12. Share-Based Expense (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Schedule of Share-Based Compensation Expense |
Share-based expense is classified in the consolidated
statements of comprehensive loss as follows:
| |
|
Year Ended December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Research and development expenses |
|
$ |
49,190 |
|
|
$ |
126,933 |
|
| General and administrative expenses |
|
|
419,724 |
|
|
|
726,584 |
|
| |
|
$ |
468,914 |
|
|
$ |
853,517 |
|
|
| Common Stock Awards [Member] |
|
| Common stock awards |
A summary of the Company’s Common Stock
awards granted and issued during the years ended December 31, 2020 and 2019 are as follows:
| |
|
Number of shares |
|
| Balance as of January 1, 2019 |
|
|
7,404 |
|
| Granted |
|
|
9,026 |
|
| Issued |
|
|
(7,836 |
) |
| Balance as of December 31, 2019 |
|
|
8,594 |
|
| Granted |
|
|
– |
|
| Issued |
|
|
(1,188 |
) |
| Balance as of December 31, 2020 |
|
|
7,406 |
|
|
| Employee Stock Options [Member] |
|
| Assumptions used |
Key assumptions used in the Black-Scholes option
pricing model for options granted to employees during the years ending December 31, 2020 and 2019 are as follows:
| |
|
Year Ended December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Weighted-average expected dividend yield (%) |
|
|
– |
|
|
|
– |
|
| Weighted-average expected volatility (%) |
|
|
127.87 |
|
|
|
156.78 |
|
| Weighted-average risk-free interest rate (%) |
|
|
0.49 |
|
|
|
1.71 |
|
| Weighted-average expected life of option (years) |
|
|
5.50 |
|
|
|
5.88 |
|
| Weighted-average exercise price ($) |
|
|
1.10 |
|
|
|
1.31 |
|
|
| Option activity |
The following is a summary of employee stock option activity for
the years ended December 31, 2020 and 2019:
| |
|
Number of
shares |
|
|
Weighted-
average
exercise
price |
|
|
Weighted-
average
remaining
life
(years) |
|
|
Aggregate
intrinsic
value |
|
| Outstanding as of January 1, 2019 |
|
|
147,472 |
|
|
$ |
45.95 |
|
|
|
8.17 |
|
|
$ |
– |
|
| Granted |
|
|
525,000 |
|
|
|
1.31 |
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(10,413 |
) |
|
|
25.32 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2019 |
|
|
662,059 |
|
|
|
10.88 |
|
|
|
9.34 |
|
|
$ |
66,125 |
|
| Granted |
|
|
125,000 |
|
|
|
1.10 |
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(23,337 |
) |
|
|
52.55 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2020 |
|
|
763,722 |
|
|
$ |
8.01 |
|
|
|
8.68 |
|
|
$ |
498,625 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested or expected to vest as of December 31, 2020 |
|
|
763,722 |
|
|
$ |
8.01 |
|
|
|
8.68 |
|
|
$ |
498,625 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable as of December 31, 2019 |
|
|
123,864 |
|
|
$ |
47.69 |
|
|
|
7.10 |
|
|
$ |
– |
|
| Exercisable as of December 31, 2020 |
|
|
372,042 |
|
|
$ |
15.12 |
|
|
|
8.09 |
|
|
$ |
186,449 |
|
|
| Non-vested option activity |
A summary of the status
of the Company’s non-vested employee stock option shares as of December 31, 2020, and the changes during the year ended December
31, 2020, is as follows:
| |
|
Number of
shares |
|
|
Weighted-
average
grant date
fair value |
|
| Balance as of January 1, 2020 |
|
|
538,195 |
|
|
$ |
2.05 |
|
| Granted |
|
|
125,000 |
|
|
$ |
0.95 |
|
| Forfeited |
|
|
– |
|
|
$ |
– |
|
| Vested |
|
|
(271,515 |
) |
|
$ |
2.83 |
|
| Balance as of December 31, 2020 |
|
|
391,680 |
|
|
$ |
1.15 |
|
|
| Non Employee Stock Options [Member] |
|
| Option activity |
The following is a summary of non-employee
stock option activity for the years ended December 31, 2020 and 2019:
| |
|
Number of
shares |
|
|
Weighted-
average
exercise
price |
|
|
Weighted-
average
remaining
life
(years) |
|
|
Aggregate
intrinsic
value |
|
| Outstanding as of January 1, 2019 |
|
|
5,302 |
|
|
$ |
73.52 |
|
|
|
5.40 |
|
|
$ |
– |
|
| Granted |
|
|
15,500 |
|
|
|
1.08 |
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(242 |
) |
|
|
225.72 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2019 |
|
|
20,560 |
|
|
|
17.09 |
|
|
|
4.74 |
|
|
$ |
– |
|
| Granted |
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
|
|
| Expired |
|
|
(242 |
) |
|
|
225.72 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2020 |
|
|
20,318 |
|
|
$ |
14.61 |
|
|
|
3.79 |
|
|
$ |
14,880 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested or expected to vest as of December 31, 2020 |
|
|
20,318 |
|
|
$ |
14.61 |
|
|
|
3.79 |
|
|
$ |
14,880 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable as of December 31, 2019 |
|
|
5,060 |
|
|
$ |
66.15 |
|
|
|
4.63 |
|
|
$ |
– |
|
| Exercisable as of December 31, 2020 |
|
|
20,318 |
|
|
$ |
14.61 |
|
|
|
3.79 |
|
|
$ |
14,880 |
|
|
| Non-vested option activity |
A summary of the status
of the Company’s non-vested non-employee stock option shares as of December 31, 2020, and the changes during the year ended
December 31, 2020 is as follows:
| |
|
Number of
shares |
|
|
Weighted-
average
grant date
fair value |
|
| Balance as of January 1, 2020 |
|
|
15,500 |
|
|
$ |
0.94 |
|
| Granted |
|
|
– |
|
|
$ |
– |
|
| Vested |
|
|
(15,500 |
) |
|
$ |
(0.94 |
) |
| Balance as of December 31, 2020 |
|
|
– |
|
|
$ |
– |
|
|