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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule of warrant activity

A summary of warrant activity is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

Weighted-

    

 

 

 

 

 

 

Weighted-

 

Average

 

 

 

 

 

 

 

Average

 

Remaining

 

Aggregate

 

 

Number of

 

Exercise

 

Contractual

 

Intrinsic

 

 

Shares

 

Price/Share

 

Term (Years)

 

Value (1)

Outstanding — December 31, 2017

 

5,141,112

 

$

4.09

 

  

 

 

  

Issued

 

 —

 

 

 —

 

  

 

 

  

Exercised

 

(3,062,739)

 

 

3.58

 

  

 

 

  

Expired

 

(28,839)

 

 

31.78

 

  

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2018

 

2,049,534

 

$

4.03

 

  

 

 

  

Issued

 

 —

 

 

 —

 

  

 

 

  

Exercised

 

(1,027,546)

 

 

3.95

 

  

 

 

  

Expired

 

(20,960)

 

 

17.78

 

  

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2019

 

1,001,028

 

$

3.83

 

0.5

 

$

12,644,200

 

 

 

 

 

 

 

 

 

 

 

Vested (exercisable) — December 31, 2019

 

1,001,028

 

$

3.83

 

0.5

 

$

12,644,200

(1)

Aggregate intrinsic value represents the difference between the exercise price of the warrant and the closing market price of the Company’s common stock on December 31, 2019, which was $16.46 per share.
Schedule of fair value assumptions of stock options

During the years ended December 31, 2019 and 2018, we granted stock options at exercise prices equal to or greater than the quoted market price of our common stock on the grant date. The fair value of each option grant was estimated on the date of grant using Black-Scholes with the following assumptions:

 

 

 

 

 

 

 

 

    

December 31, 

    

December 31, 

  

 

 

2019

 

2018

 

Expected life (years)

 

5.2 – 6.2

 

5.3 – 7.0

 

Risk-free interest rate

 

1.42% - 2.57

%  

2.59% - 3.07

%

Volatility

 

70.6% - 99.2

%  

97.7% - 110

%

Dividend yield

 

 0

%  

 0

%

 

Schedule of share-based payment awards

Total stock-based compensation expense related to our share-based payment awards is comprised of the following:

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

    

2019

    

2018

Cost of revenues

 

$

1,479,448

 

$

244,239

General and administrative

 

 

9,430,279

 

 

3,756,820

Sales and marketing

 

 

4,515,654

 

 

1,178,115

Engineering and development

 

 

1,098,125

 

 

299,451

 

 

$

16,523,506

 

$

5,478,625

 

Schedule of stock option activity

A summary of stock option activity is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

 

    

Weighted-

    

 

 

 

 

 

 

Weighted-

 

Average

 

 

 

 

 

 

 

Average

 

Remaining

 

Aggregate

 

 

Number of

 

Exercise

 

Contractual

 

Intrinsic

 

 

Shares

 

Price/Share

 

Term (Years)

 

Value (1)

Outstanding — December 31, 2017

 

5,322,858

 

$

4.16

 

  

 

 

  

Granted (weighted-average fair value of $7.78 per share)

 

1,123,100

 

 

9.48

 

  

 

 

  

Exercised

 

(445,989)

 

 

3.38

 

  

 

 

  

Forfeited

 

(213,142)

 

 

6.79

 

  

 

 

  

Expired

 

(29,522)

 

 

5.10

 

  

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2018

 

5,757,305

 

$

5.16

 

  

 

 

  

Granted (weighted-average fair value of $13.55 per share)

 

1,544,850

 

 

13.55

 

  

 

 

 

Exercised

 

(544,565)

 

 

3.91

 

  

 

 

 

Forfeited

 

(78,009)

 

 

10.66

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding — December 31, 2019

 

6,679,581

 

$

7.14

 

6.9

 

$

62,681,100

Vested (exercisable) — December 31, 2019

 

5,895,891

 

$

6.25

 

6.5

 

$

60,273,300

Expected to vest after December 31, 2019 (unexercisable)

 

783,690

 

$

13.78

 

9.3

 

$

2,409,400

(1)

Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of the common stock on December 31, 2019, which was $16.46 per share.
Stock Options [Member]  
Schedule of Information by Exercise Price Range

The following table summarizes information with respect to stock options outstanding and exercisable at December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Weighted-

    

 

 

    

 

    

 

 

 

 

 

 

Average

 

Weighted-

 

 

 

Weighted-

 

 

 

 

Remaining

 

Average

 

 

 

Average

 

 

Number

 

Contractual

 

Exercise

 

Number

 

Exercise

Exercise Price

 

Outstanding

 

Life (Years)

 

Price

 

Exercisable

 

Price

$1.08 – 3.07

 

1,059,176

 

5.8

 

$

2.27

 

1,059,176

 

$

2.27

$3.18 – 3.44

 

977,670

 

5.7

 

$

3.30

 

977,670

 

$

3.30

$4.56 – 4.92

 

768,358

 

5.4

 

$

4.77

 

768,358

 

$

4.77

$5.00 – 7.67

 

855,328

 

5.6

 

$

5.04

 

854,803

 

$

5.04

$7.80 – 8.65

 

1,180,040

 

7.2

 

$

8.32

 

1,109,650

 

$

8.30

$9.29 – 12.79

 

1,271,242

 

9.0

 

$

11.90

 

910,178

 

$

11.74

$13.37 – 22.68

 

567,767

 

9.4

 

$

16.05

 

216,056

 

$

15.56

 

 

6,679,581

 

 

 

 

 

 

5,895,891

 

 

 

 

Warrants [Member]  
Schedule of Information by Exercise Price Range

The following table summarizes information with respect to warrants outstanding and exercisable at December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Weighted-

    

 

 

    

 

    

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

Weighted-

 

 

 

Weighted-

 

 

Number

 

Contractual

 

Average

 

Number

 

Average

Exercise Price

 

Outstanding

 

Life (Years)

 

Exercise Price

 

Exercisable

 

Exercise Price

$3.57

 

894,439

 

0.5

 

$

3.57

 

894,439

 

$

3.57

$6.00

 

106,589

 

0.2

 

$

6.00

 

106,589

 

$

6.00

 

 

1,001,028

 

 

 

 

 

 

1,001,028