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Stock-Based Compensation and Warrants (Tables) | 12 Months Ended
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Dec. 31, 2019
Stock-Based Compensation and Warrants |
Summary of assumptions used for awards |
|  | Year ended December 31, |
|  | 2019 |  | 2018 |
Exercise price |  | $ | 0.42 |  | $ | 0.69 |
Expected dividends |  |  | — | % |  | — | %
Expected volatility |  |  | 84 | % |  | 86 | %
Risk free interest rate |  |  | 1.61 | % |  | 2.75 | %
Expected life of option (years) |  |  | 4.5 |  |  | 4.0 |
Summary of stock option activity | A summary of stock option activity for the years ended December 31, 2019 and 2018 is as follows:
|  |  |  | Weighted |  | Weighted Average |  | Aggregate
|  |  |  | Average Exercise |  | Remaining |  | Intrinsic
|  | Options |  | Price |  | Contractual Life |  | Value
Balance - December 31, 2017 |  | 359,076 |  | $ | 53.93 |  | 4.60 years |  | $ | 1,800
Granted |  | 671,500 |  |  | 0.69 |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  | $ | —
Expired |  | (78,667) |  |  | 67.02 |  |  |  |  |
Forfeited |  | (12,927) |  |  | 23.72 |  |  |  |  |
Balance - December 31, 2018 |  | 938,982 |  | $ | 15.18 |  | 6.19 years |  | $ | —
Granted |  | 1,725,000 |  |  | 0.42 |  |  |  |  |
Exercised |  | — |  |  | — |  |  |  | $ | —
Expired |  | (94,738) |  |  | 58.25 |  |  |  |  |
Forfeited |  | (67,232) |  |  | 5.95 |  |  |  |  |
Balance -December 31, 2019 - outstanding |  | 2,502,012 |  | $ | 3.62 |  | 6.51 years |  | $ | 153,353
Balance - December 31, 2019 - exercisable |  | 358,949 |  | $ | 21.92 |  | 5.18 years |  | $ | —
Grant date fair value of options granted - December 31, 2019 |  |  |  | $ | 470,000 |  |  |  |  |
Weighted average grant date fair value - December 31, 2019 |  |  |  | $ | 0.27 |  |  |  |  |
Grant date fair value of options granted - December 31, 2018 |  |  |  | $ | 301,000 |  |  |  |  |
Weighted average grant date fair value - December 31, 2018 |  |  |  | $ | 0.45 |  |  |  |  |
Schedule of options outstanding and exercisable | The options outstanding and exercisable at December 31, 2019 are as follows:
Options Outstanding |  | Options Exercisable
|  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted
|  |  |  | Weighted |  | Average |  |  |  | Weighted |  | Average
|  |  |  | Average |  | Remaining |  |  |  | Average |  | Remaining
Range of |  |  |  | Exercise |  | Contractual |  |  |  | Exercise |  | Contractual
Exercise Price |  | Options |  | Price |  | Life |  | Options |  | Price |  | Life
$0.00 – $40.00 |  | 2,431,708 |  | $ | 1.38 |  | 6.58 years |  | 288,645 |  | $ | 7.56 |  | 5.46 years
41.00 – $70.00 |  | 8,364 |  |  | 50.29 |  | 3.60 years |  | 8,364 |  |  | 50.29 |  | 3.60 years
$71.00 – $102.00 |  | 61,940 |  | $ | 85.02 |  | 4.07 years |  | 61,940 |  | $ | 85.02 |  | 4.07 years
Summary of assumptions used by the company | The assumptions used by the Company are summarized in the following table:
|  | Issuance |
|  |  | Date |
Closing stock price |  | $ | 0.88 |
Expected dividends |  |  | — | %
Expected volatility |  |  | 90 | %
Risk free interest rate |  |  | 3.01 | %
Expected life of warrant (years) |  |  | 5.00 |
The assumptions used by the Company are summarized in the following table:
|  | Series A |
|  | December 31, |  | November 18, |
|  | 2018 |  | 2016 |
Closing stock price |  | $ | 0.56 |  | $ | 31.15 |
Expected dividends |  |  | — | % |  | — | %
Expected volatility |  |  | 92.50 | % |  | 85.00 | %
Risk free interest rate |  |  | 2.50 | % |  | 1.58 | %
Expected life of warrant (years) |  |  | 1.9 |  |  | 4.0 |
|  | December 31, |  | October 10, |
|  | 2018 |  | 2014 |
Closing stock price |  | $ | 0.56 |  | $ | 61.25 |
Expected dividends |  |  | — | % |  | — | %
Expected volatility |  |  | 110.00 | % |  | 95.00 | %
Risk free interest rate |  |  | 2.60 | % |  | 1.39 | %
Expected life of warrant (years) |  |  | 0.79 |  |  | 5.00 |
The assumptions used by the Company are summarized in the following table:
Closing stock price |  | $ | 18.55 |
Expected dividends |  |  | — | %
Expected volatility |  |  | 85 | %
Risk free interest rate |  |  | 2.42 | %
Expected life of warrant (years) |  |  | 4.92 |
Schedule of estimated fair value of the warrant liability | The following table summarizes the estimated fair value of the warrant liability (in thousands):
Balance at December 31,2017 |  | $ | 4,083
Change in fair value of warrant liability |  |  | (4,083)
Balance at December 31,2018 |  |  | —
Change in fair value of warrant liability |  |  | —
Balance at December 31,2019 |  | $ | —
Summary of all warrant activity | A summary of all warrant activity for the Company for the years ended December 31, 2019 and 2018 is as follows:
|  | Number of |  | Weighted Average
|  | Warrants |  | Exercise Price
Balance at December 31,2017 |  | 915,138 |  | $ | 52.50
Granted |  | 18,000,713 |  |  | 1.38
Exercised |  | — |  |  | —
Forfeited |  | — |  |  | —
Balance at December 31,2018 |  | 18,915,851 |  |  | 3.85
Granted |  | — |  |  | —
Exercised |  | — |  |  | —
Forfeited |  | (200,852) |  |  | 61.25
Balance at December 31,2019 |  | 18,714,999 |  | $ | 3.24
Summary of all outstanding and exercisable warrants | A summary of all outstanding and exercisable warrants as of December 31, 2019 is as follows:
|  |  |  |  |  |  | Weighted Average
|  |  | Warrants |  | Warrants |  | Remaining
Exercise Price |  | Outstanding |  | Exercisable |  | Contractual Life
$ | 1.38 |  | 17,999,999 |  | 17,999,999 |  | 3.78 years
| 18.20 |  | 714 |  | 714 |  | 2.99 years
| 50.05 |  | 714,286 |  | 714,286 |  | 0.88 years
$ | 3.24 |  | 18,714,999 |  | 18,714,999 |  | 3.67 years

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