Quarterly report pursuant to Section 13 or 15(d)

Stock options and warrants (Tables)

v3.4.0.3
Stock options and warrants (Tables)
3 Months Ended
Mar. 31, 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-month periods ended March 31, 2016 and 2015 of $47,884 and $433,402, respectively. These expenses are included in the accompanying statements of operations for the three-month periods ended March 31, in the following categories:

   
2016
   
2015
 
         
Selling, general and administrative expenses
 
$
45,324
   
$
392,362
 
Research and development expenses
   
2,560
     
41,040
 
                 
    Total stock-based compensation
 
$
47,884
   
$
433,402
 
Summary of Stock Incentive Plan Activity
A summary of activity under the Plan for the three months ended March 31, 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
   
-
     
-
         
     Exercised
   
-
     
-
         
     Forfeited
   
(7,382
)
   
20.98
         
                         
Outstanding at March 31, 2016
   
325,178
   
$
35.75
     
7.5
   
$
-
 
                                 
Exercisable at March 31, 2016
   
305,265
   
$
37.10
     
7.5
   
$
-
 
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 three months ended March 31, 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
   
-
     
-
     
-
 
     Vested
   
(9,803
)
   
16.67
     
12.92
 
     Forfeited
   
(3,620
)
   
15.13
     
10.75
 
                         
Nonvested at March 31, 2016
   
19,913
   
$
15.06
   
$
10.79
 
Schedule of Nonqualified Award Activity
Following is a summary of outstanding options and warrants that were issued outside of the Plan for the three months ended March 31, 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
   
-
     
-
         
     Exercised
   
-
     
-
         
     Forfeited
   
-
     
-
         
                         
Outstanding and exercisable at March 31, 2016
   
432,003
   
$
15.47
 
2.0
 
$
-