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D. STOCKHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Warrant activity
    Warrants     Weighted Average Exercise Price  
Outstanding at December 31, 2016     120,794     $ 52.71  
Issued     -       -  
Exercised     -       -  
Forfeited     (21 )     2,460.00  
Outstanding at December 31, 2017     120,773     $ 52.29  
Issued     10,569,945       1.94  
Exercised     -       -  
Forfeited     -       -  
Outstanding at December 31, 2018     10,690,718     $ 2.45  
Outstanding stock options
      Options Outstanding at December 31, 2018     Options Exercisable and Vested at December 31, 2018
Exercise Price     Number of Options     Weighted Average Remaining Contractual Life (Years)     Number of Options     Weighted Average Exercise Price
  $6.10 to $11.20        66,000       9.2       5,500     $ 10.87
  $41.40 to $96.40        40,251       5.3       30,503     $ 60.94
  $113.00 to $860.00        135,413       1.3       68,423     $ 114.68
  $1,012.00 to $2,580.00        71       1.1       71     $ 1,798.59
          241,735       4.4       104,497     $ 94.67
Options vested and expected to vest
    Number of Option Shares     Weighted Average Exercise Price     Aggregate Intrinsic Value (1)     Weighted Average Remaining Contractual Life (Years)  
Vested     104,497     $ 94.67     $ -       3.3  
Vested and expected to vest     226,640     $ 76.56     $ -       4.4  

 

(1)

 

Amount represents the difference between the exercise price and $1.21, the closing price of Tenax Therapeutics’ stock on December 31, 2018, as reported on the Nasdaq Capital Market, for all in-the-money options outstanding.

 

Shares available for grant under the Plan
    Shares Available for Grant  
Balances, at December 31, 2017     150,000  
Options granted     (50,000 )
Balances, at December 31, 2018     100,000  
Options activity
    Outstanding Options        
    Number of Shares     Weighted Average Exercise Price     Aggregate Intrinsic Value  
Balances at December 31, 2017     -     $ -        
Options granted     50,000     $ 6.10          
Options cancelled     -     $ -          
Balances at December 31, 2018     50,000     $ 6.10     $ - (1) 

 

(1)

 

Amount represents the difference between the exercise price and $1.21, the closing price of Tenax Therapeutics’ stock on December 31, 2018, as reported on the Nasdaq Capital Market, for all in-the-money options outstanding.

 

Fair value assumptions

The Company used the following assumptions to estimate the fair value of options granted under the 2016 Plan for the years ended December 31, 2018 and 2017:

 

    For the year ended December 31,
    2018   2017
Risk-free interest rate (weighted average)   2.85%   0.00%
Expected volatility (weighted average)   102.37%   0.00%
Expected term (in years)   7   0
Expected dividend yield   0.00%   0.00%

 

The Company used the following assumptions to estimate the fair value of options granted under the 1999 Plan for the years ended December 31, 2018 and 2017:

 

    For the year ended December 31,
    2018   2017
Risk-free interest rate (weighted average)   2.91%   2.19%
Expected volatility (weighted average)   102.63%   99.59%
Expected term (in years)   7   7
Expected dividend yield   0.00%   0.00%

 

Stock options
    Outstanding Options        
    Number of Shares     Weighted Average Exercise Price     Aggregate Intrinsic Value  
Balances at December 31, 2016     236,706     $ 99.74        
Options granted     13,000     $ 11.06          
Options cancelled     (60,962 )   $ 94.75          
Balances at December 31, 2017     188,744     $ 95.24          
Options granted     3,000     $ 6.23          
Options cancelled     (9 )   $ 2,760.00          
Balances at December 31, 2018     191,735     $ 93.72     $ - (1)

 

(1)

 

Amount represents the difference between the exercise price and $1.21, the closing price of Tenax Therapeutics’ stock on December 31, 2018, as reported on the Nasdaq Capital Market, for all in-the-money options outstanding.

 

Restricted stock grants
    Outstanding Restricted Stock Grants  
    Number of Shares     Weighted Average Grant Date Fair Value  
Balances, at December 31, 2016     12     $ 54.40  
Restricted stock granted     10,691     $ 13.60  
Restricted stock vested     (5,838 )   $ 13.60  
Restricted stock cancelled     (4,865 )   $ 13.60  
Balances, at December 31, 2017     -     $ -  
Restricted stock granted     85,900     $ 5.82  
Restricted stock vested     (37,420 )   $ 5.69  
Restricted stock cancelled     (28,566 )   $ 5.66  
Balances, at December 31, 2018     19,914     $ 6.29