Quarterly report pursuant to Section 13 or 15(d)

Stock options and warrants (Tables)

v3.7.0.1
Stock options and warrants (Tables)
6 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Recognized Stock-based Compensation
The Company recognized total expenses for stock-based compensation during the three and six months ended June 30, 2017 and 2016 which are included in the accompanying statements of operations, from the following categories:

   
Three Months Ended
 
Six Months Ended
 
   
2017
 
2016
 
2017
 
2016
 
                 
Restricted stock awards under the Plan
 
$
57,745
   
$
   
$
88,176
   
$
 
Stock option awards under the Plan
   
31,452
     
176,388
     
95,258
     
224,272
 
Non-qualified stock option awards
   
48,814
     
     
87,620
     
 
                                 
    Total stock-based compensation
 
$
138,011
   
$
176,388
   
$
271,054
   
$
224,272
 
Summary of Stock Restricted Plan Activity
A summary of the Company’s restricted stock activity in the six months ended June 30, 2017 is presented here:
 
   
Number of Shares
   
Weighted
Average
Grant-Date Fair Value
 
Total restricted shares
           
Outstanding at January 1, 2017
   
-
   
$
-
 
     Granted
   
197,000
     
3.26
 
     Forfeited
   
(40,000
)
   
3.13
 
Outstanding at June 30, 2017
   
157,000
   
$
3.30
 
Total vested restricted shares
               
Outstanding at January 1, 2017
   
-
   
$
-
 
     Vested
   
22,166
     
3.14
 
     Forfeited
   
(833
)
   
3.13
 
Vested at June 30, 2017
   
21,333
   
$
3.14
 
Schedule of Fair Value Assumptions Used to Estimate Stock-based Compensation
The Company utilized assumptions in the estimation of fair value of stock-based compensation for the six months ended June 30, 2017 and 2016 as follows:

 
2017
 
2016
 
         
Dividend yield
   
0
%
   
0
%
Expected price volatility
   
101
%
   
99
%
Risk free interest rate
   
1.92
%
   
1.20
%
Expected term
5 years
 
5 years
 
Summary of Stock Incentive Plan Activity
A summary of activity under the Plan for the six months ended June 30, 2017 is presented below:

   
Shares
Underlying
Options
   
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term (Years)
 
Aggregate
Intrinsic
Value
 
                     
Outstanding at January 1, 2017
   
566,747
   
$
20.46
         
     Granted
   
20,000
     
4.02
         
     Exercised
   
-
     
-
         
     Forfeited
   
(495,414
)
   
22.98
         
Outstanding at June 30, 2017
   
91,333
   
$
3.16
     
7.3
   
$
84,290
 
                                 
Exercisable at June 30, 2017
   
59,000
   
$
2.93
     
6.1
   
$
68,070
 
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 six months ended June 30, 2017 is presented below:

Nonvested Shares
 
Nonvested
Shares
Underlying
Options
   
Weighted
Average
Exercise
Price
   
Weighted
Average
Grant Date
Fair Value
 
                   
Nonvested at January 1, 2017
   
97,738
   
$
3.51
   
$
2.58
 
     Granted
   
20,000
     
4.02
     
3.04
 
     Vested
   
(28,405
)
   
5.00
     
3.62
 
     Forfeited
   
(57,000
)
   
2.92
     
2.16
 
                         
Nonvested at June 30, 2017
   
32,333
   
$
3.58
   
$
2.70
 
Schedule of Nonqualified Award Activity
Following is a summary of outstanding options and warrants that were issued outside of the Plan for the six months ended June 30, 2017:

   
Shares
Underlying
Options / Warrants
   
Weighted
Average
Exercise
Price
   
Weighted
Average
Remaining
Contractual
Term (Years)
   
Aggregate
Intrinsic
Value
 
                         
Outstanding at January 1, 2017
   
527,003
   
$
13.36
             
     Granted
   
900,000
     
3.50
             
     Exercised
   
-
     
-
             
     Forfeited
   
(154,074
)
   
19.68
             
                             
Outstanding at June 30, 2017
   
1,272,929
   
$
5.58
     
2.3
   
$
526,500
 
                                 
Exercisable at June 30, 2017
   
372,929
   
$
10.59
     
0.4
   
$
4,500