Annual report pursuant to Section 13 and 15(d)

Stock Options (Tables)

v3.19.1
Stock Options (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Assumptions Used Principally in Determining Fair Value of Options Granted

The weighted average assumptions used principally in determining the fair value of options granted to employees were as follows:

 

    2018     2017  
Risk free interest rate   %   2.53 %     2.12 %
Expected dividend yield   %   0 %     0 %
Expected term in years       6.25       6.25  
Expected volatility   %   87.70 %     86.01 %
Estimated forfeiture rate   %   5.00 %     5.00 %

Summary of Option Activity

A summary of option activity for years ended December 31, 2018 and 2017 is presented below:

 

Options   Shares     Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Term in
Years
    Intrinsic
Value
 
Outstanding at December 31, 2016     6,610,179     $ 2.54                  
Granted     1,681,500     $ 8.28                  
Exercised     (272,734 )   $ 0.67                  
Forfeited     (173,979 )   $ 6.53                  
Outstanding at December 31, 2017     7,844,966     $ 3.75                  
Granted     2,378,500     $ 7.58                  
Exercised     (139,069 )   $ 2.50                  
Forfeited     (490,407 )   $ 7.85                  
Outstanding at December 31, 2018     9,593,990     $ 4.51       7.23     $ 22,510,816  
Exerciseable at December 31, 2018     5,967,701     $ 2.87       6.43     $ 20,691,512  

Summary of Non-Vested Stock Options

As summary of non-vested stock options for the years ended December 31, 2018 and 2017 is presented below:

 

Options   Shares     Weighted
Average
Fair
Value
 
Non-vested at December 31, 2016     3,826,274     $ 2.86  
Granted     1,681,500     $ 6.22  
Vested     (2,003,806 )   $ 2.60  
Forfeited     (173,979 )   $ 5.03  
Nonvested at December 31, 2017     3,329,989     $ 4.61  
Granted     2,378,500     $ 5.63  
Vested     (1,643,772 )   $ 3.98  
Forfeited     (438,428 )   $ 5.91  
Non-vested at December 31, 2018     3,626,289     $ 5.32