Quarterly report pursuant to Section 13 or 15(d)

Stock options and warrants (Tables)

v3.5.0.2
Stock options and warrants (Tables)
6 Months Ended
Jun. 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 six months ended June 30, 2016 and 2015 which are included in the accompanying statements of operations, in the following categories:

 
 
Three Months Ended
 
Six Months Ended
 
 
 
2016
 
2015
 
2016
 
2015
 
 
       
Selling, general and administrative expenses
 
$
176,388
   
$
303,644
   
$
221,712
   
$
696,006
 
Research and development expenses
   
-
     
43,937
     
2,560
     
84,977
 
 
                               
    Total stock-based compensation
 
$
176,388
   
$
347,581
   
$
224,272
   
$
780,983
 
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 six months ended June 30, 2016 and 2015 as follows:

 
2016
 
2015
 
 
   
Dividend yield
   
0
%
   
0
%
Expected price volatility
   
99
%
   
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 six months ended June 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 June 30, 2016
   
534,115
   
$
21.55
     
8.1
   
$
140,740
 
                                 
Exercisable at June 30, 2016
   
331,427
   
$
32.44
     
7.1
   
$
23,870
 
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, 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
   
(54,028
)
   
6.67
     
5.02
 
     Forfeited
   
(3,620
)
   
15.13
     
10.75
 
                         
Nonvested at June 30, 2016
   
202,688
   
$
3.75
   
$
2.73
 
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, 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 June 30, 2016
   
432,003
   
$
15.47
 
1.8
 
$
-