Stockholders Equity and StockBased Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Stockholders Equity and StockBased Compensation |
|
| Schedule of conversions of the Series A Preferred Stock to common shares |
| s of conversion
|
| Preferred Shares
|
|
| Common Shares
|
|
| April 16, 2019
|
|
| 27,747 |
|
|
| 2,782 |
|
| October 8, 2019
|
|
| 28,107 |
|
|
| 2,922 |
|
| February 10, 2020
|
|
| 11,875 |
|
|
| 1,254 |
|
| May 15, 2020
|
|
| 17,080 |
|
|
| 1,848 |
|
| August 31, 2020
|
|
| 16,689 |
|
|
| 1,846 |
|
| November 30, 2020
|
|
| 12,248 |
|
|
| 1,379 |
|
|
| Schedule of Warrants Outstanding |
|
| December 31,
|
|
| December 31,
|
|
| Outstanding Warrants
|
| 2020
|
|
| 2019
|
|
|
|
|
|
|
|
|
|
| Issued to Investors on October 25, 2013, entitling the holders to purchase 20,833 common shares in the Company at an exercise price of $138.00 per common share up to and including April 24, 2021. In 2016, 4,954 of these warrants were exchanged for common stock, and all remaining warrant holders agreed to new warrant terms, which excluded any potential net cash settlement provisions in exchange for a reduced exercise price of $75.00 per share.
|
|
| 13,665 |
|
|
| 13,665 |
|
| Issued to Investors on November 17, 2014, entitling the holders to purchase 45,577 common shares in the Company at an exercise price of $138.60 per common share up to and including May 16, 2022. On June 30, 2016, the warrant holders agreed to new warrant terms, which excluded any potential net cash settlement provisions in order to classify them as equity in exchange for a reduced exercise price of $75.00 per share.
|
|
| 45,577 |
|
|
| 45,577 |
|
| Issued to an investment bank and subsequently transferred to a principal of the investment bank regarding the Series B Preferred Stock investment on January 30, 2018, entitling the holder to purchase 11,119 common shares in the Company at an exercise price of $18.00 per share, up to and including January 30, 2021 (warrants expired subsequent to December 31, 2020).
|
|
| 11,119 |
|
|
| 11,119 |
|
| Total
|
|
| 70,361 |
|
|
| 70,361 |
|
|
| Schedule for Black-Scholes pricing model |
| Expected volatility
|
|
| 86 | % |
| Risk free interest rate
|
|
| 1.65 | % |
| Dividend yield rate
|
|
| 0 | % |
| Weighted average years
|
| 5 years
|
|
| Closing price per share – common stock
|
| $ | 3.82 |
|
|
| Schedule of Share-based Compensation, Stock Options, Activity |
|
| Year ended December 31,
|
|
|
|
| 2020
|
|
| 2019
|
|
| Research and development expenses
|
| $ | 2,000 |
|
| $ | 398,000 |
|
| General and administrative expenses
|
|
| 51,000 |
|
|
| 425,000 |
|
| Total stock-based compensation expense
|
| $ | 53,000 |
|
| $ | 823,000 |
|
|
| Schedule of Stock option transactions of the employees |
Stock option transactions with employees, directors and consultants are summarized as follows for the year ended December 31, 2020: |
|
| Options Outstanding
|
|
| Weighted Average Exercise Price
|
|
| Weighted Average Grant Date Fair Value
|
|
| Beginning of the year
|
|
| 518,551 |
|
| $ | 21.99 |
|
| $ | 15.89 |
|
| Granted
|
|
| 7,634 |
|
|
| 4.45 |
|
|
| 3.28 |
|
| Exercised
|
|
| (6,548 | ) |
|
| 3.82 |
|
|
| 2.59 |
|
| Forfeited
|
|
| (1,844 | ) |
|
| 10.80 |
|
|
| 8.33 |
|
| Expired
|
|
| (1,946 | ) |
|
| 491.10 |
|
|
| 384.02 |
|
| End of the year
|
|
| 515,847 |
|
| $ | 20.23 |
|
| $ | 14.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options exercisable
|
|
| 466,121 |
|
| $ | 21.35 |
|
| $ | 15.27 |
|
Stock option transactions with employees, directors and consultants are summarized as follows for the year ended December 31, 2019: |
|
| Options Outstanding
|
|
| Weighted Average Exercise Price
|
|
| Weighted Average Grant Date Fair Value
|
|
| Beginning of the year
|
|
| 467,013 |
|
| $ | 32.64 |
|
| $ | 23.52 |
|
| Fraction option shares to options holders due to the one-for-twelve reverse stock split on October 21, 2019
|
|
| 99 |
|
|
| 32.64 |
|
|
| 23.52 |
|
| Adjusted beginning of the year
|
|
| 467,112 |
|
|
| 32.64 |
|
|
| 23.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted
|
|
| 91,229 |
|
|
| 4.03 |
|
|
| 2.74 |
|
| Exercised
|
|
| — |
|
|
| — |
|
|
| — |
|
| Forfeited
|
|
| (18,180 | ) |
|
| 34.34 |
|
|
| 25.56 |
|
| Expired
|
|
| (21,610 | ) |
|
| 167.52 |
|
|
| 116.81 |
|
| End of the year
|
|
| 518,551 |
|
| $ | 21.99 |
|
| $ | 15.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options exercisable
|
|
| 433,678 |
|
| $ | 24.19 |
|
| $ | 17.39 |
|
|
| Schedule of Non-Vested Options, Activity |
|
| Shares
|
|
| Weighted Average Exercise Price
|
|
| Weighted Average Fair Value Grant Date
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-vested – December 31, 2018
|
|
| 139,085 |
|
| $ | 10.92 |
|
| $ | 6.48 |
|
| Fraction option shares to non-vested options holders due to the one-for-twelve reverse stock split on October 21, 2019
|
|
| 8 |
|
|
| 10.92 |
|
|
| 6.48 |
|
| Adjusted non-vested – December 31, 2018
|
|
| 139,093 |
|
|
| 10.92 |
|
|
| 6.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted
|
|
| 91,229 |
|
|
| 4.03 |
|
|
| 2.74 |
|
| Vested
|
|
| (145,449 | ) |
|
| 6.65 |
|
|
| 4.91 |
|
| Forfeited
|
|
| — |
|
|
| — |
|
|
| — |
|
| Non-vested – December 31, 2019
|
|
| 84,873 |
|
|
| 10.73 |
|
|
| 5.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted
|
|
| 7,634 |
|
|
| 4.45 |
|
|
| 3.28 |
|
| Vested
|
|
| (41,552 | ) |
|
| 10.80 |
|
|
| 8.29 |
|
| Forfeited
|
|
| (1,229 | ) |
|
| 10.80 |
|
|
| 8.33 |
|
| Non-vested – December 31, 2020
|
|
| 49,726 |
|
|
| 9.71 |
|
|
| 7.44 |
|
|
| Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award |
The following table provides certain information with respect to the above-referenced stock options that were outstanding and exercisable at December 31, 2020: |
|
|
| Stock Options Outstanding
|
|
| Stock Options Vested
|
|
|
|
|
| Weighted
|
|
| |
|
| |
|
| Weighted
|
|
| |
|
| |
|
|
|
|
| Average
|
|
| |
|
| |
|
| Average
|
|
| |
|
| |
|
|
|
|
| Remaining
|
|
| |
|
| Weighted
|
|
| Remaining
|
|
| |
|
| Weighted
|
|
|
|
|
| Contractual
|
|
| Number
|
|
| Average
|
|
| Contractual
|
|
| Number
|
|
| Average
|
|
|
|
|
| Life
|
|
| of
|
|
| Exercise
|
|
| Life
|
|
| of
|
|
| Exercise
|
|
|
| Exercise Prices
|
| -Years
|
|
| Awards
|
|
| Price
|
|
| -Years
|
|
| Awards
|
|
| Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $
| 3.82-$12.48
|
|
| 8.16 |
|
|
| 225,179 |
|
| $ | 8.04 |
|
|
| 8.21 |
|
|
| 176,332 |
|
| $ | 7.60 |
|
| $
| 12.49-$24.00
|
|
| 6.57 |
|
|
| 199,790 |
|
| $ | 14.19 |
|
|
| 6.56 |
|
|
| 198,911 |
|
| $ | 14.20 |
|
| $
| 24.01-$72.00
|
|
| 4.89 |
|
|
| 65,333 |
|
| $ | 55.07 |
|
|
| 4.89 |
|
|
| 65,333 |
|
| $ | 55.07 |
|
| $
| 72.01-$240.00
|
|
| 4.32 |
|
|
| 24,526 |
|
| $ | 75.59 |
|
|
| 4.32 |
|
|
| 24,526 |
|
| $ | 75.59 |
|
| $
| 240.01-$331.80
|
|
| 0.23 |
|
|
| 1,019 |
|
| $ | 329.81 |
|
|
| 0.23 |
|
|
| 1,019 |
|
| $ | 329.81 |
|
| Total
|
|
| 6.93 |
|
|
| 515,847 |
|
| $ | 20.23 |
|
|
| 6.82 |
|
|
| 466,121 |
|
| $ | 21.35 |
|
The following table provides certain information with respect to the above-referenced stock options that were outstanding and exercisable at December 31, 2019: |
|
|
| Stock Options Outstanding
|
|
| Stock Options Vested
|
|
|
|
|
| Weighted
|
|
|
|
|
|
|
|
| Weighted
|
|
|
|
|
|
|
|
|
|
|
| Average
|
|
|
|
|
|
|
|
| Average
|
|
|
|
|
|
|
|
|
|
|
| Remaining
|
|
|
|
|
| Weighted
|
|
| Remaining
|
|
|
|
|
| Weighted
|
|
|
|
|
| Contractual
|
|
| Number
|
|
| Average
|
|
| Contractual
|
|
| Number
|
|
| Average
|
|
|
|
|
| Life
|
|
| of
|
|
| Exercise
|
|
| Life
|
|
| of
|
|
| Exercise
|
|
| Exercise Prices
|
| -Years
|
|
| Awards
|
|
| Price
|
|
| -Years
|
|
| Awards
|
|
| Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $
| 3.82-$12.48
|
|
| 9.22
|
|
|
| 225,937
|
|
| $
| 8.07
|
|
|
| 9.40
|
|
|
| 143,696
|
|
| $
| 6.57
|
|
| $
| 12.49-$24.00
|
|
| 7.57
|
|
|
| 199,790
|
|
| $
| 14.19
|
|
|
| 7.56
|
|
|
| 197,158
|
|
| $
| 14.21
|
|
| $
| 24.01-$72.00
|
|
| 5.89
|
|
|
| 65,333
|
|
| $
| 55.07
|
|
|
| 5.89
|
|
|
| 65,333
|
|
| $
| 55.07
|
|
| $
| 72.01-$240.00
|
|
| 5.32
|
|
|
| 24,526
|
|
| $
| 75.59
|
|
|
| 5.32
|
|
|
| 24,526
|
|
| $
| 75.59
|
|
| $
| 240.01-$519.00
|
|
| 0.63
|
|
|
| 2,965
|
|
| $
| 435.67
|
|
|
| 0.63
|
|
|
| 2,965
|
|
| $
| 435.67
|
|
| Total
|
|
| 7.93
|
|
|
| 518,551
|
|
| $
| 21.99
|
|
|
| 7.74
|
|
|
| 433,678
|
|
| $
| 24.19
|
|
|
| Summary of RSUs activity |
|
|
|
|
| Weighted
|
|
|
|
| |
|
| Average
|
|
|
|
| Number of
|
|
| Grant Date
|
|
|
|
| Shares
|
|
| Fair Value
|
|
| Total awards outstanding at December 31, 2019
|
|
| — |
|
| $ | — |
|
| Total shares granted
|
|
| 243,800 |
|
| $ | 2.69 |
|
| Total shares vested
|
|
| — |
|
| $ | — |
|
| Total shares forfeited
|
|
| — |
|
| $ | — |
|
| Total unvested shares outstanding at December 31, 2020
|
|
| 243,800 |
|
| $ $2.69 |
|
|
| Scheduled vesting for outstanding RSUs awards |
|
| Year Ending December 31,
|
|
|
|
| 2021
|
|
| 2022
|
|
| 2023
|
|
| Total
|
|
| Scheduled vesting
|
|
| 81,268 |
|
|
| 81,267 |
|
|
| 81,265 |
|
|
| 243,800 |
|
|