STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of weighted average assumptions

During the year ended December 31, 2018 and 2017, the Company estimated the fair value of stock options granted using the Black-Scholes option pricing model with the following weighted average assumptions:

	2018	2017
Weighted average risk-free interest rate	2.41% — 2.80%	1.73% — 2.14%
Weighted average life (in years)	4.70	5.0
Volatility	124.7% — 131.7%	98.4% — 115.8%
Expected dividend yield	0%	0%
Weighted average grant-date fair value per share of options granted	$                      15.61	$                      12.00

Schedule of exercise price

The options outstanding as of December 31, 2018, have been classified by exercise price, as follows: 

Outstanding				Exercisable
		Weighted
		Average	Weighted		Weighted
		Remaining	Average		Average
Exercise	Number	Contractual	Exercise	Number	Exercise
Price	Outstanding	Life (Years)	Price	Exercisable	Price
$11.40 - $16.00	161,500	7.54	$13.37	92,876	$13.32
$20.00 - $27.60	8,500	8.52	$27.46	3,031	$27.20
$30.20 - $33.80	3,125	3.71	$32.73	3,125	$32.73
$11.40 - $33.80	173,125	7.52	$14.41	99,032	$14.35
Issuances outside of Plans
$16.00 - $46.40	199,875	7.39	$26.09	36,842	$29.36
Total Options
$11.40 - 46.40	373,000	7.45	$20.67	135,874	$18.42

Schedule of stock-based compensation expense

The total stock-based compensation expense related to stock options and stock awards issued pursuant to the Plans to the Company’s employees, consultants and directors, included in reported net loss for the years ended December 31, 2018 and 2017, is comprised as follows: 

	2018	2017
Cost of revenues	$                      4,874	$                      8,466
Engineering and product development	13,650	21,449
Selling and marketing	11,922	46,431
General and administrative	2,921,532	1,501,544
Stock-based compensation from Plans	$               2,951,978	$               1,577,890
Stock-based compensation from issuances outside of Plans	1,767,287	253,395
Total stock-based compensation	$               4,719,265	$               1,831,285

Schedule of option activity under the company's stock option plans

A summary of option activity under the Company's stock option plans as of December 31, 2018 and 2017, and changes during the years ended are as follows:

		Outstanding Options
				Weighted
			Weighted	Average
	Shares		Average	Remaining	Aggregate
	Available	Number	Exercise	Contractual	Intrinsic
	for Grant	of Shares	Price	Life (years)	Value
January 1, 2017	161,382	118,300	$16.59	9.08	$0
Adoption of 2017 SIP	100,000	—
Restricted stock awards	(97,440)	—
Granted	(40,500)	40,500	$16.84
Forfeited	3,500	(3,500)	$12.57
Exercised	—	(18,175)	$31.26
December 31, 2017	126,942	137,125	$15.43	8.80	$6,688
Adoption of 2018 SIP	500,000	—
Restricted stock awards	(79,153)	—
Granted	(50,000)	50,000	$14.00
Forfeited 1	10,000	(11,000)	$20.27
Exercised	—	(3,000)	$32.60
December 31, 2018	507,789	173,125	$14.41	7.52	$0

¹ Includes 1,000 options that were issued pursuant to the Company’s 2002 Plan and are not available for future issuance.