5. Equity (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Equity [Abstract] |
|
| Schedule of Stock Option Activity |
The following table summarizes the stock
option activity for the years ended December 31, 2019 and 2018:
| |
|
Options |
|
|
Weighted-
Average
Exercise Price
Per Share |
|
| Outstanding, December 31, 2017 |
|
|
275,000 |
|
|
$ |
0.045 |
|
| Granted |
|
|
400,000 |
|
|
|
1.5 |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
| Expired |
|
|
– |
|
|
|
– |
|
| Outstanding, December 31, 2018 |
|
|
675,000 |
|
|
$ |
0.91 |
|
| Granted |
|
|
1,189,500 |
|
|
|
2.50 |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Forfeited |
|
|
(100,000 |
) |
|
|
2.00 |
|
| Expired |
|
|
– |
|
|
|
– |
|
| Outstanding, December 31, 2019 |
|
|
1,764,500 |
|
|
$ |
1.92 |
|
|
| Schedule of Options by exercise price |
The following table discloses information
regarding outstanding and exercisable options at December 31, 2019:
| |
|
Outstanding |
|
Exercisable |
|
Exercise Price
|
|
Number of
Option/Warrant
Shares |
|
Weighted
Average Exercise Price |
|
Weighted
Average Remaining Life (Years) |
|
Number of
Option
Shares |
|
Weighted
Average Exercise
Price |
| $4.00 |
|
300,000 |
|
|
|
9.86 |
|
– |
|
|
| $2.00 |
|
789,500 |
|
|
|
9.50 |
|
– |
|
|
| $1.50 |
|
400,000 |
|
|
|
8.42 |
|
175,012 |
|
|
| $0.045 |
|
275,000 |
|
|
|
7.89 |
|
181,956 |
|
|
| Total |
|
1,764,500 |
|
$1.92 |
|
9.06 |
|
356,968 |
|
$0.76 |
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The aggregate fair value of the options measured during the years ended December 31,2019
and 2018 were calculated using the Black-Scholes option pricing model based on the following assumptions:
| |
|
Year Ended December 31, 2019
|
|
Year Ended December 31,2018
|
| Fair value of common stock on measurement date |
|
$2.00 to $4.00 per share |
|
$1.50 per share |
| Risk free interest rate (1) |
|
1.74% to 2.00% |
|
2.5% to 2.88% |
| Volatility (2) |
|
102.55% to 106.71% |
|
106.4% to 106.9% |
| Dividend yield (3) |
|
0% |
|
0% |
| Expected term (in years) |
|
10 |
|
10 |
| (1) |
The risk-free interest rate was determined by management using the market yield on U.S. Treasury
securities with comparable terms as of the measurement date. |
| (2) |
The trading volatility was determined by calculating the volatility of the Company’s peer
group. |
| (3) |
The Company does not expect to pay a dividend in the foreseeable future. |
|
| Schedule of warrants activity |
The following table summarizes the stock warrant activity for
the year ended December 31, 2019:
| |
|
Warrants |
|
|
Weighted-
Average
Exercise Price
Per Share |
|
| Outstanding, December 31, 2017 |
|
|
1,206,059 |
|
|
$ |
11.00 |
|
| Granted |
|
|
2,468,071 |
|
|
|
0.70 |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
| Expired |
|
|
– |
|
|
|
– |
|
| Outstanding, December 31, 2018 |
|
|
3,674,130 |
|
|
$ |
4.08 |
|
| Granted |
|
|
312,500 |
|
|
|
2.87 |
|
| Exercised |
|
|
– |
|
|
|
– |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
| Expired |
|
|
– |
|
|
|
– |
|
| Outstanding, December 31, 2019 |
|
|
3,986,630 |
|
|
$ |
3.99 |
|
|
| Schedule of warrants by exercise price |
The following table discloses information regarding outstanding
and exercisable warrants at December 31, 2019:
| |
|
Outstanding |
|
Exercisable |
| Exercise Price |
|
Number of
Option/Warrant
Shares |
|
Weighted
Average
Exercise Price |
|
Weighted Average
Remaining Life
(Years) |
|
Number of
Option
Shares |
|
Weighted
Average
Exercise Price |
| $11.00 |
|
1,206,059 |
|
|
|
2.64 |
|
1,206,059 |
|
|
| $2.00 |
|
63,750 |
|
|
|
4.43 |
|
63,750 |
|
|
| $4.00 |
|
148,750 |
|
|
|
4.86 |
|
– |
|
|
| $1.75 |
|
100,000 |
|
|
|
4.29 |
|
44,448 |
|
|
| $1.50 |
|
14,000 |
|
|
|
3.45 |
|
14,000 |
|
|
| $0.70 |
|
2,454,071 |
|
|
|
4.00 |
|
2,454,071 |
|
|
| Total |
|
3,986,630 |
|
$3.99 |
|
3.63 |
|
3,782,328 |
|
$4.02 |
|