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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2017
Stockholders Equity Note [Abstract]  
Schedule of Company Recognized Stock Compensation Expense

For the years ended December 31, 2017 and 2016, the Company recognized stock compensation expense as follows:

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

Cost of services

 

$

13,776

 

 

$

6,003

 

Research and development

 

 

237,103

 

 

 

236,341

 

General and administrative

 

 

603,787

 

 

 

599,550

 

Sales and marketing

 

 

56,732

 

 

 

103,567

 

 

 

$

911,398

 

 

$

945,461

 

 

Summary of Status of Options Granted

A summary of the status of options granted is presented below as of and for the years ended December 31, 2017 and 2016:

 

 

 

Number of

Options

 

 

Weighted-

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Contractual

Life (in years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding at January 1, 2016

 

 

86,431

 

 

$

65.00

 

 

 

9.1

 

 

$

1,575,646

 

Granted

 

 

58,546

 

 

$

35.25

 

 

 

 

 

 

 

 

 

Exercised

 

 

(2,660

)

 

$

9.00

 

 

 

 

 

 

$

79,406

 

Forfeited

 

 

(22,868

)

 

$

99.75

 

 

 

 

 

 

 

 

 

Expired

 

 

(343

)

 

$

212.25

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 

 

119,106

 

 

$

44.00

 

 

 

8.6

 

 

$

663,298

 

Granted

 

 

58,324

 

 

$

17.58

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1,167

)

 

$

7.01

 

 

 

 

 

 

$

11,256

 

Forfeited

 

 

(24,538

)

 

$

36.31

 

 

 

 

 

 

 

 

 

Expired

 

 

(12,330

)

 

$

83.49

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2017

 

 

139,395

 

 

$

31.16

 

 

 

8.3

 

 

$

37,339

 

Vested and expected to vest

 

 

139,395

 

 

$

31.16

 

 

 

8.3

 

 

$

37,339

 

Exercisable at December 31, 2017

 

 

63,365

 

 

$

4.73

 

 

 

7.7

 

 

$

33,575

 

 

Schedule of Fair Value of Option Grant Estimated Using Black-Scholes Option Pricing Model

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,

 

 

 

2017

 

 

2016

 

Annual dividend

 

 

 

 

 

 

Expected life (in years)

 

5.25 - 6.25

 

 

5.25 - 6.25

 

Risk free interest rate

 

1.8 - 2.3%

 

 

1.2 - 2.2%

 

Expected volatility

 

44.2 - 53.0%

 

 

42.0 - 49.8%

 

 

Schedule of Warrants to Purchase Shares of Common Stock

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

 

 

 

 

 

 

 

 

 

Outstanding at December 31,

 

Issuance

 

Exercise

Price

 

 

Expiration

 

2017

 

 

2016

 

August 2007

 

$

197.75

 

 

August 2017

 

 

-

 

 

 

357

 

March 2008

 

$

19,763.50

 

 

March 2018

 

 

2

 

 

 

2

 

November 2009

 

$

197.75

 

 

November 2019

 

 

267

 

 

 

267

 

January 2010

 

$

197.75

 

 

January 2020

 

 

267

 

 

 

267

 

March 2010

 

$

197.75

 

 

March 2020

 

 

51

 

 

 

51

 

November 2011

 

$

197.75

 

 

November 2021

 

 

209

 

 

 

209

 

December 2011

 

$

197.75

 

 

December 2021

 

 

27

 

 

 

27

 

March 2012

 

$

2,747.50

 

 

March 2019

 

 

165

 

 

 

165

 

February 2015

 

$

165.00

 

 

February 2025

 

 

9,000

 

 

 

9,000

 

May 2015

 

$

165.00

 

 

May 2020

 

 

138,310

 

 

 

138,310

 

May 2016

 

$

32.81

 

 

May 2021

 

 

189,574

 

 

 

189,574

 

June 2016

 

$

32.81

 

 

May 2021

 

 

82,033

 

 

 

82,033

 

June 2017

 

$

19.50

 

 

June 2022

 

 

18,754

 

 

 

-

 

July 2017

 

$

17.25

 

 

July 2022

 

 

6,349

 

 

 

-

 

July 2017

 

$

12.50

 

 

July 2022

 

 

50,000

 

 

 

-

 

July 2017

 

$

10.63

 

 

July 2022

 

 

1,000,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

1,495,008

 

 

 

420,262