Stock Options

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock Options

Note 3. Stock Options

The following table summarizes stock option activity for the period ended September 30, 2019:

	Number of Options		Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value ($)
Outstanding at December 31, 2018		317,500		3.41
Outstanding at September 30, 2019		317,500		3.41		6.93		53,450
Exercisable at September 30, 2019		317,500		3.41		6.93		53,450

There were no options granted during the nine months ended September 30, 2019.

The share-based compensation cost resulting from stock option grants, including those previously granted and vesting over time is expensed ratably over the respective vesting periods. During the three months ended September 30, 2019 and 2018, the Company recognized $0 and $371, respectively, in share-based compensation related to stock options. During the nine months ended September 30, 2019 and 2018, the Company recognized $832 and $170,517, respectively, in share-based compensation related to stock options. As of September 30, 2019, the Company had no unrecognized compensation cost related to unvested stock options. Stock-based compensation has been included in the unaudited consolidated statement of operations as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Research and development	$	-	$	-	$	-	$	27,966
General and administrative		-		371		832		142,551
Total	$	-	$	371	$	832	$	170,517

The following table summarizes information about stock options outstanding and exercisable at September 30, 2019:

	Stock Options Outstanding						Stock Options Exercisable
Range of Exercise Prices	Number of Shares Subject to Outstanding Options		Weighted Average Contractual Life (years)		Weighted Average Exercise Price		Number of Shares Subject to Options Exercise		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price
1.05		55,000		4.50		1.05		55,000		4.50		1.05
1.25		7,500		5.71		1.25		7,500		5.71		1.25
1.34		7,500		5.75		1.34		7,500		5.75		1.34
1.70		7,500		6.04		1.70		7,500		6.04		1.70
2.28		7,500		6.81		2.28		7,500		6.81		2.28
4.20		232,500		7.62		4.20		232,500		7.62		4.20
Total		317,500		6.93	$	3.41		317,500		6.93	$	3.41