Note 6 - Share-based Payments

Equity Incentive Plans

2013 Stock Incentive Plan

On January 23, 2014, the Company adopted the 2013 Stock Incentive Plan (“2013 Plan”). The 2013 Plan was amended by the Board on January 9, 2015 and September 30, 2016, and such amendments were ratified by shareholders on December 7, 2018. The 2013 Plan provides for the issuance of up to 4,323 shares of the Company’s common stock. As of March 31, 2020, grants of restricted stock and options to purchase 2,853 shares of common stock have been issued pursuant to the 2013 Plan, and 1,470 shares of common stock remain available for issuance.

2017 Stock Incentive Plan

On August 7, 2017, the shareholders approved and the Company adopted the 2017 Stock Incentive Plan (“2017 Plan”). The 2017 Plan provides for the issuance of up to 7,031 shares of the Company’s common stock. As of March 31, 2020, grants of restricted stock and options to purchase 3,064 shares of common stock have been issued pursuant to the 2017 Plan, and 3,967 shares of common stock remain available for issuance.

2018 Stock Incentive Plan

On December 7, 2018, the shareholders approved and the Company adopted the 2018 Stock Incentive Plan (“2018 Plan”). The 2018 Plan provides for the issuance of up to 78,125 shares of the Company’s common stock. As of March 31, 2020, grants of RSUs to purchase 15,603 shares of common stock have been issued pursuant to the 2018 Plan, and 62,522 shares of common stock remain available for issuance.

Stock Options

The following table summarizes the option activities for the three months ended March 31, 2020:

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $2.135 for the Company’s common stock on March 31, 2020. As the closing stock price on March 31, 2020 is lower than the exercise price, there is no intrinsic value to disclose.

As of March 31, 2020, all the Company’s outstanding stock options were fully vested and exercisable.

During the three months ended March 31, 2020 and 2019, the Company did not incur any stock option expenses.

Restricted Stock Units

On March 29, 2019, the Compensation Committee of the Company’s board of directors approved the grant of 5,201 Restricted Stock Units (“RSUs”) to each of the three directors. Each RSU had a grant date fair value of $23.28 which was amortized on a straight-line basis over the vesting period into administrative expenses within the Condensed Consolidated Statement of Operations and Comprehensive Loss. Such RSUs were granted under the 2018 Plan and vested on January 1, 2020. Such RSUs are expected to be settled with the issuance of common stock during the three months ending June 30, 2020.

At March 31, 2020, the unamortized value of the RSUs was $0. A summary of activity related to RSUs for the three months ended March 31, 2020 is presented below:

During the three months ended March 31, 2020 and 2019, the Company incurred RSU expense of $1,302 and $3,906, respectively.

Common Stock Warrants

The table below summarizes the warrant activity for the three month period ended March 31, 2020:

All common stock warrants were vested on date of grant.

Pre-funded Common Stock Warrants

The table below summarizes the pre-funded warrant activity for the three month period ended March 31, 2020:

All pre-funded warrants were vested on the date of grant and are exercisable at any time. During the three months ended March 31, 2020, pre-funded warrants to purchase 765,000 shares of common stock issued on December 9, 2019 were exercised at an exercise price of $0.0001 per share, yielding net proceeds of $77.00. On April 6, 2020, 30,000 pre-funded warrants issued on December 9, 2019 were exercised for common shares at an exercise price of $0.0001 per share yielding net proceeds of $3.00.

Warrants for the purchase of Series C Convertible Preferred Stock

The table below summarizes the activity during the three month period ended March 31, 2020 for warrants issued in December 2019 for the purchase of Series C Convertible Preferred Stock:

All warrants to purchase Series C Convertible Preferred Stock were vested on the date of grant (See Note 3).