XML 36 R23.htm IDEA: XBRL DOCUMENT
v3.6.0.2

STOCK BASED COMPENSATION | 12 Months Ended
--- | ---
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
STOCK BASED COMPENSATION | NOTE 15: STOCK BASED COMPENSATION Stock Options and Incentive Plan On September 28, 2010, the Board of Directors approved the adoption of the 2010 Stock Option and Incentive Plan, or the 2010 Plan, to provide for the grant of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. Awards of incentive options may be granted under the 2010 Plan until September 2020. No other awards may be granted under the 2010 Plan after the date that is 10 years from the date of stockholder approval. An aggregate of 66,667 shares were initially reserved for issuance in connection with awards granted under the 2010 Plan. , The following table presents the automatic additions to the 2010 Plan since inception pursuant to the “evergreen” terms of the 2010 Plan:
January 1, |  | Number of shares |
2012 |  |  | 30,018 |
2013 |  |  | 34,452 |
2014 |  |  | 49,532 |
2015 |  |  | 65,557 |
2016 |  |  | 220,419 |
Total additional shares |  |  | 399,978 |
The Company granted options to purchase 185,245 shares of common stock to employees and directors and issued zero shares of common stock in connection with the exercise of directors stock options during the year ended December 31, 2016. There are 156,388 options available for grant under the 2010 Plan as of December 31, 2016, and as a result of the evergreen provision contained in the 2010 Plan, an additional 151,477 shares were added to the 2010 Plan on January 1, 2017. Compensation costs associated with the Company’s stock options are recognized, based on the grant-date fair values of these options, over the requisite service period, or vesting period. Accordingly, the Company recognized stock based compensation expense of $876,189 and $840,103 for the years ended December 31, 2016 and 2015, respectively, which was included in the following captions in the consolidated statements of operations.
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |
General and administrative |  | $ | 850,378 |  |  | $ | 747,255 |
Research and development |  |  | 25,811 |  |  |  | 67,475 |
Selling |  |  | - |  |  |  | 25,373 |
Total stock compensation expense |  | $ | 876,189 |  |  | $ | 840,103 |
The fair value of stock options granted for the years ended December 31, 2016 and 2015 was calculated using the Black-Scholes option-pricing model applying the following assumptions:
|  | Year ended December 31, |
|  | 2016 |  |  | 2015 |
Risk free interest rate |  |  | 1.48% - 1.55% |  |  |  | 1.64% - 1.82% |
Expected term |  |  | 5.58- 6.06 years |  |  |  | 5.31 - 6.61 years |
Dividend yield |  |  | - % |  |  |  | - % |
Expected volatility |  |  | 115.52% - 115.58% |  |  |  | 105.00% - 115.01% |
Options issued and outstanding as of December 31, 2016 and their activities during the year then ended are as follows:
|  | Number of Underlying Shares |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Contractual Life Remaining in Years |  |  | Aggregate Intrinsic Value |
Outstanding as of January 1, 2016 |  |  | 240,930 |  |  | $ | 38.89 |  |  |  |  |  |  | $ | - |
Granted |  |  | 185,245 |  |  |  | 3.90 |  |  |  |  |  |  |  | - |
Forfeited |  |  | (47,251 | ) |  |  | 23.85 |  |  |  |  |  |  |  | - |
Expired |  |  | - |  |  |  | 69.15 |  |  |  |  |  |  |  | - |
Outstanding as of December 31, 2016 |  |  | 378,924 |  |  |  | 26.25 |  |  |  | 7.08 |  |  | $ | - |
Exercisable as of December 31, 2016 |  |  | 272,998 |  |  |  | 37.80 |  |  |  | 5.74 |  |  | $ | - |
Vested and expected to vest (1) |  |  | 327,101 |  |  | $ | 28.65 |  |  |  | 6.82 |  |  | $ | - |
(1) vested shares and unvested shares after a forfeiture rate is applied At December 31, 2016, there were 105,926 unvested options outstanding and the related unrecognized total compensation cost associated with these options was $976,056. This expense is expected to be recognized over a weighted-average period of 1.91 years.

X
- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration