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STOCKHOLDERS’ EQUITY (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Summary of our Warrant activity during the year ended December 31, 2019:

Summary of our Warrant activity during the year ended December 31, 2019:

 

 

 

Number of Shares Under Warrants

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Life in Years

 

 

Aggregate Intrinsic Value

 

Balance at December 31, 2018

 

 

3,007,571

 

 

$

2.78

 

 

 

1.58

 

 

$

4,826,403

 

Granted

 

 

75,000

 

 

$

5.63

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1,250,000

)

 

$

3.20

 

 

 

 

 

 

$

2,420,000

 

Expired

 

 

—

 

 

 

—

 

 

 

 

 

 

 

—

 

Cancelled/Forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

 

—

 

Balance at December 31, 2019

 

 

1,832,571

 

 

$

2.62

 

 

 

1.95

 

 

$

2,447,929

 

Vested and Exercisable at December 31, 2019

 

 

1,820,071

 

 

$

2.60

 

 

 

1.90

 

 

$

2,447,929

 

Unvested at December 31, 2019

 

 

12,500

 

 

$

5.63

 

 

 

9.13

 

 

 

—

 
The weighted average fair value per share of warrants issued and the assumptions used in the Black-Scholes Model during the years ended December 31, 2019, 2018, and 2017 are set forth in the table below.

The weighted average fair value per share of warrants issued and the assumptions used in the Black-Scholes Model during the years ended December 31, 2019, 2018, and 2017 are set forth in the table below.

 

 

 

2019

 

 

2018

 

 

2017

 

Weighted average exercise price

 

$

5.63

 

 

$

5.16

 

 

$

6.83

 

Weighted average grant date fair value

 

$

3.00

 

 

$

2.79

 

 

$

3.67

 

Risk-free interest rate

 

 

2.52

%

 

 

2.36

%

 

 

1.47

%

Volatility

 

 

60.8

%

 

 

62.12

%

 

 

63.24

%

Term (in years)

 

 

5

 

 

 

5

 

 

 

5

 

Dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%
The ranges of assumptions used in the Black-Scholes Model during the years ended December 31, 2019, 2018, and 2017 are set forth in the table below.

The ranges of assumptions used in the Black-Scholes Model during the years ended December 31, 2019, 2018, and 2017 are set forth in the table below.

 

 

 

2019

 

 

2018

 

 

2017

 

Weighted average exercise price

 

$

3.10

 

 

$

5.45

 

 

$

6.60

 

Weighted average grant date fair value

 

$

1.82

 

 

$

3.24

 

 

$

3.82

 

Risk-free interest rate

 

 

1.64-2.54

%

 

 

2.38-2.89

%

 

 

1.84-2.05

%

Volatility

 

 

61.25-64.49

%

 

 

59.45-64.04

%

 

 

61.56-64.25

%

Term (in years)

 

 

5.5-6.5

 

 

 

5.1-6.25

 

 

 

5.5-6.25

 

Dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%
A summary of activity under the 2009, 2012 and 2019 Plans and related information during the year ended December 31, 2019 is as follows:

A summary of activity under the 2009, 2012 and 2019 Plans and related information during the year ended December 31, 2019 is as follows:

 

 

 

Number of Shares Under Options

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Life in Years

 

 

Aggregate Intrinsic Value

 

Balance at December 31, 2018

 

 

20,872,824

 

 

$

4.93

 

 

 

5.94

 

 

$

12,239,876

 

Granted

 

 

4,620,501

 

 

$

3.10

 

 

 

 

 

 

 

 

 

Exercised

 

 

(343,716

)

 

$

0.32

 

 

 

 

 

 

$

1,426,828

 

Expired

 

 

(26,375

)

 

$

5.57

 

 

 

 

 

 

 

 

 

Cancelled/Forfeited

 

 

(93,000

)

 

$

5.16

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

25,030,234

 

 

$

4.65

 

 

 

5.84

 

 

$

3,668,171

 

Vested and Exercisable at December 31, 2019

 

 

18,025,819

 

 

$

4.88

 

 

 

4.62

 

 

$

3,319,621

 

Unvested at December 31, 2019

 

 

7,004,415

 

 

$

4.05

 

 

 

8.96

 

 

$

348,550