Quarterly report pursuant to Section 13 or 15(d)

STOCK BASED COMPENSATION (Tables)

v3.5.0.2
STOCK BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of restricted stock activity

The following table summarizes the RSU activity for the nine months ended September 30, 2016:

 

Unvested restricted stock units as of January 1, 2016     42,000  
Granted     112,500  
Forfeited     -  
Vested     (42,000 )
Unvested restricted stock units as of September 30, 2016     112,500
Schedule of stock option activity

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

 

    Shares     Weighted-
Average 
Exercise Price
    Weighted-
Average 
Remaining 
Contractual Term
    Aggregate
Intrinsic
Value
 
Outstanding at January 1, 2016     1,656,643     $ 10.64             $ 1,125,299  
Grants     698,000     $ 4.67             $ -  
Exercised     -     $ -             $ -  
Forfeitures or expirations     (65,022 )   $ 5.52             $ -  
Outstanding at September 30, 2016     2,289,621     $ 8.97       8.11     $ -  
                                 
Vested and expected to vest at September 30, 2016     2,289,621     $ 8.97       8.11     $ -  
Exercisable at September 30, 2016     1,185,602     $ 11.95       7.34     $ -  
Schedule of fair value assumptions of stock option

The assumptions used in the valuation of stock options granted during the nine months ended September 30, 2016 and 2015 were as follows:

 

    Nine Months
Ended 
September 30, 
2016
    Nine Months
Ended 
September 30, 
2015
 
Risk-free interest rate     0.85% to 1.86 %      1.47% to 2.35 %
Expected term of option     6.0 to 9.06 years        6.0 to 9.91 years   
Expected stock price volatility     73.46% to 81.59 %      80.91% to 92.13 %
Expected dividend yield   $ 0.0     $ 0.0