Annual report pursuant to Section 13 and 15(d)

Stock Compensation Plan (Tables)

Stock Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016:


	2017	2016
Expected dividend yield	0%	0%
Weighted-average expected volatility	143%	142% - 147%
Weighted-average risk-free interest rate	2.15%	1.59% - 2.40%
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, 2017 and 2016, respectively:


	Number of Options			Option Price Per Share	Weighted Average Exercise Price
Outstanding at December 31, 2015		147,105		$7.80 – 104.00	$	20.00
Forfeited		(57,477	)	8.40 – 54.00		24.00
Granted		72,525		5.50 – 8.40		6.90

Outstanding at December 31, 2016		162,153		$5.50 – 104.00	$	12.80
Forfeited		(7,120	)	6.20 – 54.00		16.50
Granted		105,600		3.70		3.70

Outstanding at December 31, 2017		260,633		$3.70 – 104.00	$	9.00

Exercisable at December 31, 2017		105,821		$5.50 - 104.00	$	12.10