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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2020
Stockholders' Equity [Abstract]  
Information About Outstanding Warrants The following table summarizes information about outstanding warrants at December 31, 2020:

Number of
warrants

Weighted
average
exercise price

Outstanding at December 31, 2019

1,662,304

$

3.25

Exercised

(713,449)

3.25

Outstanding at December 31, 2020

948,855

$

3.25

Exercisable at December 31, 2020

948,855

$

3.25

Restricted Stock Activity The Company’s restricted stock activity under the 2006 Plan and the 2016 Plan is summarized as follows:

Shares

Weighted
average grant
date fair value

Unvested at December 31, 2019

39,900

$

2.31

Granted

100,319

1.88

Vested

(67,566)

2.12

Unvested at December 31, 2020

72,653

$

1.90

Stock Option Activity The Company’s option activity under the 2006 Plan and the 2016 Plan is summarized as follows:

Number of
options

Weighted
average
exercise price

Outstanding at December 31, 2019

573,925

$

4.94

Issued

104,458

1.99

Expired

(20,969)

11.04

Outstanding at December 31, 2020

657,414

$

4.28

Exercisable at December 31, 2020

598,139

$

4.51

Information About Options Outstanding and Exercisable The following table summarizes information about options outstanding and exercisable at December 31, 2020:

Weighted

Weighted

Weighted average

average exercise

Number of

average remaining

Number of

price of outstanding

price of outstanding

options

estimated life

options

and exercisable

options

outstanding

(in years)

exercisable

options

$1.88 - $2.50

531,519

8.3

472,244

$3.30 - $6.90

33,805

1.3

33,805

$7.50 - $10.80

20,503

3.5

20,503

$14.20 - $23.40

71,587

5.3

71,587

657,414

598,139

$4.51

Stock Option Grants Weighted Average Assumptions The fair values of stock option grants to employees and members of the Board of Directors during 2020, 2019, and 2018 were measured on the date of grant using Black-Scholes, with the following weighted average assumptions:

2020

2019

2018

Expected volatility

101% - 104%

89% - 100%

81%

Risk free interest rate

0.31% - 1.67%

1.55% - 2.85%

2.60%

Expected dividend yield

0.0%

0.0%

0.0%

Expected life (in years)

5

5

5

Expense Related to Options Revalued The following table summarizes the expense related to the options revalued in June 2019:

Grant date

Number of options

Previous

Accelerated

Incremental

Total

1/11/2011

16,667

$

109,769 

$

— 

$

11,782 

$

121,551 

1/20/2014

6,667

120,712 

— 

7,621 

128,333 

2/27/2018

60,606

99,738 

— 

12,313 

112,051 

4/21/2017

20,000

70,346 

20,736 

13,485 

104,567 

4/30/2019

50,000

13,453 

67,047 

1,274 

81,774 

153,940

$

414,018 

$

87,783 

$

46,475 

$

548,276 

Share-based Compensation Costs Recognized on Financial Statements The following table summarizes share-based compensation costs recognized in the Company’s Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2020, 2019, and 2018:

2020

2019

2018

Research and development

$

497

$

3,127

$

3,238

Sales and marketing

12,578

General and administrative

436,194

856,472

260,158

Total share-based compensation

$

436,691

$

872,177

$

263,396