Equity (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Summary of Stock Option activity

A summary of stock option activity for the nine months ended September 30, 2016 is as follows:

	Number of Options (in shares)			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life			Aggregate Intrinsic Value
Outstanding at December 31, 2015		2,364,918		$	3.51
Granted		65,000		$	0.15
Exercised		—			—
Forfeited or expired		(145,503	)	$	4.18
Outstanding at September 30, 2016		2,284,415		$	3.37		4.6 years	$	3
Exercisable at September 30, 2016		2,165,663		$	3.49		4.6 years	$	2

Schedule of Stock Options Fair Value Assumptions Estimated Using Black-Scholes Pricing Model

The fair value of the options granted ($0.11 per option during the nine months ended September 30, 2016) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions:

Risk-free interest rate	1.5	%
Expected term of options	6.5 years
Expected annual volatility	80	%
Expected dividend yield	—	%

Summary of Warrant Activity

The Company previously issued warrants at exercise prices equal to or greater than market value of the Company’s common stock at the date of issuance. A summary of warrant activity follows:

	Number of Warrants (in shares)		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life
Outstanding at December 31, 2015		2,619,423	$	1.48
Granted		35,000		0.13
Exercised		—		—
Forfeited or expired		—		—
Outstanding at September 30, 2016		2,654,423	$	1.46		3.4 years

Schedule of Warrant Fair Value Assumptions Estimated Using Black-Scholes Pricing Model

The fair value of the warrants granted ($0.08 per warrant during the nine months ended September 30, 2016) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions:

Risk-free interest rate	1.79	%
Expected term of warrants	7.0 years
Expected annual volatility	78	%
Expected dividend yield	—	%