Stock Incentive Plans

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Incentive Plans

Note 7 — Stock Incentive Plans

Stock Options

Stock option activity was as follows:

	Options Outstanding
	Shares			Weighted Average Exercise Price
Outstanding, January 1, 2016		-		$	-
Options acquired in reverse merger		168,811			36.80
Outstanding, December 31, 2016		168,811		$	36.80
Options granted		658,057			1.93
Options expired and forfeited		(81,161	)		1.14
Outstanding, December 31, 2017		745,707			8.84
Exercisable, December 31, 2017		139,673		$	3.85

The following table summarizes additional information on Marina’s stock options outstanding at December 31, 2017:

		Options Outstanding						Options Exercisable
Range of Exercise Prices		Number Outstanding		Weighted- Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	1.00		14,000		3.88	$	1.00		14,000	$	1.00
$	1.70 – $1.80		534,007		9.23		1.79		47,973		1.75
$	2.60 – $8.20		168,400		4.12		3.15		48,400		4.62
$	10.70 – $22.00		25,050		1.73		10.81		25,050		10.81
$	476.00 - $876.00		2,100		.44		676.00		2,100		676.00
$	1276.00 - $2076.00		2,150		.44		1,582.98		2,150		1,582.98
	Totals		745,707		7.68	$	8.84		139,673	$	3.85

Weighted-Average Exercisable Remaining Contractual Life (Years) 3.95

In January 2017, the Company granted a total of 48,600 stock options to directors and officers for services. One-half of the options vest immediately and one-half of the options vest on the one-year anniversary of the grant date. The options have an exercise price of $1.70 and a five-year term. During the year ended December 31, 2017, a total of 4,050 of these options were forfeited, and 4,050 options were extended to January 2022.

In February 2017, the Company granted a total of 16,000 stock options to key employees for services. The options vest on the one-year anniversary of the grant date, have an exercise price of $1.80, and have a five-year term.

In October 2017, we appointed our Chief Financial Officer. In connection with this appointment, we granted the officer options to purchase up to 60,000 shares of our common stock under our 2014 Long-Term Incentive Plan, with all of such options vesting and becoming exercisable on the one-year anniversary of the grant date. The options have a 5-year term and an exercise price of $2.70. 

On October 19, 2017, we appointed our Chief Legal Officer. In connection with this appointment, we granted the officer options to purchase up to 60,000 shares of our common stock under our 2014 Long-Term Incentive Plan, with all of such options vesting and becoming exercisable on the one-year anniversary of the grant date. The options have a 5-year term and an exercise price of $2.40. 

On November 22, 2017, the Company granted a total of 473,457 stock options to a related party noteholder in connections with the issuance of a convertible note. The options vest 5% each quarter over 5 years, have an exercise price equal to the Company’s stock price on the date of vesting, and have a ten-year term. 

At December 31, 2017, we had approximately $949,500 of total unrecognized compensation expense related to unvested stock options. Total expense related to stock options was $178,784 for the year ended December 31, 2017.

At December 31, 2017, the intrinsic value of options outstanding or exercisable was $9,100 as there were 14,000 options outstanding with an exercise price less than $1.65, the per share closing market price of our common stock at that date.