Annual report pursuant to Section 13 and 15(d)

Stock Compensation Plan (Tables)

v3.3.1.900
Stock Compensation Plan (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Assumptions Used to Estimate the Fair Value of Stock Options Granted

The following table summarizes the assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2015 and 2014:

 

     2015   2014

Expected dividend yield

   0%   0%

Weighted-average expected volatility

   147% - 149%   150% - 155%

Weighted-average risk-free interest rate

   2.14% - 2.27%   2.26% - 2.77%

Expected life of options

   10 Years   10 years
Summary of Stock Option Activity

The following table represents stock option activity as of and for the two years ended December 31, 2015 and 2014, respectively:

 

     Number of
Options
     Option
Price Per Share
     Weighted
Average
Exercise
Price
 

Outstanding at December 31, 2013

     633,840       $ 1.20 - 17.00       $ 4.88   

Forfeited

     (70,475      1.50 - 4.00         2.93   

Granted

     257,500         0.86 - 2.84         1.65   
  

 

 

       

Outstanding at December 31, 2014

     820,865       $ 0.86 - 17.00       $ 4.03   

Forfeited

     (278,334      1.50 - 17.00         5.71   

Granted

     928,500         0.78 – 1.32         1.31   
  

 

 

       

Outstanding at December 31, 2015

     1,471,031       $ 0.78 – 10.40       $ 2.00   
  

 

 

       

Exercisable at December 31, 2015

     610,047       $ 0.86 – 10.40       $ 2.89