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Stockholders Equity (Tables)
 12 Months Ended
Dec. 31, 2019
Summary of Stock Based Compensation Recognized in Consolidated Statement of Operations

Amounts recognized in the accompanying consolidated statements of operations with respect to the Company’s equity incentive plans were as follows:

 

 

 

 

Years Ended December 31,

 

 

 

 

2019

 

 

2018

 

Selling, general and administrative

 

 

$

859,653

 

 

$

1,668,227

 

Research and development

 

 

 

243,804

 

 

 

159,450

 

Cost of product and product-related services revenue

 

 

 

53,110

 

 

 

60,378

 

 

 

 

$

1,156,567

 

 

$

1,888,055

 
Summary of Stock Option Plans Activity

The following table summarizes stock option activity during the two-year period ended December 31, 2019:

 

 

 

Number of

Shares

 

 

Weighted-

Average

Exercise Price

Per Share

 

 

Weighted-

Average

Remaining

Contractual

Life (Years)

 

 

Aggregate

Intrinsic Value

 

Balance at January 1, 2018

 

 

1,517,771

 

 

$

2.97

 

 

 

7.5

 

 

$

67,242

 

Granted

 

 

802,500

 

 

 

3.39

 

 

 

 

 

 

 

 

 

Exercised

 

 

(144,645

)

 

 

2.19

 

 

 

 

 

 

$

243,531

 

Forfeited

 

 

(66,428

)

 

 

3.24

 

 

 

 

 

 

 

 

 

Expired/Cancelled

 

 

(61,961

)

 

 

6.52

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

2,047,237

 

 

$

3.07

 

 

 

7.6

 

 

$

366,007

 

Granted

 

 

1,270,000

 

 

 

1.48

 

 

 

 

 

 

 

 

 

Exercised

 

 

(54,256

)

 

 

2.23

 

 

 

 

 

 

$

21,380

 

Forfeited

 

 

(161,571

)

 

 

3.29

 

 

 

 

 

 

 

 

 

Expired/Cancelled

 

 

(196,512

)

 

 

3.23

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

2,904,898

 

 

$

2.37

 

 

 

8.0

 

 

$

781

 

Vested and expected to vest at December 31, 2019

 

 

2,904,898

 

 

 

2.37

 

 

 

8.0

 

 

$

781

 

Exercisable at December 31, 2018

 

 

1,256,352

 

 

 

2.91

 

 

 

6.5

 

 

$

346,595

 

Exercisable at December 31, 2019

 

 

1,380,865

 

 

 

2.84

 

 

 

6.6

 

 

$

96

 
Summary of Material Factors Incorporated in Black-Scholes Model In Estimating Fair Value of Options Granted The material factors incorporated in the Black-Scholes model in estimating the fair value of the stock options granted for the periods presented were as follows:

 

 

 

2019

 

 

2018

 

Fair value of common stock on grant date

 

$0.68 - 2.26

 

 

$3.26 - 5.06

 

Risk-free interest rate

 

1.43% - 2.21%

 

 

2.59% - 2.82%

 

Expected volatility

 

63.9% - 97.1%

 

 

79.5% - 85.8%

 

Expected term

 

5.5 to 6.1 years

 

 

5.3 to 5.5 years

 

Expected dividend yield

 

0%

 

 

0%

 
Summary of Restricted Stock Unit (RSU) Plans Activity

The following table summarizes RSU award activity during the two-year period ended December 31, 2019:

 

 

 

Number of

Shares

 

 

Weighted-

Average

Grant Date

Fair Value

Per Share

 

Balance at January 1, 2018

 

 

26,666

 

 

$

2.78

 

Granted

 

 

492,051

 

 

 

3.63

 

Released

 

 

(291,010

)

 

 

3.72

 

Balance at December 31, 2018

 

 

227,707

 

 

$

3.30

 

Granted

 

 

77,500

 

 

 

1.93

 

Released

 

 

(81,462

)

 

 

3.31

 

Balance at December 31, 2019

 

 

223,745

 

 

$

2.91

 

Vested and unissued at December 31, 2019

 

 

15,942

 

 

$

3.14

 
Employee Stock Purchase Plan  
Summary of Stock Based Compensation Recognized in Consolidated Statement of Operations

Amounts recognized in the accompanying consolidated statements of operations with respect to the ESPP were as follows:

 

 

 

 

Years Ended December 31,

 

 

 

 

2019

 

 

2018

 

Selling, general and administrative

 

 

$

43,615

 

 

$

41,716

 

Research and development

 

 

 

18,454

 

 

 

12,556

 

Cost of product and product-related services revenue

 

 

 

4,169

 

 

 

4,687

 

 

 

 

$

66,238

 

 

$

58,959

 

 
Summary of Material Factors Incorporated in Black-Scholes Model In Estimating Fair Value of Options Granted

The material factors incorporated in the Black-Scholes model in estimating the fair value of the ESPP awards for the periods presented were as follows:

 

 

 

2019

 

 

2018

 

Fair value of common stock

 

$1.85 - 4.00

 

 

$1.85 - 4.00

 

Risk-free interest rate

 

1.88% - 2.37%

 

 

1.88% - 2.07%

 

Expected volatility

 

79.5% - 85.8%

 

 

83.2% - 85.8%

 

Expected term

 

0.5 years

 

 

0.5 years

 

Expected dividend yield

 

0%

 

 

0%

 
Summary of Shares Purchased under ESPP'S Six Month Purchase Periods

During the year ended December 31, 2019, employees entering the plan at various times throughout the year purchased the following shares at the end of each of the ESPP’s six-month purchase periods:

 

 

 

June 2019

 

 

December 2019

 

 

 

Number of

Shares

 

 

Price

per Share

 

 

Number of

Shares

 

 

Price

per Share

 

ESPP Group:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group A

 

 

29,580

 

 

$

1.57

 

 

 

27,449

 

 

$

0.57

 

Group B

 

 

5,828

 

 

 

1.79

 

 

 

5,240

 

 

 

0.57

 

Group C

 

 

4,581

 

 

 

1.79

 

 

 

4,804

 

 

 

0.57

 

Group D

 

 

—

 

 

N/A

 

 

 

2,474

 

 

 

0.57

 

Total number of shares purchased

 

 

39,989

 

 

 

 

 

 

 

39,967

 

 

 

 

 

 

During the year ended December 31, 2018, employees entering the plan at various times throughout the year purchased the following shares at the end of each of the ESPP’s six-month purchase periods:

 

 

 

June 2018

 

 

December 2018

 

 

 

Number of

Shares

 

 

Price

per Share

 

 

Number of

Shares

 

 

Price

per Share

 

ESPP Group:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group A

 

 

39,976

 

 

$

1.57

 

 

 

35,805

 

 

$

1.57

 

Group B

 

 

—

 

 

N/A

 

 

 

4,176

 

 

 

2.81

 

Total number of shares purchased

 

 

39,976

 

 

 

 

 

 

 

39,981