Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.6.0.2
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based Compensation Arrangement by Share-based Payment Award Options and Warrants Vested and Expected to Vest Outstanding and Exercisable [Table Text Block]
The Black-Scholes assumptions used in the years ended December 31, 2016, 2015 and 2014 are as follows:
  
 
 
Year ended December 31,
 
 
 
2016
 
2015
 
2014
 
Exercise price
 
$
0.80 – $2.66
 
$
1.54 – $2.76
 
$
1.46 – $2.91
 
Expected dividends
 
 
0%
 
 
0%
 
 
0%
 
Expected volatility
 
 
96% – 123%
 
 
88% – 131%
 
 
101% – 150%
 
Risk free interest rate
 
 
1.40% – 2.13%
 
 
1.32% – 2.19%
 
 
1.57% – 2.73%
 
Expected life of option
 
 
7 years
 
 
5 years – 10 years
 
 
5 years – 10 years
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activities for the years ended December 31, 2016, 2015 and 2014, is as follows:
 
 
 
 
 
Weighted
 
 
Weighted Average
 
Aggregate
 
 
 
 
 
Average Exercise
 
 
Remaining
 
Intrinsic
 
 
 
Options
 
Price
 
 
Contractual Life
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
Balance - December 31, 2013
 
 
3,909,580
 
$
1.78
 
 
5.59 years
 
$
785,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
2,382,500
 
$
2.36
 
 
 
 
 
 
 
Exercised
 
 
(6,583)
 
$
0.58
 
 
 
 
$
8,000
 
Forfeited
 
 
(304,391)
 
$
1.93
 
 
 
 
 
 
 
Balance - December 31, 2014
 
 
5,981,106
 
$
2.01
 
 
5.80 years
 
$
685,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
3,781,666
 
$
2.37
 
 
 
 
 
 
 
Exercised
 
 
(35,008)
 
$
1.16
 
 
 
 
$
44,000
 
Expired
 
 
(483,332)
 
$
2.48
 
 
 
 
 
 
 
Forfeited
 
 
(302,502)
 
$
1.91
 
 
 
 
 
 
 
Balance - December 31, 2015
 
 
8,941,930
 
$
2.14
 
 
5.67 years
 
$
2,900,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
3,861,425
 
$
0.98
 
 
 
 
 
 
 
Exercised
 
 
(445,334)
 
$
1.83
 
 
 
 
$
137,488
 
Expired
 
 
(338,529)
 
$
1.96
 
 
 
 
 
 
 
Forfeited
 
 
(383,265)
 
$
2.26
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance - December 31, 2016 - outstanding
 
 
11,636,227
 
$
1.77
 
 
5.49 years
 
$
194,355
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance - December 31, 2016 - exercisable
 
 
6,193,649
 
$
2.02
 
 
4.49 years
 
$
194,355
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of options granted -  December 31, 2016
 
 
 
 
$
3,091,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value - December 31, 2016
 
 
 
 
$
0.80
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of options granted - December 31, 2015
 
 
 
 
$
7,974,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value - December 31, 2015
 
 
 
 
$
2.12
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]
The options outstanding and exercisable at December 31, 2016 are as follows:
 
Options Outstanding
 
Options Exercisable
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
Weighted
 
 
 
 
 
Weighted
 
Average
 
 
 
Weighted
 
Average
 
 
 
 
 
Average
 
Remaining
 
 
 
Average
 
Remaining
 
Range of
 
 
 
Exercise
 
Contractual
 
 
 
Exercise
 
Contractual
 
Exercise Price
 
Options
 
Price
 
Life
 
Options
 
Price
 
Life
 
$
0.09 – $2.00
 
 
5,769,987
 
$
1.00
 
 
5.37 years
 
 
2,324,504
 
$
1.19
 
 
3.17 years
 
$
2.01 – $3.00
 
 
5,820,416
 
 
2.50
 
 
5.64 years
 
 
3,823,321
 
 
2.49
 
 
5.33 years
 
$
3.01 – $6.00
 
 
45,824
 
 
5.24
 
 
.62 years
 
 
45,824
 
 
5.24
 
 
.62 years
 
$
0.09 – $6.00
 
 
11,636,227
 
$
1.77
 
 
5.49 years
 
 
6,193,649
 
$
2.02
 
 
4.49 years
 
 
The options outstanding and exercisable at December 31, 2015 are as follows:
 
Options Outstanding
 
Options Exercisable
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
Weighted
 
 
 
 
 
Weighted
 
Average
 
 
 
Weighted
 
Average
 
 
 
 
 
Average
 
Remaining
 
 
 
Average
 
Remaining
 
Range of
 
 
 
Exercise
 
Contractual
 
 
 
Exercise
 
Contractual
 
Exercise Price
 
Options
 
Price
 
Life
 
Options
 
Price
 
Life
 
$
0.09 – $2.00
 
 
3,029,938
 
$
1.40
 
 
4.12 years
 
 
2,363,683
 
$
1.34
 
 
3.38 years
 
$
2.01 – $3.00
 
 
5,866,168
 
 
2.50
 
 
6.50 years
 
 
2,348,247
 
 
2.44
 
 
5.76 years
 
$
3.01 – $6.00
 
 
45,824
 
 
5.24
 
 
1.62 years
 
 
45,824
 
 
5.24
 
 
1.62 years
 
$
0.09 – $6.00
 
 
8,941,930
 
$
2.14
 
 
5.67 years
 
 
4,757,754
 
$
1.92
 
 
4.54 years
 
 
The options outstanding and exercisable at December 31, 2014 are as follows:
 
Options Outstanding
 
Options Exercisable
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
Weighted
 
 
 
 
 
Weighted
 
Average
 
 
 
Weighted
 
Average
 
 
 
 
 
Average
 
Remaining
 
 
 
Average
 
Remaining
 
Range of
 
 
 
Exercise
 
Contractual
 
 
 
Exercise
 
Contractual
 
Exercise Price
 
Options
 
Price
 
Life
 
Options
 
Price
 
Life
 
$
0.09 – $2.00
 
 
2,703,280
 
$
1.37
 
 
4.33 years
 
 
2,018,074
 
$
1.28
 
 
3.73 years
 
$
2.01 – $3.00
 
 
3,232,002
 
 
2.49
 
 
7.08 years
 
 
1,829,298
 
 
2.40
 
 
6.73 years
 
$
3.01 – $6.00
 
 
45,824
 
 
5.24
 
 
2.62 years
 
 
45,824
 
 
5.24
 
 
2.62 years
 
$
0.09 – $6.00
 
 
5,981,106
 
$
2.01
 
 
5.80 years
 
 
3,893,196
 
$
1.85
 
 
5.12 years
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Non Vested and Expected to Vest Exercisable [Table Text Block]
The following is a summary of the Company’s non-vested stock options at December 31, 2016:
 
 
 
 
 
Weighted
 
 
 
Unvested Stock
 
Average Grant
 
 
 
Options
 
Date Fair Value
 
 
 
 
 
 
 
Balance - December 31, 2013
 
 
756,043
 
$
2.17
 
 
 
 
 
 
 
 
 
Granted
 
 
2,382,500
 
$
2.09
 
Vested/Exercised
 
 
(1,050,633)
 
$
2.35
 
Forfeited/Cancelled
 
 
-
 
$
-
 
 
 
 
 
 
 
 
 
Balance - December 31, 2014
 
 
2,087,910
 
$
2.30
 
 
 
 
 
 
 
 
 
Granted
 
 
3,781,666
 
$
2.12
 
Vested/Exercised
 
 
(1,382,898)
 
$
2.02
 
Forfeited/Cancelled
 
 
(302,502)
 
$
1.92
 
 
 
 
 
 
 
 
 
Balance - December 31, 2015
 
 
4,184,176
 
$
1.97
 
 
 
 
 
 
 
 
 
Granted
 
 
3,861,425
 
$
0.80
 
Vested/Exercised
 
 
(2,219,758)
 
$
1.87
 
Forfeited/Cancelled
 
 
(383,265)
 
$
2.26
 
 
 
 
 
 
 
 
 
Non-vested - December 31, 2016
 
 
5,442,578
 
$
1.18
 
 
 
 
 
 
 
 
 
Weighted average remaining period for vesting
 
 
1.99
 
 
 
 
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
The assumptions used by the Company are summarized in the following table:
  
 
 
Series A
 
 
Series B
 
 
 
Issuance
 
 
December 31,
 
 
Issuance
 
 
December 31,
 
 
 
Date
 
 
2016
 
 
Date
 
 
2016
 
Closing stock price
 
$
0.89
 
 
$
0.76
 
 
$
0.89
 
 
$
0.76
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
85.0
%
 
 
85.0
%
 
 
85.0
%
 
 
90.0
%
Risk free interest rate
 
 
1.58
%
 
 
1.67
%
 
 
0.81
%
 
 
0.85
%
Expected life of warrant
 
 
4 years
 
 
 
3.9 years
 
 
 
1.1 years
 
 
 
1 years
 
 
The assumptions used by the Company are summarized in the following table:
 
 
 
Issuance
 
 
December 31,
 
 
 
Date
 
 
2016
 
Closing stock price
 
$
1.75
 
 
$
0.76
 
Expected dividends
 
 
0
%
 
 
0
%
Expected volatility
 
 
95
%
 
 
95
%
Risk free interest rate
 
 
1.39
%
 
 
1.41
%
Expected life of warrant
 
 
5 years
 
 
 
2.79 years
 
Schedule Of Estimated Fair Value Of The Warrant Liability [Table Text Block]
The following table summarizes the estimated fair value of the warrant liability (in thousands) :
 
Balance at December 31, 2014
 
$
6,756
 
Change in fair value of warrant liability
 
 
3,811
 
Balance at December 31, 2015
 
 
10,567
 
Warrants Liability
 
 
15,667
 
Change in fair value of warrant liability
 
 
(11,412)
 
Balance at December 31, 2016
 
$
14,821
 
Schedule of Warrant Activity [Table Text Block]
A summary of warrant activity for the Company for the years ended December 31, 2016 and 2015 is as follows:
 
 
 
Number of
 
Weighted Average
 
 
 
Warrants
 
Exercise Price
 
 
 
 
 
 
 
Balance at December 31, 2014
 
 
7,974,794
 
$
1.80
 
Granted
 
 
-
 
$
-
 
Exercised
 
 
(2,446)
 
$
1.60
 
Forfeited
 
 
(63,449)
 
$
1.79
 
Balance at December 31, 2015
 
 
7,908,899
 
$
1.79
 
Granted
 
 
50,000,000
 
$
1.58
 
Exercised
 
 
-
 
$
-
 
Forfeited
 
 
(567,257)
 
$
2.35
 
Balance at December 31, 2016
 
 
57,341,642
 
$
1.60
 
Schedule of Warrant Outstanding and Exercisable [Table Text Block]
A summary of all outstanding and exercisable warrants as of December 31, 2016 is as follows:
 
 
 
 
 
 
 
 
Weighted Average
 
 
 
Warrants
 
Warrants
 
 
Remaining
 
Exercise Price
 
Outstanding
 
Exercisable
 
 
Contractual Life
 
$
1.60
 
 
311,834
 
 
311,834
 
 
0.82 years
 
$
1.43
 
 
25,000,000
 
 
25,000,000
 
 
3.88 years
 
$
1.72
 
 
25,000,000
 
 
25,000,000
 
 
1.00 years
 
$
1.75
 
 
7,029,808
 
 
7,029,808
 
 
2.78 years
 
$
1.77
 
 
57,341,642
 
 
57,341,642
 
 
2.47 years