Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS' EQUITY (Tables)

v3.21.1
STOCKHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2020
STOCKHOLDERS' EQUITY  
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:

 

 

 

 

 

 

 

 

    

For the Years Ended

 

 

 

December 31, 

 

 

 

2020

    

2019

 

Expected term (years)

 

6.08

 

6.08

 

Expected volatility

 

55.8%-56.3

%  

55.8

%

Risk free interest rate

 

0.57%-1.65

%  

1.48%-1.81

%

Expected dividends

 

0.00

%  

0.00

%

 

Summary of stock option activity

A summary of the Company’s stock option activity during the year ended December 31, 2020 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

Weighted Average

    

 

 

 

 

Number

 

Weighted Average

 

Remaining Term 

 

Intrinsic

 

    

of Options

    

Exercise Price

    

(Years)

    

Value

Outstanding at January 1, 2020

 

105,082

 

$

16.31

 

  

 

 

  

Granted

 

23,889

 

 

7.85

 

  

 

 

  

Forfeited

 

(10,559)

 

 

 9.46

 

  

 

 

  

Exercised

 

 —

 

 

 —

 

  

 

 

  

Outstanding at December 31, 2020

 

118,412

 

$

15.22

 

5.5

 

$

178,966

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2020

 

53,228

 

$

10.61

 

2.7

 

$

99,224

 

Summary of stock option exercise price

The following table presents information related to stock options as of December 31, 2020:

 

 

 

 

 

 

 

 

 

Options Outstanding

    

Options Exercisable

 

 

 

Weighted

 

 

 

 

 

 

 

Outstanding

 

Average

 

Exercisable

 

 

 

Number of

 

Remaining Life

 

Number of

Exercise Price

    

Options

    

In Years

    

Options

$

2.81

 

20,000

 

 —

 

 —

$

2.97

 

46,002

 

0.7

 

37,323

$

4.95

 

5,556

 

1.9

 

2,875

$

33.75

 

46,854

 

8.8

 

13,030

 

 

 

118,412

 

2.7

 

53,228

 

Summary of assumptions fair value of warrants

 

 

 

 

 

 

 

    

For the Years Ended

 

 

 

December 31, 

 

 

 

2020

    

2019

 

Expected term (years)

 

3.86-4.75

 

5.00

 

Expected volatility

 

58.0%-61.2

%  

55.8%-56.1

%

Risk free interest rate

 

0.24%-0.39

%  

1.59%-2.32

%

Expected dividends

 

0.00

%  

0.00

%

 

Summary of the warrant activity

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

    

Weighted

    

    

    

    

 

 

 

Weighted

 

Average

 

 

 

 

 

 

 

Average

 

Remaining

 

 

 

 

 

 

 

Number of

 

Exercise

 

Life

 

Intrinsic

 

    

Warrants

    

Price

    

In Years

    

Value

Outstanding, January 1, 2020

 

1,138,557

 

$

4.95

 

  

 

 

  

Issued

 

5,031,188

 

 

5.33

 

  

 

 

  

Warrant adjustment [1]

 

 —

 

 

(0.89)

 

  

 

 

  

Exercised

 

(2,000)

 

 

5.50

 

  

 

 

  

Expired

 

 —

 

 

 —

 

  

 

 

  

Outstanding, December 31, 2020 [2]

 

6,167,745

 

$

5.26

 

4.3

 

$

2,173,571

 

 

 

 

 

 

 

 

 

 

 

Exercisable, December 31, 2020

 

5,866,275

 

$

5.21

 

4.3

 

$

2,173,571


[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.

Summary of stock warrants

The following table presents information related to stock warrants as of December 31, 2020:

 

 

 

 

 

 

 

 

 

Warrants Outstanding

    

Warrants Exercisable

 

 

 

Weighted

 

 

 

 

 

 

 

Outstanding

 

Average

 

Exercisable

 

 

 

Number of

 

Remaining Life

 

Number of

Exercise Price

 

Warrants

 

In Years

    

Warrants

 

 

 

 

 

 

 

 

$

4.20

 

1,235,997

 

3.5

 

1,235,997

$

4.95

 

177,223

 

2.3

 

177,223

$

5.50

 

4,453,055

 

4.6

 

4,453,055

$

6.25

 

125,000

 

 —

 

 —

$

6.38

 

176,470

 

 —

 

 —

 

 

 

6,167,745

 

4.3

 

5,866,275