Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions during the nine months ended September 30, 2015:


	2015
Weighted average expected term	4.10 years
Weighted average volatility	135%
Weighted average risk-free interest rate	1.1%
Dividend yield	0%

Summary of Stock Option Activity Under the Option Plan

A summary of stock option activity under the Option Plan for the nine months ended September 30, 2015, is presented below:

	Shares Under Option			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
Outstanding at January 1, 2015		1,735,519		$	0.59
Granted		449,000		$	0.44
Exercised		—
Forfeited		(734,019	)	$	1.35
Outstanding at September 30, 2015		1,450,500		$	0.46		6.7 years	$	-
Exercisable at September 30, 2015		612,172		$	0.63		5.8 years	$	-

Summary of Status of the Company's Non-Vested Shares Under Option

A summary of status of the Company’s non-vested share awards as of and for the nine months ended September 30, 2015, is presented below:

	Nonvested Shares Under Option			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2015		945,940		$	0.29
Granted		449,000		$	0.44
Vested		(322,879	)	$	0.56
Forfeited		(233,733	)	$	0.25
Non-vested at September 30, 2015		838,328		$	0.34