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Stockholders' Equity
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Stockholders' Equity

11. Stockholders’ Equity

Preferred StockOur authorized preferred stock consists of 10,000,000 shares of preferred stock with a par value of $0.001, of which no shares have been issued or are outstanding.

Common Stock – Our authorized common stock consists of 200,000,000 shares of common stock with a par value of $0.001, of which 15,372,905 shares were issued and outstanding as of March 31, 2020 and December 31, 2019.

Employee Stock Purchase Plan – On September 17, 2014, our stockholders approved our 2014 Employee Stock Purchase Plan (“ESPP”).  We recorded expense of $6,667 and $6,557 related to the ESPP for the three months ended March 31, 2020 and 2019, respectively.

Warrants – At March 31, 2020, we had outstanding exercisable warrants to purchase 521,060 shares of common stock.

The following table summarizes the warrants issued and outstanding as of March 31, 2020:

 

 

 

 

Date of

 

Exercise

 

 

Shares of

 

Description

 

Issuance

 

Expiration

 

Price

 

 

Common Stock

 

ExercisableWarrants

 

3/30/2016

 

03/30/2021

 

$

3.88

 

 

 

521,060

 

Total warrants issued and outstanding

 

 

 

 

 

 

521,060

 

Stock Options – We recorded stock option expense of $294,661 and $197,474 for the three months ended March 31, 2020 and 2019, respectively.  The following table summarizes the stock option activity for the three months ended March 31, 2020:

 

 

 

Stock Options

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Exercise

 

Average

 

 

 

Number

 

 

Price Per

 

Exercise Price

 

 

 

of Shares

 

 

Share

 

Per Share

 

Outstanding at December 31, 2019

 

 

2,445,453

 

 

$1.17 — $23.20

 

$

3.37

 

Granted

 

 

495,182

 

 

$1.35 —   $2.32

 

$

1.57

 

Canceled/Forfeited

 

 

(4,000

)

 

$1.51 — $16.40

 

$

7.88

 

Outstanding at March 31, 2020

 

 

2,936,635

 

 

$1.17 — $23.20

 

$

3.06

 

 

Deferred Stock Units – Effective September 1, 2019, nonemployee directors can elect to receive all or a portion of their annual retainers in the form of deferred stock units (“DSUs”).   The DSUs are recognized at their fair value on the date of grant.  Each DSU represents the right to receive one share of our common stock following the completion of a director’s service.  During the three months ended March 31, 2020, we granted 14,895 DSUs and recorded director compensation expense of $25,987 related to the grants.  In addition, during the three months ended March 31, 2020 we granted 39,684 DSUs to executive employees and recorded compensation expense of $50,002 related to the grants.