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

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

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