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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | 12. STOCK-BASED COMPENSATION Under the Company's 2018 Stock Incentive Plan (the “2018 Plan”), 2017 Stock Incentive Plan (the “2017 Plan”), 2016 Stock Incentive Plan (the “2016 Plan”) and the 2012 Stock Option Plan, as amended (the “2012 Plan”) (collectively, the “Plans”), options may be granted to employees, officers, consultants, service providers and directors of the Company. On July 19, 2019, the Company’s stockholders approved an amendment to the 2018 Plan which increased the number of shares of the Company’s common stock that may be issued thereunder to a total of 175,000 shares. The Plans, as amended, provide for the issuance of a maximum of 184,216 shares of the Company’s common stock. Options granted under the Plans have an exercise price equal to or greater than the fair value of the underlying common stock at the date of grant and become exercisable based on a vesting schedule determined at the date of grant. Typically, options granted generally become fully vested after four years. Any options that are forfeited or cancelled before expiration become available for future grants. The options expire between 5 and 10 years from the date of grant. Restricted stock awards granted under the Plans are subject to a vesting period determined at the date of grant. As of September 30, 2020, an aggregate of 6,668 of the Company’s options are still available for future grant. During the nine months ended September 30, 2020 and the year ended December 31, 2019, the Company did not grant any options under the Plans. Generally, options granted under the Plans become fully vested after four years. During the nine months ended September 30, 2020 and 2019, the Company also issued 102,500 and 29,375, respectively, shares of common stock to its consultants and service providers. The grant date fair value of these shares amounted to $182,575 and $338,619 respectively, which was determined from the closing price of the Company’s common stock on the date of issuance. The Company has valued the options at their date of grant utilizing the Black-Scholes option pricing model. This model is dependent upon several variables such as the options’ term, exercise price, current stock price, risk-free interest rate estimated over the expected term and estimated volatility of our stock over the expected term of the options. The risk-free interest rate used in the calculations is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options as calculated using the simplified method. The estimated volatility was determined based on the historical volatility of our common stock. The options outstanding as of September 30, 2020, have been classified by exercise price, as follows:
Outstanding |  | Exercisable
|  |  |  | Weighted |  |  |  |  |  |
|  |  |  | Average |  | Weighted |  |  |  | Weighted
|  |  |  | Remaining |  | Average |  |  |  | Average
Exercise |  | Number |  | Contractual |  | Exercise |  | Number |  | Exercise
Price |  | Outstanding |  | Life (Years) |  | Price |  | Exercisable |  | Price
$480 - $560 |  | 919 |  | 5.19 |  | $537.96 |  | 566 |  | $533.08
$1,208 - $1,352 |  | 31 |  | 2.88 |  | $1,339.20 |  | 31 |  | $1,339.20
$480 - $1,352 |  | 950 |  | 5.11 |  | $564.32 |  | 597 |  | $575.23
Issuances outside of Plans
$1.79 |  | 850,000 |  | 9.97 |  | $1.79 |  | 0 |  | $0.00
Total Options
$480 - 1,856 |  | 850,950 |  | 9.96 |  | $2.42 |  | 597 |  | $575.23
On September 30, 2020 and December 31, 2019, the aggregate intrinsic value of stock options that were outstanding was $187,000 and $0, respectively. and exercisable. On September 30, 2020 and December 31, 2019, there was no aggregate intrinsic value of stock options that were exercisable. The intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the fair value of such awards as of the period-end date The total stock-based compensation expense related to stock options and stock awards issued pursuant to the Plans to the Company’s employees, consultants and directors, included in reported net loss for the three and nine months ended September 30, 2020 and 2019, is comprised as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Stock-based compensation from Plans |  | $ | 202,975 |  |  | $ | 206,289 |  |  | $ | 272,466 |  |  | $ | 531,379 |
Stock-based compensation from issuances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
outside of Plans |  |  | - |  |  |  | 155,490 |  |  |  | - |  |  |  | 822,683 |
Total Stock-based compensation |  | $ | 202,975 |  |  | $ | 361,779 |  |  | $ | 272,466 |  |  | $ | 1,354,062 |
A summary of option activity under the Company's stock option plans as of September 30, 2020, and changes during the nine months ended are as follows:
|  |  |  |  | Outstanding Options |
|  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  |  | Weighted |  |  | Average |  |  |  |
|  | Shares |  |  |  |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  | Available |  |  | Number |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | for Grant |  |  | of Shares |  |  | Price |  |  | Life (years) |  |  | Value |
January 1, 2019 |  |  | 103,105 |  |  |  | 1,388 |  |  | $ | 636.47 |  |  |  | 6.33 |  |  | $ | 0 |
Restricted stock awards |  |  | (96,875 | ) |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | 438 |  |  |  | (438 | ) |  | $ | 793.14 |  |  |  |  |  |  |  |  |
September 30, 2020 |  |  | 6,668 |  |  |  | 950 |  |  | $ | 564.32 |  |  |  | 5.11 |  |  | $ | 0 |
As of September 30, 2020, there was $147,418 of unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the Plans. That cost is expected to be recognized over a weighted average period of 1.81 years. During the nine months ended September 30, 2020, the Company estimated the fair value of stock options granted using the Black-Scholes option pricing model with the following weighted average assumptions:
|  | Nine Months Ended
|  | September 30, 2020
Weighted average risk-free interest rate |  | 0.280%
Weighted average life (in years) |  | 5.7
Volatility |  | 100.3% — 100.5%
Expected dividend yield |  | 0%
Weighted average grant-date fair value per share of options granted |  | $1.38

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