XML 48 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
STOCK BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of automatic additions to the 2010 Plan

he following table presents the automatic additions to the 2010 Plan since inception pursuant to the “evergreen” terms of the 2010 Plan:

 

January 1,   Number of
shares		  
2012     30,018  
2013     34,452  
2014     49,532  
2015     65,557  
2016     220,419  
Total additional shares     399,978  
Schedule of allocation of compensation costs

the Company recognized stock based compensation expense of $876,189 and $840,103 for the years ended December 31, 2016 and 2015, respectively, which was included in the following captions in the consolidated statements of operations.

 

    Year Ended December 31,  
    2016     2015  
             
General and administrative   $ 850,378     $ 747,255  
Research and development     25,811       67,475  
Selling     -       25,373  
Total stock compensation expense   $ 876,189     $ 840,103
Schedule of stock options valuation assumptions

The fair value of stock options granted for the years ended December 31, 2016 and 2015 was calculated using the Black-Scholes option-pricing model applying the following assumptions:

 

    Year ended December 31,  
    2016     2015  
             
Risk free interest rate     1.48% - 1.55%       1.64% - 1.82%  
Expected term     5.58- 6.06 years       5.31 - 6.61 years  
                 
Dividend yield     - %        - %   
Expected volatility     115.52% - 115.58%       105.00% - 115.01%  
Schedule of stock options

Options issued and outstanding as of December 31, 2016 and their activities during the year then ended are as follows:

 

    Number of
Underlying
Shares		     Weighted-
Average
Exercise
Price Per
Share		     Weighted-
Average
Contractual
Life
Remaining
in
Years		     Aggregate
Intrinsic Value		  
Outstanding as of January 1, 2016     240,930     $ 38.89             $ -  
Granted     185,245       3.90               -  
Forfeited     (47,251 )     23.85               -  
Expired     -       69.15               -  
Outstanding as of December 31, 2016     378,924       26.25       7.08     $ -  
Exercisable as of December 31, 2016     272,998       37.80       5.74     $ -  
Vested and expected to vest (1)     327,101     $ 28.65       6.82     $ -  

 

(1) vested shares and unvested shares after a forfeiture rate is applied