10. Share-Based Expense (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Schedule of Share-Based Compensation Expense |
| |
|
Year Ended December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Research and development expenses |
|
$ |
203,030 |
|
|
$ |
101,401 |
|
| General and administrative expenses |
|
|
1,228,757 |
|
|
|
1,691,692 |
|
| |
|
$ |
1,431,787 |
|
|
$ |
1,793,093 |
|
|
| Common Stock Awards [Member] |
|
| Common stock awards |
| |
|
Number of shares |
|
| Balance as of January 1, 2017 |
|
|
29,790 |
|
| Granted |
|
|
41,800 |
|
| Issued |
|
|
(8,773 |
) |
| Balance as of December 31, 2017 |
|
|
62,817 |
|
| Granted |
|
|
26,000 |
|
| Issued |
|
|
– |
|
| Balance as of December 31, 2018 |
|
|
88,817 |
|
|
| Employee Stock Options [Member] |
|
| Assumptions used |
| |
|
Year Ended December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Weighted-average expected dividend yield (%) |
|
|
– |
|
|
|
– |
|
| Weighted-average expected volatility (%) |
|
|
118.03 |
|
|
|
111.37 |
|
| Weighted-average risk-free interest rate (%) |
|
|
2.90 |
|
|
|
1.79 |
|
| Weighted-average expected life of option (years) |
|
|
5.90 |
|
|
|
5.36 |
|
| Weighted-average exercise price ($) |
|
|
3.05 |
|
|
|
3.34 |
|
|
| Option activity |
| |
|
Number of
shares |
|
|
Weighted-
average
exercise
price |
|
|
Weighted-
average
remaining
life
(years) |
|
|
Aggregate
intrinsic
value |
|
| Outstanding as of January 1, 2017 |
|
|
1,193,712 |
|
|
$ |
4.43 |
|
|
|
8.94 |
|
|
$ |
526,073 |
|
| Granted |
|
|
700,000 |
|
|
|
3.34 |
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(113,343 |
) |
|
|
4.61 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2017 |
|
|
1,780,369 |
|
|
|
3.99 |
|
|
|
8.53 |
|
|
$ |
5,273 |
|
| Granted |
|
|
100,000 |
|
|
|
3.05 |
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(110,929 |
) |
|
|
5.73 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2018 |
|
|
1,769,440 |
|
|
$ |
3.83 |
|
|
|
8.17 |
|
|
$ |
– |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested or expected to vest as of December 31, 2018 |
|
|
1,744,440 |
|
|
$ |
3.85 |
|
|
|
8.16 |
|
|
$ |
– |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable as of December 31, 2017 |
|
|
731,895 |
|
|
$ |
4.84 |
|
|
|
7.44 |
|
|
$ |
5,273 |
|
| Exercisable as of December 31, 2018 |
|
|
1,152,173 |
|
|
$ |
4.11 |
|
|
|
7.92 |
|
|
$ |
– |
|
|
| Non-vested option activity |
| |
|
Number of
shares |
|
|
Weighted-
average
grant date
fair value |
|
| Balance as of January 1, 2018 |
|
|
1,048,474 |
|
|
$ |
2.86 |
|
| Granted |
|
|
100,000 |
|
|
$ |
2.63 |
|
| Forfeited |
|
|
(6,667 |
) |
|
$ |
2.91 |
|
| Vested |
|
|
(524,540 |
) |
|
$ |
3.05 |
|
| Balance as of December 31, 2018 |
|
|
617,267 |
|
|
$ |
2.65 |
|
|
| Non Employee Stock Options [Member] |
|
| Option activity |
| |
|
Number of
shares |
|
|
Weighted-
average
exercise
price |
|
|
Weighted-
average
remaining
life
(years) |
|
|
Aggregate
intrinsic
value |
|
| Outstanding as of January 1, 2017 |
|
|
57,442 |
|
|
$ |
7.57 |
|
|
|
7.23 |
|
|
$ |
– |
|
| Expired |
|
|
(723 |
) |
|
|
10.34 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2017 |
|
|
56,719 |
|
|
|
7.53 |
|
|
|
6.31 |
|
|
$ |
– |
|
| Granted |
|
|
10,000 |
|
|
|
1.93 |
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(3,148 |
) |
|
|
18.25 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2018 |
|
|
63,571 |
|
|
$ |
6.12 |
|
|
|
5.40 |
|
|
$ |
– |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested or expected to vest as of December 31, 2018 |
|
|
63,571 |
|
|
$ |
6.12 |
|
|
|
5.40 |
|
|
$ |
– |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable as of December 31, 2017 |
|
|
56,719 |
|
|
$ |
7.53 |
|
|
|
6.31 |
|
|
$ |
– |
|
| Exercisable as of December 31, 2018 |
|
|
63,571 |
|
|
$ |
6.12 |
|
|
|
5.40 |
|
|
$ |
– |
|
|
| Non-vested option activity |
| |
|
Number of
shares |
|
|
Weighted-
average
grant date
fair value |
|
| Balance as of January 1, 2018 |
|
|
– |
|
|
$ |
– |
|
| Granted |
|
|
10,000 |
|
|
$ |
1.73 |
|
| Vested |
|
|
(10,000 |
) |
|
$ |
1.73 |
|
| Balance as of December 31, 2018 |
|
|
– |
|
|
$ |
– |
|
|