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13. STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
13. STOCK-BASED COMPENSATION

Pursuant to the Company’s Amended and Restated 2007 Equity Incentive Plan approved in 2011(“Plan”), the aggregate number shares of the Company’s common stock available for grant of stock options and issuance is 4,341,989 shares. On October 5, 2015, during the annual meeting of the Company’s stockholders, the aggregate number of shares reserved and available for grant and issuance pursuant to the Plan was increased to 10,341,989. As of March 31, 2019, the number of shares of the Company’s common stock available for issuance under the Plan is 5,017,989.

 

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The risk free rate is based on the yield-to-maturity in continuous compounding of the US Government Bonds with the time-to-maturity similar to the expected tenor of the option granted, volatility is based on the annualized historical stock price volatility of the Company, and the expected life is based on the historical option exercise pattern.

 

During the three months ended March 31, 2019, there were no options issued to employees or non-employees.

 

The following table summarizes all Company stock option transactions between January 1, 2019 and March 31, 2019.

 

    Number of Option
and Warrants
Outstanding and exercisable		   Weighted- Average Exercise price of Option
and Warrants		   Range of
Exercise Price per Common Share
Balance, January 1, 2019     2,518,000     $ 0.97       $0.71 - $4.80  
Exercised  during the period ended March 31, 2019     (245,000 )   $ 0.71     $ 0.71  
Expired during the period ended March 31, 2019     (12,500 )   $ 1.78     $ 1.78  
Balance, March 31, 2019     2,260,500     $ 0.99       $0.71 - $4.80  

 

Stock and Warrants Options Exercisable and Outstanding
            Weighted Average
            Remaining
    Outstanding at March 31, 2019   Range of
Exercise Prices		   Contractual Life
 (Years)
Exercisable and outstanding     2,260,500       $0.71 - $4.80       3.14  
                         

 

The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2019 was $546,924.

 

During the three months ended March 31, 2019, 96,969 shares of common stock were issued upon cashless exercise of 245,000 options.

 

The aggregate intrinsic value of options exercised during the quarter ended March 31, 2019 was $114,415. There was no option exercised during the quarter ended March 31, 2018.