General form of registration statement for all companies including face-amount certificate companies

Temporary Equity and Stockholders' Deficiency (Tables)

v3.19.2
Temporary Equity and Stockholders' Deficiency (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2019
Dec. 31, 2018
Equity [Abstract]    
Schedule of Fair Value Assumption of Warrants  

Warrants granted during the year ended December 31, 2017 had a weighted average grant date value of $0.52, valued using the Black-Scholes pricing model, with the following assumptions:

 

Risk free interest rate     1.92 %
Expected term (years)     5.00  
Expected volatility     44.0 %
Expected dividends     0.0 %
Forfeiture rate     5.0 %
Summary of Warrants Activity

A summary of warrants activity during the six months ended June 30, 2019 is presented below:

 

    Number of Warrants     Weighted Average Exercise Price     Weighted Average Remaining Life in Years     Intrinsic Value  
                           
Outstanding, December 31, 2018     1,229,630       2.15                           
Issued                                
Exercised                                
Cancelled     (237,464 )     2.30                  
Outstanding, June 30, 2019     992,166     $ 2.11       1.5     $ -  
                                 
Exercisable, June 30, 2019     992,166     $ 2.11       1.5     $ -  

A summary of warrants activity during the years ended December 31, 2018 and 2017 is presented below:

 

    Number of Warrants     Weighted Average Exercise Price     Weighted Average Remaining Life in Years     Intrinsic Value  
Outstanding, December 31, 2016     1,901,480     $ 2.20                  
Issued     2,250            2.00                            
Exercised     -       -                  
Cancelled     (438,434 )     2.30                         
Outstanding, December 31, 2017     1,465,296       2.17                  
Issued     -                          
Exercised     -                          
Cancelled     (235,666 )     2.30                  
Outstanding, December 31, 2018     1,229,630     $ 2.15       1.9     $ -  
                                 
Exercisable, December 31, 2018     1,229,630     $ 2.15       1.9     $ -  
Schedule of Share-based Compensation, Equity Instruments Other Than Options, by Exercise Price Range

A summary of outstanding and exercisable warrants as of June 30, 2019 is presented below:

 

Warrants Outstanding     Warrants Exercisable  
Exercise Price     Exercisable Into   Outstanding Number of Warrants     Weighted Average Remaining Life in Years     Exercisable Number of Warrants  
                         
$ 2.00     Common Stock     741,879       1.5       741,879  
$ 2.30     Common Stock     61,980       0.5       61,980  
$ 2.50     Common Stock     188,307       1.7       188,307  
        Total     992,166               992,166  

A summary of outstanding and exercisable warrants as of December 31, 2018 is presented below:

 

Warrants Outstanding     Warrants Exercisable  
Exercise Price     Exercisable Into   Outstanding Number of Warrants     Weighted Average Remaining Life in Years     Exercisable Number of Warrants  
$      2.00     Common Stock     741,879           2.0       741,879  
$ 2.30     Common Stock     299,444       0.5       299,444  
$ 2.50     Common Stock     188,307       2.2       188,307  
        Total     1,229,630               1,229,630  

Schedule of Fair Value Assumptions of Stock Option

The Company has computed the fair value of options granted using the Black-Scholes option pricing model. Assumptions used in applying the Black-Scholes option pricing model during the six months ended June 30, 2019 are as follows:

 

    For the Three Months Ended  
    June 30,  
    2019     2018  
             
Risk free interest rate     2.43 %     2.56 %
Expected term (years)     3.6-5.0       5.0  
Expected volatility     52 %     43.50 %
Expected dividends     0.00 %     0.00 %

Assumptions used in applying the Black-Scholes option pricing model during years ended December 31, 2018 and 2017, respectively, are as follows:

 

    For the Years Ended  
    December 31,  
    2018     2017  
Risk free interest rate     2.96 %     2.06 %
Expected term (years)     3.6 - 5.0       3.5-4.5  
Expected volatility     43.53 %     42.30 %
Expected dividends     0.00 %     0.00 %
Schedule of Share-based Compensation, Stock Options, Activity

A summary of options activity during the six months ended June 30, 2019 is presented below:

 

          Weighted     Weighted        
          Average     Average        
    Number of     Exercise     Remaining     Intrinsic  
    Options     Price     Term (Yrs)     Value  
                         
Outstanding, December 31, 2018     9,499,265       1.65                      

 
Granted     1,350,000       0.39                  
Exercised     -       -                  
Expired     (75,000 )     1.10                  
Forfeited     (3,364,890 )     2.24                  
Outstanding, June 30, 2019     7,409,375     $ 1.16       3.0          
                                 
Exercisable, June 30, 2019     2,849,136     $ 1.93       1.5          

A summary of options activity during the years ended December 31, 2018 and 2017 is presented below:

 

    Number of Options     Weighted Average Exercise Price     Weighted Average Remaining Life in Years     Intrinsic Value  
                         
Outstanding, December 31, 2016     8,024,265              2.39                                      
Granted     1,395,000       1.10                  
Exercised     -       -                  
Expired     (75,000 )     3.85                  
Forfeited     (110,000 )     2.39                  
Outstanding, December 31, 2017     9,234,265       2.18                  
Granted     2,830,000       0.65                  
Exercised     -       -                  
Expired     (2,505,000 )     2.49                  
Forfeited     (60,000 )     1.62                  
Outstanding, December 31, 2018     9,499,265     $ 1.65       2.5     $ -  
                                 
Exercisable, December 31, 2018     5,232,035     $ 2.25       1.3     $ -  
Schedule of Share-based Compensation, Shares Outstanding Under Stock Option Plans, by Exercise Price Range

The following table presents information related to stock options at June 30, 2019:

 

Options Outstanding     Options Exercisable  
Exercise Price     Outstanding
Number of Options
    Weighted Average Remaining Life
in Years
    Exercisable
Number of Options
 
$ 0.39       1,350,000       -       -  
$ 0.54       1,500,000       -       -  
$ 0.77       1,320,000       3.63       412,501  
$ 1.10       1,070,000       3.38       401,260  
$ 2.20       1,242,000       1.08       1,117,000  
$ 2.48       917,375       0.16       908,375  
$ 3.30       10,000       0.94       10,000  
          7,409,375       1.48       2,849,136  

The following table presents information related to stock options as of December 31, 2018:

 

Options Outstanding     Options Exercisable  
Exercise
Price
    Outstanding
Number of
Options
    Weighted
Average
Remaining Life
in Years
    Exercisable
Number of
Options
 
                     
$ 0.54       1,500,000       -       0  
$ 0.77       1,320,000       -       0  
$ 1.10       1,370,000            3.9       342,500  
$ 2.20       3,071,890       1.5       2,679,160  
$ 2.48       2,237,375       0.7       2,210,375  
          9,499,265       1.3       5,232,035