Stock Based Compensation |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation |
Note 6 – Stock-Based Compensation Equity Incentive Plans 2013 Equity Incentive Plan Effective on May 16, 2018, the Company’s stockholders approved the amendment and restatement of the 2013 Equity Incentive Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 1,600,000 shares, bringing to 6,085,967 the total number of shares approved for issuance under that plan. As of September 30, 2019, 1,697,263 shares of common stock remain available to be issued under the 2013 Equity Incentive Plan. 2014 Non-Employee Equity Compensation Plan Effective on May 16, 2018, the Company’s stockholders approved the amendment and restatement of the 2014 Equity Incentive Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 250,000 shares, bringing to 850,000 the total number of shares approved for issuance under that plan. As of September 30, 2019, 214,057 shares of common stock remain available to be issued through equity-based instruments under the 2014 Non-Employee Equity Compensation Plan. 2015 Performance Share Unit Plan Effective on May 16, 2018, the Company’s stockholders approved the amendment and restatement of the 2015 Performance Share Unit Plan to increase the number of shares reserved for issuance through equity-based instruments thereunder by 1,400,000 shares, bringing to 2,710,104 the total number of shares approved for issuance under that plan.
As of September 30, 2019, 1,431,951 shares of common stock remain available to be issued through equity-based instruments under the 2015 Performance Share Unit Plan.
2017 Equity Inducement Plan
On December 28, 2017, the Board approved the 2017 Equity Inducement Plan. Under the plan, the Board reserved 600,000 shares of common stock for the grant of RSUs. These grants will be administered by the Board or a committee of the Board. These awards will be granted to individuals who (a) are being hired as an employee by the Company or any subsidiary and such award is a material inducement to such person being hired; (b) are being rehired as an employee following a bona fide period of interruption of employment with the Company or any subsidiary; or (c) will become an employee of the Company or any subsidiary in connection with a merger or acquisition.
As of September 30, 2019, 303,469 shares of common stock remain available to be issued through equity-based instruments under the 2017 Equity Inducement Plan. Note 6 – Stock-Based Compensation, continued Equity Incentive Plans, continued Employee Stock Purchase Plan In April 2015, the Company’s Board approved the ESPP, under which 600,000 shares of common stock were reserved for purchase by the Company’s employees, and on May 21, 2015, the Company’s stockholders approved the ESPP. Under the ESPP, employees may designate an amount not less than 1% but not more than 10% of their annual compensation for the purchase of Company shares. No more than 7,500 shares may be purchased by an employee under the ESPP during an offering period. An offering period shall be six months in duration commencing on or about January 1 and July 1 of each year. The exercise price of the purchase option will be the lesser of 85% of the fair market of the common stock on the first business day of the offering period and 85% of the fair market value of the common stock on the applicable exercise date. As of September 30, 2019, 257,988 shares of common stock remain available to be issued under the ESPP. As of September 30, 2019, employees have contributed $147,809 through payroll withholdings to the ESPP for the current offering period. Shares will be deemed delivered on December 31, 2019 for the current offering period. Stock Option Activity The following is a summary of the Company’s stock option activity during the nine months ended September 30, 2019:
As of September 30, 2019, the unamortized value of options was $0. Restricted Stock Units (“RSUs”) During the nine months ended September 30, 2019, the Compensation Committee granted various directors and consultants RSUs covering 288,176 shares of common stock under the 2014 Non-Employee Equity Compensation Plan. The awards vest over terms from one to three years. During the nine months ended September 30, 2019, the Compensation Committee granted various employees RSUs covering 311,750 shares of common stock under the 2013 Equity Incentive Plan. The awards vest over terms ranging from one to four years. During the nine months ended September 30, 2019, the Compensation Committee granted employees RSUs covering 40,500 shares of common stock under the 2017 Equity Inducement Plan. The awards vest over four years. Note 6 – Stock Based Compensation, continued As of September 30, 2019, the unamortized value of the RSUs was $14,201,155. The unamortized amount will be expensed over a weighted average period of 1.8 years. A summary of the activity related to RSUs for the nine months ended September 30, 2019 is presented below:
Performance Share Units (“PSUs”) Performance share units (“PSUs”) are grants that vest upon the achievement of certain performance goals. The performance goals are related to the Company’s market capitalization or market price of the common stock. Amortization for all PSU awards was $0 and $207,206 for the three months ended September 30, 2019 and 2018, respectively, and $0 and $614,862 for the nine months ended September 30, 2019 and 2018, respectively. At September 30, 2019, all PSUs had either vested or expired and were no longer outstanding.
Employee Stock Purchase Plan (“ESPP”) The recently completed offering period under the ESPP was January 1, 2019 through June 30, 2019. During the year ended December 31, 2018, there were two offering periods for the ESPP. The first offering period started on January 1, 2018 and concluded on June 30, 2018. The second offering period started on July 1, 2018 and concluded on December 31, 2018. The weighted-average grant-date fair value of the purchase option for each designated share purchased under this plan was approximately $2.05 and $9.72 for the nine months ended September 30, 2019 and 2018, respectively, which represents the fair value of the option, consisting of three main components: (i) the value of the discount on the enrollment date, (ii) the proportionate value of the call option for 85% of the stock and (iii) the proportionate value of the put option for 15% of the stock. The Company recognized compensation expense for the plan of $62,055 and $67,174 for the three months ended September 30, 2019 and 2018, respectively, and $272,629 and $474,920 for the nine months ended September 30, 2019 and 2018, respectively. The Company estimated the fair value of ESPP purchase options granted during the nine months ended September 30, 2019 and 2018 using the Black-Scholes option pricing model. The fair values of stock options granted were estimated using the following assumptions:
Note 6 – Stock Based Compensation, continued Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized for the three and nine months ended September 30, 2019 and 2018:
The total amount of stock-based compensation was reflected within the statements of operations as:
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