Stock options and warrants (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of the Income Statement Allocation of Stock-based Compensation |
The Company recognized total expenses for stock-based compensation during the three and nine months ended September 30, 2016 and 2015 which are included in the accompanying condensed consolidated statements of operations, in the following categories:
| |
|
Three Months Ended
|
|
Nine Months Ended
|
|
| |
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
| |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
$
|
144,187
|
|
|
$
|
214,848
|
|
|
$
|
365,899
|
|
|
$
|
910,854
|
|
|
Research and development expenses
|
|
|
-
|
|
|
|
23,236
|
|
|
|
2,560
|
|
|
|
108,213
|
|
|
Total stock-based compensation
|
|
$
|
144,187
|
|
|
$
|
238,084
|
|
|
$
|
368,459
|
|
|
$
|
1,019,067
|
|
|
| Schedule of Fair Value Assumptions Used to Estimate Stock-based Compensation |
The Company currently provides stock-based compensation to employees, directors and consultants under the Plan. The Company utilized assumptions in the estimation of fair value of stock-based compensation for the nine months ended September 30, 2016 and 2015 as follows:
| |
2016
|
|
2015
|
|
| |
|
|
|
|
|
Dividend yield
|
|
|
0
|
%
|
|
|
0
|
%
|
|
Expected price volatility
|
|
|
99-100
|
%
|
|
|
93
|
%
|
|
Risk free interest rate
|
|
|
1.20
|
%
|
|
|
1.39
|
%
|
|
Expected term
|
5 years
|
|
5 years
|
|
|
| Summary of Stock Incentive Plan Activity |
A summary of activity under the Plan for the nine months ended September 30, 2016 is presented below:
| |
|
Shares
Underlying
Options
|
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term (Years)
|
|
Aggregate
Intrinsic
Value
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Outstanding at January 1, 2016
|
|
|
332,560
|
|
|
$
|
35.36
|
|
|
|
|
|
|
Granted
|
|
|
227,000
|
|
|
|
2.89
|
|
|
|
|
|
|
Exercised
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
Forfeited
|
|
|
(25,445
|
)
|
|
|
36.30
|
|
|
|
|
|
|
Outstanding at September 30, 2016
|
|
|
534,115
|
|
|
$
|
21.55
|
|
|
|
7.9
|
|
|
$
|
31,780
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at September 30, 2016
|
|
|
355,403
|
|
|
$
|
30.61
|
|
|
|
7.0
|
|
|
$
|
8,085
|
|
|
| Schedule of Nonvested Share Activity |
A summary of the activity of nonvested options under the Plan to acquire common shares granted to employees, officers, directors and consultants during the nine months ended September 30, 2016 is presented below:
|
Nonvested Shares
|
|
Nonvested
Shares
Underlying
Options
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Grant Date
Fair Value
|
|
| |
|
|
|
|
|
|
|
|
|
|
Nonvested at January 1, 2016
|
|
|
33,336
|
|
|
$
|
15.54
|
|
|
$
|
11.41
|
|
|
Granted
|
|
|
227,000
|
|
|
|
2.89
|
|
|
|
2.13
|
|
|
Vested
|
|
|
(78,004
|
)
|
|
|
6.25
|
|
|
|
4.65
|
|
|
Forfeited
|
|
|
(3,620
|
)
|
|
|
15.13
|
|
|
|
10.75
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested at September 30, 2016
|
|
|
178,712
|
|
|
$
|
3.54
|
|
|
$
|
2.59
|
|
|
| Schedule of Nonqualified Award Activity |
Following is a summary of outstanding options and warrants that were issued outside of the Plan for the nine months ended September 30, 2016:
| |
|
Shares
Underlying
Options / Warrants
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Contractual
Term (Years)
|
|
|
Aggregate
Intrinsic
Value
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at January 1, 2016
|
|
|
432,003
|
|
|
$
|
15.47
|
|
|
|
|
|
|
|
|
Granted
|
|
|
95,000
|
|
|
|
3.78
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Forfeited
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at September 30, 2016
|
|
|
527,003
|
|
|
$
|
13.36
|
|
|
|
3.0
|
|
|
$
|
-
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at September 30, 2016
|
|
|
432,003
|
|
|
$
|
15.47
|
|
|
|
1.5
|
|
|
$
|
-
|
|
|