Stock Options (Tables)

12 Months Ended

Dec. 31, 2018

Stock Options Tables

Summary of stock option activity

The following table summarizes stock option activity for the period ended December 31, 2018 :

	Number of Options			Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value ($)
Outstanding at December 31, 2016		385,000			1.42
Grants		310,000			4.20
Exercises		(150,000	)		1.12
Outstanding at December 31, 2017		545,000			3.09
Forfeited		(40,000	)		4.20
Exercises		(187,500	)		1.12
Outstanding at December 31, 2018		317,500			3.41		7.68 years		70,000
Exercisable at December 31, 2018		307,500			3.49		7.76 years		60,000
Available for grant at December 31, 2018		19,440,765

Summary of assumption of stock option activity

The assumptions for volatility, expected life, dividend yield and risk-free interest rate for options granted are presented in the table below:

	Years Ended December 31,
	2018			2017
Risk-free interest rate		2.97	%		1.93% - 2.39	%
Expected life in years		9.0			5.5 – 10.0
Weighted Avg. Expected Volatility		108	%		98% - 106	%
Expected dividend yield		0			0

Summary of consolidated statement of operations

Stock-based compensation has been included in the consolidated statement of operations as follows:

	Years Ended December 31,
	2018		2017
Research and development	$	27,967	$	100,630
General and administrative		142,550		803,374
Total	$	170,517	$	904,004

Summary of stock options outstanding and exercisable

The following table summarizes information about stock options outstanding and exercisable at December 31, 2018:

		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		5.25		1.05		45,000		5.25		1.05
	1.25		7,500		6.46		1.25		7,500		6.46		1.25
	1.34		7,500		6.50		1.34		7,500		6.50		1.34
	1.70		7,500		6.79		1.70		7,500		6.79		1.70
	2.28		7,500		7.55		2.28		7,500		7.55		2.28
	4.20		232,500		8.36		4.20		232,500		8.36		4.20
	Total		317,500		7.68	$	3.41		307,500		7.68	$	3.49