| Schedule of Stock Option Activity |
A summary of option activity for the three
months ended March 31, 2020 is presented below.
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Weighted- |
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|
|
|
| |
|
|
|
|
Weighted- |
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|
Average |
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|
|
|
| |
|
|
|
|
Average |
|
|
Remaining |
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|
Aggregate |
|
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|
|
|
|
Exercise |
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|
Contractual |
|
|
Intrinsic |
|
| |
|
Options |
|
|
Price |
|
|
Life (Years) |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2019 |
|
|
4,233,722 |
|
|
$ |
1.75 |
|
|
|
2.54 |
|
|
$ |
995,000 |
|
| Granted |
|
|
185,887 |
|
|
|
1.39 |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
(2,501 |
) |
|
|
1.36 |
|
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|
- |
|
|
|
- |
|
| Exercised |
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|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Outstanding at March 31, 2020 |
|
|
4,417,108 |
|
|
$ |
1.72 |
|
|
|
2.54 |
|
|
$ |
143,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Vested March 31, 2020 |
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|
1,820,725 |
|
|
$ |
1.75 |
|
|
|
|
|
|
$ |
28,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Exercisable at March 31, 2020 |
|
|
1,337,946 |
|
|
$ |
2.19 |
|
|
|
|
|
|
$ |
26,000 |
|
|
A summary of option activity for the years
ended December 31, 2019 and 2018 are presented below.
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|
|
|
|
|
|
|
Weighted- |
|
|
|
|
| |
|
|
|
|
Weighted- |
|
|
Average |
|
|
|
|
| |
|
|
|
|
Average |
|
|
Remaining |
|
|
Aggregate |
|
| |
|
|
|
|
Exercise |
|
|
Contractual |
|
|
Intrinsic |
|
| |
|
Options |
|
|
Price |
|
|
Life (Years) |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at December 31, 2017 |
|
|
1,456,064 |
|
|
$ |
3.90 |
|
|
|
2.09 |
|
|
$ |
- |
|
| Granted |
|
|
1,400,418 |
|
|
|
6.75 |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
(345,000 |
) |
|
|
5.85 |
|
|
|
- |
|
|
|
- |
|
| Exercised |
|
|
(32,508 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Outstanding at December 31, 2018 |
|
|
2,478,974 |
|
|
|
5.25 |
|
|
|
2.93 |
|
|
|
- |
|
| Granted |
|
|
2,531,971 |
|
|
|
2.07 |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
(777,223 |
) |
|
|
6.42 |
|
|
|
- |
|
|
|
- |
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Outstanding at December 31, 2019 |
|
|
4,233,722 |
|
|
$ |
1.73 |
|
|
|
2.54 |
|
|
$ |
995,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested December 31, 2019 |
|
|
1,496,439 |
|
|
$ |
2.13 |
|
|
|
|
|
|
$ |
263,851 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Exercisable at December 31, 2019 |
|
|
888,834 |
|
|
$ |
2.55 |
|
|
|
|
|
|
$ |
83,252 |
|
|
| Schedule of Fair Value Assumptions Using Black-Scholes Method |
The fair value of share option award is estimated
using the Black-Scholes option pricing method based on the following weighted-average assumptions:
| |
|
Three Months Ended March 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Risk-free interest rate |
|
|
0.39 |
% |
|
|
2.75 |
% |
| Average expected term |
|
|
5 years |
|
|
|
5 years |
|
| Expected volatility |
|
|
270.1 |
% |
|
|
201.3 |
% |
| Expected dividend yield |
|
|
- |
|
|
|
- |
|
|
The fair value of the share option awards was
estimated using the Black-Scholes method based on the following weighted-average assumptions:
| |
|
|
Years Ended December 31, |
|
| |
|
|
2019 |
|
|
2018 |
|
| Risk-free interest rate |
|
|
1.51%-2.75 |
% |
|
2.25%-3.00 |
% |
| Average expected term (years) |
|
|
5 years |
|
|
5 years |
|
| Expected volatility |
|
|
180%-413.83 |
% |
|
184.45%-190.22 |
% |
| Expected dividend yield |
|
|
- |
|
|
- |
|
|