Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 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 three months ended March 31, 2016 and 2015 are as follows:
 
 
 
Three months ended March 31,
 
 
 
 
2016
 
 
2015
 
Exercise price
 
 
$1.08 -$1.31
 
 
$1.54
 
Expected dividends
 
 
0%
 
 
0%
 
Expected volatility
 
 
117%
 
 
131%
 
Risk free interest rate
 
 
1.40% - 1.46%
 
 
2.03%
 
Expected life of option
 
 
7 years
 
 
10 years
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activities as of March 31, 2016, and for the year ended December 31, 2015, is as follows:
 
 
 
Options
 
Weighted Average
Exercise Price
 
Weighted Average
Remaining
Contractual Life
 
Aggregate
Intrinsic Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
5.80 years
 
$
2,900,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
150,000
 
$
1.16
 
 
 
 
 
 
Exercised
 
 
-
 
$
-
 
 
 
$
-
 
Expired
 
 
(99,502)
 
$
2.22
 
 
 
 
 
 
Forfeited
 
 
-
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance -March 31, 2016 - outstanding
 
 
8,992,428
 
$
2.13
 
5.41 years
 
$
3,400,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance - March 31, 2016 - exercisable
 
 
5,093,799
 
$
1.95
 
4.38 years
 
$
2,600,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of options granted - March 31, 2016
 
 
 
 
$
153,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value - March 31, 2016
 
 
 
 
$
1.02
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of options granted - December 31, 2015
 
 
 
 
$
7,974,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value - December 31, 2015
 
 
 
 
$
2.12