Mezzanine and Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Stock Option Transactions Under Stock Option Plans

The Company’s outstanding stock options consisted of the following:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions)
Options outstanding at January 1, 2019	647,240		$	5.62	4.13	$	9.2
Options granted	123,378		17.80		—	—
Options exercised	(203,524	)	5.77		—	2.4
Options forfeited	—		—		—	—
Options outstanding at September 30, 2019	567,094		$	8.22	3.60	$	5.4
Options exercisable at September 30, 2019	466,216		$	5.07	2.74	$	5.3

Outstanding stock options granted to primary care physicians to purchase shares of APC’s common stock consisted of the following:

	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions)
Options outstanding at January 1, 2019	853,800	$	0.167	0.75	$	0.5
Options granted	—	—		—	—
Options exercised	—	—		—	—
Options expired/forfeited	—	—		—	—
Options outstanding and exercisable at September 30, 2019	853,800	$	0.167	0.00	$	0.5

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

During the nine months ended September 30, 2019, the Company granted 45,000 and 78,378five year stock options to certain ApolloMed board members and executives, with exercise price of $18.11 and $17.62, respectively, which were recognized at fair value, as determined using the Black-Scholes option pricing model and the following assumptions:

September 30, 2019	Board Members			Executives
Expected Term	3.0 years			4.0 years
Expected volatility	100.27		%	91.04		%
Risk-free interest rate	2.51		%	1.55		%
Market value of common stock	$	18.11		$	17.62
Annual dividend yield	—		%	—		%
Forfeiture rate	0		%	0		%

Summary of Share-Based Compensation Expense of Stock Option Awards Granted

Share-based compensation expense related to option awards granted to primary care physicians to purchase shares of APC’s common stock, are recognized over their respective vesting periods, and consisted of the following:

	Three Months Ended September 30,
	2019		2018
Share-based compensation expense:
General and administrative	$	202,382	$	202,382
	$	202,382	$	202,382

	Nine Months Ended September 30,
	2019		2018
Share-based compensation expense:
General and administrative	$	607,146	$	607,146
	$	607,146	$	607,146

Warrants Outstanding

The Company’s outstanding warrants consisted of the following:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions)
Warrants outstanding at January 1, 2019	3,331,995		$	9.93	2.97	$	33.1
Warrants granted	—		—		—	—
Warrants exercised	(133,221	)	9.21		—	1.4
Warrants expired/forfeited	—		—		—	—
Warrants outstanding at September 30, 2019	3,198,774		$	9.96	2.26	$	24.5

Exercise Price Per Share		Warrants Outstanding	Weighted Average Remaining Contractual Life	Warrants Exercisable	Weighted Average Exercise Price Per Share
$	9.00	971,165	1.04	971,165	$	9.00
10.00		1,399,667	2.55	1,399,667	10.00
11.00		827,942	3.19	827,942	11.00
$ 9.00 –11.00		3,198,774	2.26	3,198,774	$	9.96