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STOCK OPTIONS AND WARRANTS (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Disclosure Text Block Supplement [Abstract]    
Schedule of Stock Options Roll Forward [Table Text Block]
The following table sets forth the activity of the options to purchase common stock under the 2019 Plan. The prices represent the closing price of our Common Stock on the OTCQB Market on the respective dates.


 

 

Options Outstanding

 

 

Options Exercisable

 

 

 

Number of

Shares

 

 

Price per

Share Range

 

 

Weighted

Average

Exercise

Price

 

 

Aggregate

Intrinsic

Value (1)

 

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Aggregate

Intrinsic

Value (1)

 

Balance at December 31, 2019

 

 

416,030

 

 

$

5.20-5.80

 

 

$

5.20

 

 

$

-

 

 

 

18,009

 

 

$

5.20

 

 

$

-

 

Forfeited

 

 

-

 

 

$

-

 

 

$

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Vested

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

99,927

 

 

 

4.60

 

 

 

 

 

Exercised

 

 

-

 

 

$

-

 

 

$

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Granted

 

 

263,780

 

 

$

4.20-5.20

 

 

$

4.40

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at March 31, 2020

 

 

679,810

 

 

$

4.20-5.80

 

 

$

5.00

 

 

$

-

 

 

 

117,936

 

 

$

4.60

 

 

$

-

 

 

(1)

 

The intrinsic value of an option represents the amount by which the market value of the stock exceeds the exercise price of the option of in-the-money options only.

The following table sets forth the activity of the options to purchase common stock under the 2019 Plan. The prices represent the closing price of our Common Stock on the OTCQB Market on the respective dates.


 

 

Options Outstanding

 

 

Options Exercisable

 

 

 

Number of

Shares

 

 

Price per

Share Range

 

 

Weighted

Average

Exercise

Price

 

 

Aggregate

Intrinsic

Value (1)

 

 

Number of

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Aggregate

Intrinsic

Value (1)

 

Balance at December 31, 2018

 

 

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

$

-

 

Forfeited

 

 

-

 

 

$

-

 

 

$

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

$

-

 

 

$

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Granted

 

 

416,030

 

 

$

5.20-5.80

 

 

$

5.20

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at December 31, 2019

 

 

416,030

 

 

$

5.20-5.80

 

 

$

5.20

 

 

$

-

 

 

 

18,009

 

 

$

5.20

 

 

$

-

 

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The fair value of each option granted is estimated as of the grant date using the Black-Scholes option pricing model with the following assumptions:


   

Three Months ended March 31,

 
   

2020

   

2019

 

Risk-free interest rate range

    0.48 to 1.65

%

    - %

Expected life of option-years

    5.20 to 5.77       -  

Expected stock price volatility

    110.8 to 128.0

%

    -

%

Expected dividend yield

    -

%

    -

%

The fair value of each option granted is estimated as of the grant date using the Black-Scholes option pricing model with the following assumptions:


 

 

Years ended December 31,

 

 

 

2019

 

 

2018

 

Risk-free interest rate range

 

 

1.6

%

 

 

-

 

Expected life of option-years

 

 

2.9

 

 

 

-

 

Expected stock price volatility

 

 

117

%

 

 

-

%

Expected dividend yield

 

 

-

%

 

 

-

%

Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]
The risk-free interest rate is based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the stock options. Expected volatility is based upon the average historical volatility of our common stock over the period commensurate with the expected term of the related instrument. The expected life and estimated post-employment termination behavior is based upon historical experience of homogeneous groups, executives and non-executes, within our company. We do not currently pay dividends on our common stock nor do we expect to in the foreseeable future.


           

Options Outstanding

   

Options Exercisable

 
   

Range of

Exercise Prices

   

Options

Outstanding

   

Weighted

Average

Remaining

Life in

Years

   

Weighted

Average

Exercise

Price

   

Options

Exercisable

   

Weighted

Average

Exercise

Price of

Options

Exercisable

 

Year ended December 31, 2019

  $ 5.20-5.80       416,030       2.6     $ 5.20       18,009     $ 5.10  

Three Months ended March 31, 2020

  $ 4.20-5.80       679,810       3.6     $ 5.00       117,936     $ 4.66  
   

 

Total Intrinsic Value of

Options Exercised

   

Total Fair Value of

Options Vested

Year ended December 21, 2019

    -       69,787  

Three months ended March 31, 2020

  $ -     $ 378,537  
The risk-free interest rate is based on U.S. Treasury interest rates, the terms of which are consistent with the expected life of the stock options. Expected volatility is based upon the average historical volatility of our common stock over the period commensurate with the expected term of the related instrument. The expected life and estimated post-employment termination behavior is based upon historical experience of homogeneous groups, executives and non-executes, within our company. We do not currently pay dividends on our common stock nor do we expect to in the foreseeable future.


 

 

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

 

 

Range of Exercise Prices

 

 

Options Outstanding

 

 

Weighted

Average

Remaining

Life in

Years

 

 

Weighted

Average

Exercise

Price

 

 

Options

Exercisable

 

 

Weighted

Average

Exercise

Price of

Options

Exercisable

 

Year ended December 31, 2018

 

$

-

 

 

 

-

 

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

Year ended December 31, 2019

 

$

5.20-5.80

 

 

 

416,030

 

 

 

2.6

 

 

$

5.20

 

 

 

18,009

 

 

$

5.20

 

   

Total Intrinsic Value of Options Exercised

   

Total Fair Value of

Options Vested

 

Year ended December 21, 2018

    -       -  

Year ended December 31, 2019

  $ -     $ 69,787  
Nonvested Restricted Stock Shares Activity [Table Text Block]
The following table summarizes our aggregate restricted stock awards and restricted stock unit activity during the three months ended March 31, 2020:


 

 

Number of

Unvested Shares

 

 

Weighted Average

Grant Date

Fair Value

 

 

Aggregate Value of

Unvested Shares

 

Balance at December 31, 2019

 

 

16,667

 

 

$

6.00

 

 

$

100,000

 

Granted

 

 

69,912

 

 

$

4.58

 

 

$

320,140

 

Vested

 

 

(57,895

)

 

$

4.59

 

 

$

(265,963

)

Forfeitures

 

 

(-

)

 

$

-

 

 

$

(-

)

Balance at March 31, 2020

 

 

26,684

 

 

$

5.78

 

 

$

154,178

 

The following table summarizes our aggregate restricted stock awards and restricted stock unit activity in 2019:


   

Number of

Unvested Shares

   

Weighted Average

Grant Date Fair Value

   

Aggregate Value of

Unvested Shares

 

Balance at December 31, 2018

    -     $ -     $ -  

Granted

    20,000     $ 6.00     $ 120,000  

Vested

    (3,333

)

  $ 6.00     $ (20,000

)

Forfeitures

    (-

)

  $ -     $ (-

)

Balance at December 31, 2019

    16,667     $ 6.00     $ 100,000