Quarterly report pursuant to Section 13 or 15(d)

Stock options and warrants (Tables)

v3.8.0.1
Stock options and warrants (Tables)
9 Months Ended
Sep. 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 nine months ended September 30, 2017 and 2016 which are included in the accompanying statements of operations, from the following categories:

 
 
Three Months Ended
 
Nine Months Ended
 
 
 
2017
 
2016
 
2017
 
2016
 
 
               
Restricted stock awards under the Plan
 
$
100,396
   
$
   
$
188,572
   
$
 
Stock option awards under the Plan
   
8,172
     
137,367
     
103,430
     
361,639
 
Non-qualified stock option awards
   
     
6,820
     
87,620
     
6,820
 
 
                               
    Total stock-based compensation
 
$
108,568
   
$
144,187
   
$
379,622
   
$
368,459
 
Summary of Stock Restricted Plan Activity
A summary of the Company’s restricted stock activity in the nine months ended September 30, 2017 is presented here:
 
 
 
Number of Shares
   
Weighted
Average
Grant-Date Fair Value
 
             
Unvested at January 1, 2017
   
-
   
$
-
 
     Granted
   
422,000
     
3.69
 
     Vested
   
(42,622
)
   
3.20
 
     Forfeited
   
(40,000
)
   
3.13
 
Unvested at September 30, 2017
   
339,378
   
$
3.75
 
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 nine months ended September 30, 2017 and 2016 as follows:

 
2017
 
2016
 
 
 
 
 
 
Dividend yield
 
 
0
%
 
 
0
%
Expected price volatility
 
 
101
%
 
 
99-100
%
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 nine months ended September 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
 
 
(34,000
 
 
2.89
 
 
 
 
 
     Forfeited
 
 
(495,414
)
 
 
22.98
 
 
 
 
 
Outstanding at September 30, 2017
 
 
57,333
 
 
$
3.32
 
 
 
9.1
 
 
$
105,700
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at September 30, 2017
 
 
27,500
 
 
$
3.07
 
 
 
8.8
 
 
$
57,500
 
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 nine months ended September 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
   
(30,905
)
   
4.92
     
3.57
 
     Forfeited
   
(57,000
)
   
2.92
     
2.16
 
 
                       
Nonvested at September 30, 2017
   
29,833
   
$
3.54
   
$
2.67
 
Schedule of Nonqualified Award Activity
Following is a summary of outstanding options and warrants that were issued outside of the Plan for the nine months ended September 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
 
 
2,800,000
 
 
 
3.54
 
 
 
 
 
 
 
     Exercised
 
 
-
 
 
 
-
 
 
 
 
 
 
 
     Forfeited
 
 
(169,074
)
 
 
18.62
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at September 30, 2017
 
 
3,157,929
 
 
$
4.37
 
 
 
2.3
 
 
$
4,534,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at September 30, 2017
 
 
3,157,929
 
 
$
4.37
 
 
 
2.3
 
 
$
4,534,000