STOCKHOLDERS' EQUITY (Tables)
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12 Months Ended |
Dec. 31, 2020 |
STOCKHOLDERS' EQUITY |
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Summary of Black-Scholes Pricing Model Stock Options |
In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions:
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For the Years Ended
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December 31,
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2020
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2019
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Expected term (years)
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6.08
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6.08
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Expected volatility
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55.8%-56.3
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%
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55.8
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%
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Risk free interest rate
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0.57%-1.65
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%
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1.48%-1.81
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%
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Expected dividends
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0.00
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%
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0.00
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%
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Summary of stock option activity |
A summary of the Company’s stock option activity during the year ended December 31, 2020 is as follows:
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Weighted Average
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Number
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Weighted Average
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Remaining Term
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Intrinsic
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of Options
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Exercise Price
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(Years)
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Value
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Outstanding at January 1, 2020
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105,082
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$
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16.31
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Granted
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23,889
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7.85
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Forfeited
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(10,559)
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9.46
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Exercised
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—
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—
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Outstanding at December 31, 2020
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118,412
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$
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15.22
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5.5
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$
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178,966
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Exercisable at December 31, 2020
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53,228
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$
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10.61
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2.7
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$
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99,224
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Summary of stock option exercise price |
The following table presents information related to stock options as of December 31, 2020:
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Options Outstanding
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Options Exercisable
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Weighted
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Outstanding
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Average
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Exercisable
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Number of
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Remaining Life
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Number of
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Exercise Price
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Options
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In Years
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Options
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$
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2.81
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20,000
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—
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—
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$
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2.97
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46,002
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0.7
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37,323
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$
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4.95
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5,556
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1.9
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2,875
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$
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33.75
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46,854
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8.8
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13,030
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118,412
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2.7
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53,228
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Summary of assumptions fair value of warrants |
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For the Years Ended
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December 31,
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2020
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2019
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Expected term (years)
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3.86-4.75
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5.00
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Expected volatility
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58.0%-61.2
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%
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55.8%-56.1
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%
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Risk free interest rate
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0.24%-0.39
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%
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1.59%-2.32
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%
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Expected dividends
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0.00
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%
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0.00
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%
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Summary of the warrant activity |
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Weighted
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Weighted
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Average
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Average
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Remaining
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Number of
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Exercise
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Life
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Intrinsic
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Warrants
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Price
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In Years
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Value
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Outstanding, January 1, 2020
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1,138,557
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$
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4.95
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Issued
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5,031,188
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5.33
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Warrant adjustment [1]
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—
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(0.89)
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Exercised
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(2,000)
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5.50
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Expired
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—
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—
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Outstanding, December 31, 2020 [2]
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6,167,745
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$
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5.26
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4.3
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$
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2,173,571
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Exercisable, December 31, 2020
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5,866,275
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$
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5.21
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4.3
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$
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2,173,571
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[1] Effect of down round triggered in connection with closing of IPO. See Note 6 – Notes Payable for additional details.
[2] Excludes five-year warrants to purchase 1,235,977 shares of common stock at an exercise price of $5.50 per share that are issuable upon exercise of certain warrants. See Note 5 – Notes Payable for additional details.
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Summary of stock warrants |
The following table presents information related to stock warrants as of December 31, 2020:
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Warrants Outstanding
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Warrants Exercisable
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Weighted
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Outstanding
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Average
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Exercisable
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Number of
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Remaining Life
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Number of
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Exercise Price
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Warrants
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In Years
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Warrants
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$
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4.20
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1,235,997
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3.5
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1,235,997
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$
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4.95
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177,223
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2.3
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177,223
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$
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5.50
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4,453,055
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4.6
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4,453,055
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$
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6.25
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125,000
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—
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—
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$
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6.38
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176,470
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—
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—
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6,167,745
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4.3
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5,866,275
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