Quarterly report pursuant to Section 13 or 15(d)

Stock options and warrants (Tables)

v3.7.0.1
Stock options and warrants (Tables)
3 Months Ended
Mar. 31, 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 months ended March 31, 2017 and 2016, which are included in the accompanying condensed consolidated statements of operations, in the following categories:

   
2017
   
2016
 
             
Selling, general and administrative expenses
 
$
133,043
   
$
45,324
 
Research and development expenses
   
     
2,560
 
                 
    Total stock-based compensation
 
$
133,043
   
$
47,884
 

The Company recognized total stock-based compensation expense during the three months ended March 31, 2017 and 2016, from the following categories:

   
2017
   
2016
 
             
Restricted stock awards
 
$
30,431
   
$
 
Stock options awards under the Plan
   
63,806
     
47,884
 
Non-qualified stock option awards
   
38,806
     
 
                 
    Total stock-based compensation
 
$
133,043
   
$
47,884
 
Summary of Stock Restricted Plan Activity
A summary of the Company's restricted stock activity in the three months ended March 31, 2017 is presented here:
   
Number of Shares
   
Weighted
Average
Grant-Date Fair Value
 
             
Outstanding at January 1, 2017
   
-
   
$
-
 
     Granted
   
165,000
     
3.13
 
     Forfeited
   
(20,000
)
   
3.13
 
Outstanding at March 31, 2017
   
145,000
   
$
3.13
 
                 
Vested at March 31, 2017
   
6,042
   
$
3.13
 
Summary of Stock Incentive Plan Activity
A summary of activity under the Plan for the three months ended March 31, 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
   
-
     
-
         
     Exercised
   
-
     
-
         
     Forfeited
   
(14,836
)
   
42.86
         
Outstanding at March 31, 2017
   
551,911
   
$
19.85
     
7.1
   
$
270,636
 
                                 
Exercisable at March 31, 2017
   
472,911
   
$
22.68
     
6.7
   
$
184,486
 
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, 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
   
-
     
-
     
-
 
     Vested
   
(4,738
)
   
15.12
     
10.74
 
     Forfeited
   
(14,000
)
   
3.00
     
2.25
 
                         
Nonvested at March 31, 2017
   
79,000
   
$
2.91
   
$
2.15
 
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, 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
   
400,000
     
3.50
             
     Exercised
   
-
     
-
             
     Forfeited
   
(30,000
)
   
3.78
             
                             
Outstanding at March 31, 2017
   
897,003
   
$
9.29
     
2.5
   
$
214,300
 
                                 
Exercisable at March 31, 2017
   
464,503
   
$
15.47
     
1.0
   
$
7,150