised (2) | (110,000) |  |  | 1.78 |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Canceled | — |  |  | — |  |  |  |  |
Outstanding at March 31, 2020 | 4,663,390 |  |  | $2.44 |  | 6.4 |  | $13,017,190
Exercisable at March 31, 2020 | 3,167,983 |  |  | $1.67 |  | 5.1 |  | $11,201,783
_________________ Notes: (1) Represents the following stock options granted: •Annual share-based compensation awards on January 2, 2020, including: (a) 525,000 stock options with an exercise price of $5.27 per share granted to executives and key personnel, vesting upon one year anniversary, or annually in equal installments over four years, (b) 325,000 stock options with an exercise price of $5.27 per share granted to the Board of Directors, vesting upon one year anniversary, (c) 23,000 stock options with an exercise price of $5.27 per share granted to employees, vesting annually in equal installments over four years, and (d) 15,000 stock options with an exercise price of $5.27 per share granted to a consultant, vesting upon one year anniversary. •One-time awards on March 22, 2020, including 25,000 stock options to a contractor with an exercise price of $3.99 per share, vesting in six months from the date of grant. (2) Represents the following stock options exercised: •A total of 110,000 stock options exercised with a weighted average market price of $1.78, among which, 10,000 shares were issued in May 2020.
Schedule of non-cash stock option compensation expense | Total non-cash stock option compensation expense was allocated among the following expense categories:
| Three Months Ended March 31, |  |  |  |  |  |
| 2020 |  | 2019 |  |  |  |
General and administrative | $ | 380,251 |  |  | $ | 233,214 |  |  |  |  |
Research and development | 46,688 |  |  | 76,349 |  |  |  |  |
Total | $ | 426,939 |  |  | $ | 309,563 |  |  |  |  |

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- Definition Tabular disclosure for share-based compensation 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 (e) -URI http://asc.fasb.org/extlink&oid=109197908&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 (c)(2) -URI http://asc.fasb.org/extlink&oid=109197908&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 (d) -URI http://asc.fasb.org/extlink&oid=109197908&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=109197908&loc=d3e5070-113901 + Details
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