Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.7.0.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2017
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 three months ended March 31, 2017 and 2016 are as follows:
 
 
 
Three months ended March 31,
 
 
 
2017
 
2016
 
Exercise price
 
 
$0.83-$0.87
 
 
$1.08-$1.31
 
Expected dividends
 
 
0%
 
 
0%
 
Expected volatility
 
 
89.93%-91.82%
 
 
117%
 
Risk free interest rate
 
 
1.67%-1.75%
 
 
1.40%-1.46%
 
Expected life of option
 
 
4.24-4.29
 
 
7 years
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activities as of March 31, 2017, and for the year ended December 31, 2016, is as follows:
 
 
 
 
 
Weighted
 
Weighted Average
 
Aggregate
 
 
 
 
 
Average Exercise
 
Remaining
 
Intrinsic
 
 
 
Options
 
Price
 
Contractual Life
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
11,636,227
 
 
1.77
 
5.49 years
 
$
194,355
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
543,927
 
 
0.85
 
 
 
 
 
 
Exercised
 
 
(418,773)
 
 
0.40
 
 
 
 
163,050
 
Expired
 
 
(271,866)
 
 
1.84
 
 
 
 
 
 
Forfeited
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance -March 31, 2017 - outstanding
 
 
11,489,515
 
$
1.77
 
5.73 years
 
$
17,427
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance - March 31, 2016 - exercisable
 
 
6,177,207
 
$
2.11
 
4.94 years
 
$
17,427
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of options granted - March 31, 2017
 
 
 
 
$
308,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value - March 31, 2017
 
 
 
 
$
0.57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of options granted - December 31, 2016
 
 
 
 
$
3,091,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value - December 31, 2016
 
 
 
 
$
0.80