Annual report pursuant to Section 13 and 15(d)

Stock options and warrants (Tables)

v3.7.0.1
Stock options and warrants (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Recognized Stock-based Compensation
The Company recognized stock-based compensation totaling $545,549 and $1,143,078 during the years ended December 31, 2016 and 2015, respectively. These expenses are included in the accompanying Statements of Operations for the years ended December 31, in the following categories: 

   
2016
   
2015
 
         
Selling, general and administrative expenses
 
$
542,989
   
$
1,016,011
 
Research and development expenses
   
2,560
     
127,067
 
 Total stock-based compensation
 
$
545,549
   
$
1,143,078
 
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 years ended December 31, as follows:

   
2016
 
2015
 
           
Dividend yield
   
0
%
   
0
%
Expected price volatility
 
99 to 100%
     
93
%
Risk free interest rate
 
1.20 to 1.83%
     
1.39
%
Expected term
 
5 years
 
5 years
 
Summary of Stock Incentive Plan Activity
A summary of stock option activity under the Plan for options to employees, officers, directors and consultants, for the year ended December 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
   
259,666
     
2.90
         
     Exercised
   
-
     
-
         
     Forfeited
   
(25,479
)
   
36.88
         
                         
Outstanding at December 31, 2016
   
566,747
   
$
20.46
     
7.4
   
$
243,000
 
                                 
Exercisable at December 31, 2016
   
469,009
   
$
23.99
     
7.0
   
$
158,000
 
Schedule of Nonvested Share Activity
A summary of the activity of nonvested options under the Company's Plan to acquire common shares granted to employees, officers, directors and consultants during the year ended December 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
   
259,666
     
2.90
     
2.15
 
     Vested
   
(191,644
)
   
4.56
     
3.37
 
     Forfeited
   
(3,620
)
   
15.13
     
10.75
 
                         
Nonvested at December 31, 2016
   
97,738
   
$
3.51
   
$
2.58
 
Schedule of Nonqualified Award Activity
Following is a summary of outstanding options and warrants that were issued outside of the Plan for the year ended December 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
   
95,000
     
3.78
         
     Exercised
   
     
         
     Forfeited
   
     
         
                         
Outstanding at December 31, 2016
   
527,003
   
$
13.36
 
2.8
 
$
6,000
                         
Exercisable at December 31, 2016
   
432,003
   
$
15.47
 
1.2
 
$