Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. Summary of Stock Options Stock Option Plans The Company has issued equity awards in the form of stock options and restricted stock awards (“RSAs”) from two 2006 “2006 2013 “2013 The 2006 September 23, 2014 2006 2006 December 31, 2018, 2006 38,145 no $9.96 1.3 The 2013 2013 2013 may may may 2013 may not 10 may four may 424 10% no 110% not five On August 22, 2016, 2013 first January, 2013 4% December 23, 2016, 2017 2013 523,209 2,000,000 2,523,209 January 1, 2017. August 15, 2017, 2013 2013 2,523,209 4,000,000 December 6, 2017, 2018 2013 4,000,000 4,914,016 January 1, 2018. As of December 31, 2018, 2013 3,976,330 603,712 $4.50 7.5 Activity under the 2006 2013 Year Ended December 31, 2018 Weighted Weighted Average Number Average Remaining Aggregate of Exercise Contractual Intrinsic Shares Price Term (years) Value Options outstanding, December 31, 2016 1,909,764 $ 6.19 9.1 $ 211,396 Options granted 1,000,985 $ 5.68 Options exercised (7,730 ) $ 4.02 Options canceled (208,795 ) $ 8.88 Options outstanding, December 31, 2017 2,694,224 $ 5.80 8.6 $ 249,154 Options granted 2,358,559 $ 3.52 Options exercised - $ - Options canceled (1,038,308 ) $ 5.43 Options outstanding, December 31, 2018 4,014,475 $ 4.56 7.4 $ - Vested and exercisable and expected to vest, end of period 3,825,887 $ 4.98 7.3 $ - Vested and exercisable, end of period 1,637,474 $ 5.44 5.0 $ - The aggregate intrinsic value reflects the difference between the exercise price of the underlying stock options and the Company’s closing share price as of December 31, 2018. The options outstanding and exercisable as of December 31, 2018 Options Outstanding Options Exercisable Weighted Number Weighted Average Number Weighted Outstanding Average Remaining Exercisable Average Range of as of Exercise Contractual as of Exercise Exercise Prices Dec 31, 2018 Price Term (Years) Dec 31, 2018 Price $1.75 - $1.97 535,000 $ 1.95 9.4 50,000 $ 1.97 $2.02 - $2.83 180,000 $ 2.40 9.4 11,459 $ 1.97 $3.03 - $3.82 546,876 $ 3.53 9.1 64,090 $ 2.64 $4.30 - $4.97 1,247,318 $ 4.54 7.3 503,934 $ 3.76 $5.01 - $5.67 693,067 $ 5.36 6.8 397,466 $ 4.62 $6.00 - $6.61 490,470 $ 6.04 4.1 412,662 $ 5.34 $7.00 - $7.92 283,599 $ 7.65 7.4 159,718 $ 6.02 $9.92 38,135 $ 9.92 1.3 38,135 $ 7.66 $59.60 - $149.04 10 $ 149.04 2.8 10 $ 9.92 4,014,475 $ 4.56 7.4 1,637,474 $ 5.44 Stock Option Modifications On May 30, 2018, December 31, 2018. May 30, 2018, six three one $97,000 Restricted Stock Awards As of December 31, 2018, 57,500 In December 2018, 40,775 2013 $1.05 40,775 In October 2018, 17,985 2013 $2.48 17,985 In July 2018, 18,278 2013 $2.63 18,278 In June 2018, 50,000 $3.58 two December 31, 2018, zero In April 2018, 14,672 2013 $3.44 14,672 In January 2018, 9,637 2013 $5.19 9,637 In January 2018, 25,000 $5.19 one December 31, 2018, 25,000 In December 2017, 10,000 $4.94 four 1/4 th first December 31, 2018, 2,500 In October 2017, 7,884 2013 $5.55 7,884 In May 2017, 4,797 2013 $7.07 4,797 September 2017, 6,947 2013 $5.58 6,947 2017 Employee Stock Purchase Plan The second 2017 “2017 January 1, 2018 March 31, 2018, 20,744 March 29, 2018 $3.11. third 2017 April 1, 2018 June 30, 2018, 25,618 June 29, 2018 $2.31. fourth 2017 July 1, 2018 September 30, 2018, 28,698 September 28, 2018 $2.24. fifth 2017 October 1, 2018 December 31, 2018, 50,727 December 31, 2018 $0.89. As of December 31, 2018, 2017 256,319 The Company estimates the fair value of purchase rights under the ESPP using a Black-Scholes valuation model. The fair value of each purchase right was estimated on the date of grant using the Black-Scholes option valuation model and the straight-line attribution approach with the following weighted-average assumptions: Year Ended December 31, 2018 2017 Expected term (in years) 0.25 0.25 Average volatility 72% 61% Risk-free interest rate 1.92% 1.06% Dividend yield 0% 0% The weighted average grant date fair value of the purchase rights issued under the 2017 December 31, 2018 2017 $0.89 $1.51 Stock-Based Compensation During the years ended December 31, 2018 2017, 2,146,171 981,110 $2.24 $2.88 no December 31, 2018. December 31, 2017 $31,000. The Company estimated the fair value of stock options using the Black-Scholes option pricing model. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee stock options granted was estimated using the following weighted average assumptions: Year Ended December 31, 2018 2017 Expected term (in years) 5 5 Average volatility 73% 59% Risk-free interest rate 2.65% 1.89% Dividend yield 0% 0% During the years ended December 31, 2018 2017, 212,388 19,875 $1.62 $4.09 no December 31, 2018 2017. The fair value of nonemployee stock options granted was estimated using the following weighted average assumptions: Year Ended December 31, 2018 2017 Expected term (in years) 9 10 Average volatility 69% 72% Risk-free interest rate 2.69% 2.38% Dividend yield 0% 0% Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The expected stock price volatility is based on analysis of the Company’s stock price history over a period commensurate with the expected term of the options, trading volume of comparable companies’ stock, look-back volatilities and the Company specific events that affected volatility in a prior period. The expected term of employee stock options represents the weighted average period the stock options are expected to remain outstanding and is based on the history of exercises and cancellations on all past option grants made by the Company, the contractual term, the vesting period and the expected remaining term of the outstanding options. The risk-free interest rate is based on the U.S. Treasury interest rates whose term is consistent with the expected life of the stock options. No not not The following table shows stock-based compensation expense included in the consolidated statements of operations for the years ended December 31, 2018 2017 Year Ended December 31, 2018 2017 Cost of revenue $ 69 $ 19 Research and development 328 252 Selling, general and administrative 2,638 1,601 Total $ 3,035 $ 1,872 As of December 31, 2018, $4,328,328. 2.72 |