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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option and Restricted Stock Awards

A summary of stock option awards and restricted stock grants for the six-months ended June 30, 2020 is presented below:

 

    Stock Options     Restricted Stock Awards    

Weighted

Average

 
   

Options

Outstanding

   

Weighted

Average

Exercise

Price

   

Non-vested

Restricted

Stock

Outstanding

   

Weighted

Average

Grant

Date

Fair Value

   

Contractual

Terms of

Equity

Awards

(in years)

 
Equity awards outstanding at January 1, 2020     4,332,142     $ 2.63       8,750     $ 1.59          
                                         
Equity awards granted     644,000     $ 3.52       429,855     $ 1.16          
                                         
Options exercised     (140,864 )   $ 2.64                          
                                         
Vested and issued     -     $ -       (429,855 )   $ 1.16          
                                         
Equity awards forfeited, cancelled or expired     (110,002 )   $ 2.21       -     $ -          
                                         
Equity awards outstanding at June 30, 2020     4,725,276     $ 2.76       8,750     $ 1.59       8.3  
                                         
Aggregate intrinsic value of outstanding equity awards at June 30, 2020   $ 5,494,924             $ 7,875                  
                                         
Equity awards exercisable at June 30, 2020     3,194,777       2.86                       7.8  
                                         
Aggregate intrinsic value of equity awards exercisable at June 30, 2020   $ 3,733,421                                  

Schedule of Assumptions Used to Determine Fair Value of Options Granted

The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model:

 

      Six Months Ended June 30,  
      2020       2019  
Risk-free interest rate     0.71% to 1.33 %     2.42%-2.65 %
Expected volatility     100.4% to 104.2 %     101.3%-106.2 %
Expected life (in years)     8.5 to 10.0       7.5 to 9.3  
Expected dividend yield     - %     -