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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2020
STOCK-BASED COMPENSATION |
Schedule of Accounting for Stock-Based Compensation | The following table summarizes amounts charged to expense for stock-based compensation related to employee and director stock option grants:
|  | Twelve Months Ended
|  | December 31,
|  | 2020 |  | 2019
Employee and director stock option grants: |  |  |  |  |  |
Research and development |  | $ | 72,579 |  | $ | 62,932
General and administrative |  |  | 394,962 |  |  | 803,859
Total stock-based compensation |  | $ | 467,541 |  | $ | 866,791
Schedule of weighted-average values and assumptions used for stock | The following table summarizes the weighted-average values and assumptions used for stock options granted to employees and directors in the periods indicated:
|  | Year Ended December 31, |
|  | 2020 |  | 2019 |
Volatility |  |  | 96-106 | % |  | 91-93 | %
Risk-free interest rate |  |  | 0.42-1.67 | % |  | 1.62-3.05 | %
Expected life (years) |  |  | 6 |  |  | 6 |
Dividend |  |  | 0 | % |  | 0 | %
Weighted-average exercise price |  | $ | 1.84 |  | $ | 2.33 |
Weighted-average grant-date fair value |  | $ | 1.42 |  | $ | 1.76 |
Schedule of Stock Options Activity | A summary of stock option activity is as follows:
|  | Number of |  |  |  |  | Weighted |  |  |
|  | Shares |  |  |  |  | Average |  |  |
|  | Issuable Upon |  | Weighted |  | Remaining |  |  |
|  | Exercise of |  | Average |  | Contracted |  | Aggregate
|  | Outstanding |  | Exercise |  | Term in |  | Intrinsic
|  | Options |  | Price |  | Years |  | Value
Outstanding at December 31, 2018 |  | 232,343 |  | $ | 14.37 |  |  |  |  |
Granted |  | 411,930 |  | $ | 2.33 |  |  |  |  |
Forfeited |  | (33,559) |  | $ | 4.78 |  |  |  |  |
Outstanding at December 31, 2019 |  | 610,714 |  | $ | 6.78 |  | — |  | $ | 34,650
Granted |  | 653,750 |  | $ | 1.84 |  |  |  |  |
Forfeited |  | 80,000 |  | $ | 2.46 |  |  |  |  |
Outstanding at December 31, 2020 |  | 1,184,464 |  | $ | 4.34 |  | 8.57 |  | $ | 316,688
Exercisable, December 31, 2020 |  | 458,325 |  | $ | 8.26 |  | 7.70 |  | $ | 6,828
Unvested, December 31, 2020 |  | 726,139 |  | $ | 1.87 |  | 9.12 |  | $ | 309,859
Schedule of Restricted Stock Grants | The following table summarizes the restricted stock grants:
|  |  |  | Weighted |  |  |
|  |  |  | Average |  |  |
|  |  |  | Grant Date |  | Total Grant
|  | Number of |  | Fair Value |  | Date Fair
|  | Shares |  | Per Share |  | Value
Outstanding at December 31, 2018 |  | 18,668 |  | $ | 21.00 |  | $ | 392,000
Granted |  | — |  |  | — |  |  | —
Vested |  | (9,334) |  |  | 21.00 |  |  | (196,000)
Forfeited |  | — |  |  | — |  |  | —
Outstanding at December 31, 2019 |  | 9,334 |  |  | 21.00 |  |  | 196,000
Granted |  | — |  |  | — |  |  | —
Vested |  | (9,334) |  |  | 21.00 |  |  | (196,000)
Forfeited |  | — |  |  | — |  |  | —
Outstanding at December 31, 2020 |  | — |  | $ | — |  | $ | —

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