Annual report pursuant to Section 13 and 15(d)

Stock Compensation Plan (Tables)

Stock Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of Assumptions Used to Estimate the Fair Value of Stock Options Granted

The following table summarizes the assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2019 and 2018:

	2019		2018
Expected dividend yield		0%		0%
Weighted-average expected volatility		154-158%		161-163%
Weighted-average risk-free interest rate		2.10 - 2.43%		2.90% - 3.06%
Expected life of options		10 years		10 Years

Summary of Stock Option Activity

The following table represents stock option activity for the year ended December 31, 2019:

	Number of Options			Weighted Average Exercise Price		Weighted Average Contractual Term (In Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2018		1,812,133		$	1.89		9.37	$	185,250
Forfeited		(1,928	)		54.00
Granted		676,160			0.49
Outstanding at December 31, 2019		2,486,365		$	1.47		8.67	$	22,229
Exercisable at December 31, 2019		1,798,419		$	1.77		8.51	$	11,114

Summary of Weighted Average Grant Fair Value of Stock Options

The following table summarizes the weighted average grant date fair value of stock options granted per share, the total intrinsic value of stock options exercised and the grant date fair value of stock options that vested during the years ended December 31, 2019 and 2018:

	2019		2018
Weighted average grant date fair value of stock options granted per share	$	0.49	$	0.79
Intrinsic value of stock options exercised		—		—
Grant date fair value of stock options that vested	$	522,361	$	1,290,860