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Stockholders' Equity (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Stockholders' Equity Note [Abstract]    
Schedule of allocation of share-based compensation expense

For the three months ended March 31, 2017 and 2016, the Company recognized stock compensation expense as follows:

 

    Three Months Ended March 31,  
    2017     2016  
Cost of services   $ 1,823     $ 4,312  
Research and development     57,778       62,218  
General and administrative     152,476       172,103  
Sales and marketing     33,328       22,864  
    $ 245,405     $ 261,497  

 

 

For the years ended December 31, 2016 and 2015, the Company recognized stock compensation expense as follows:

 

    Year Ended December 31,  
    2016     2015  
Cost of services   $ 6,003     $  
Research and development     236,341       240,739  
General and administrative     599,550       619,899  
Sales and marketing     103,567       584,450  
    $ 945,461     $ 1,445,088  

 

 

Schedule of share-based compensation, options granted  

A summary of the status of options granted is presented below as of and for the years ended December 31, 2016 and 2015:

 

   

Number of

Options

   

Weighted-

Average

Exercise

Price

   

Weighted-

Average

Remaining

Contractual

Life (in years)

   

Aggregate

Intrinsic

Value

 
Outstanding at January 1, 2015     404,272               9.3     $  
Granted     1,961,637     $ 2.68                  
Exercised     (11,472 )   $ 0.20             $ 19,519  
Forfeited     (193,657 )   $ 0.55                  
Outstanding at December 31, 2015     2,160,780     $ 2.60       9.1     $ 1,575,646  
Granted     1,463,650     $ 1.41                  
Exercised     (66,502 )   $ 0.36             $ 79,406  
Forfeited     (571,687 )   $ 3.99                  
Expired     (8,581 )   $ 8.49                  
Outstanding at December 31, 2016     2,977,660     $ 1.76       8.6     $ 663,298  
Vested and expected to vest     2,977,660     $ 1.76       8.6     $ 663,298  
Exercisable at December 31, 2016     1,098,504     $ 0.22       8.0     $ 421,621  

 

 

Schedule of share-based payment award, Stock Options granted, fair value  

The fair value of each option grant was estimated at the date of grant using the Black-Scholes option pricing model based on the assumptions below:

 

    Year Ended December 31,  
    2016     2015  
Annual dividend            
Expected life (in years)   5.25 - 6.25     5.5 - 6.25  
Risk free interest rate   1.2 - 2.2%     1.5 - 1.9%  
Expected volatility   42.0 - 49.8%     47.7 - 65.0%  
                 

 

 

Schedule of warrants to purchase shares of common stock

Stock purchase warrants

At March 31, 2017 and December 31, 2016, the following warrants to purchase shares of common stock were outstanding:

 

 

 

 

 

 

 

 

 

Outstanding at

 

Issuance

 

Exercise

Price

 

 

Expiration

 

March 31, 2017

 

 

December 31, 2016

 

August 2007

 

$

7.91

 

 

August 2017

 

 

8,921

 

 

 

8,921

 

March 2008

 

$

790.54

 

 

March 2018

 

 

46

 

 

 

46

 

November 2009

 

$

7.91

 

 

November 2019

 

 

6,674

 

 

 

6,674

 

January 2010

 

$

7.91

 

 

January 2020

 

 

6,674

 

 

 

6,674

 

March 2010

 

$

7.91

 

 

March 2020

 

 

1,277

 

 

 

1,277

 

November 2011

 

$

7.91

 

 

November 2021

 

 

5,213

 

 

 

5,213

 

December 2011

 

$

7.91

 

 

December 2021

 

 

664

 

 

 

664

 

March 2012

 

$

109.90

 

 

March 2019

 

 

4,125

 

 

 

4,125

 

February 2015

 

$

6.60

 

 

February 2025

 

 

225,011

 

 

 

225,011

 

May 2015

 

$

6.60

 

 

May 2020

 

 

3,457,750

 

 

 

3,457,750

 

May 2016

 

$

1.31

 

 

May 2021

 

 

4,739,348

 

 

 

4,739,348

 

June 2016

 

$

1.31

 

 

May 2021

 

 

2,050,821

 

 

 

2,050,821

 

 

 

 

 

 

 

 

 

 

10,506,524

 

 

 

10,506,524

 

 

At December 31, 2016 and 2015, the following warrants to purchase shares of common stock were outstanding:

 

                Outstanding at December 31,  
Issuance  

Exercise

Price

    Expiration   2016     2015  
August 2007   $ 7.91     August 2017     8,921       8,921  
March 2008   $ 790.54     March 2018     46       46  
November 2009   $ 7.91     November 2019     6,674       6,674  
January 2010   $ 7.91     January 2020     6,674       6,674  
March 2010   $ 7.91     March 2020     1,277       1,277  
November 2011   $ 7.91     November 2021     5,213       5,213  
December 2011   $ 7.91     December 2021     664       664  
March 2012   $ 109.90     March 2019     4,125       4,125  
February 2015   $ 6.60     February 2025     225,011       225,011  
May 2015   $ 6.60     May 2020     3,457,750       3,457,750  
May 2016   $ 1.31     May 2021     4,739,348        
June 2016   $ 1.31     May 2021     2,050,821        
                  10,506,524       3,716,355