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Share Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2015
Schedule of Share-based Compensation Expenses

All stock-based compensation is included in operating expenses for the periods as follows:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2015     2014     2015     2014  
Compensation cost recognized:                                
General and administrative   $ 396,654     $ 4,928     $ 642,169     $ 6,927  
Research and development     21,830       757       43,723       3,339  
    $ 418,484     $ 5,685     $ 685,892     $ 10,266  
Schedule of Share-based Payment Valuation Assumptions

The fair value of share-based payment units was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values as follows:

 

    Nine Months Ended  
    September 30, 2015  
Valuation assumptions:        
Stock price     $1.15 - $1.56  
Exercise price     $1.15 - $1.56  
Expected dividend yield     0 %
Expected volatility     95.5% - 99.2 %
Expected life (in years)     5  
Risk-free interest rate     1.37% - 1.62 %
Schedule of Share-based Compensation Stock Options Plan

Stock option activity under the 1998, 1999, 2001, 2003, 2006 and 2015 Stock Option Plans (collectively, the “Plans”) during the periods indicated below were as follows:

 

   

 

Number of

Shares

Subject to

Issuance

    

 

Weighted-

average

Exercise

Price

    

Weighted-

average

Remaining

Contractual

Term

    

 

Aggregate

Intrinsic

Value

  
                         
Outstanding at December 31, 2014     235,478     $ 5.95       4.44 years     $ -  
                                 
Granted     1,689,882       1.18       -       -  
Forfeited or expired     (19,685 )     (26.39 )     -       -  
Exercised     (313 )     3.12       -       -  
Outstanding at September 30, 2015     1,905,362     $ 1.51       4.75 years     $ -  
                                 
Exercisable at September 30, 2015     459,582     $ 1.66       4.70 years       -  
Restricted Stock Units (RSUs) [Member]  
Schedule of Share-based Compensation Stock Options Plan

There were no charges associated with RSUs for the three and nine month periods ended September 30, 2014.

 

    Number of Shares     Weighted Average
Grant Date
Fair Value 		    Aggregate
Intrinsic
Value 		 
                   
Outstanding at December 31, 2014     31,807     $ 3.93     $ -  
Granted     99,620       1.28       -  
Vested and Settled in Shares     (62,684 )     (2.40 )     -  
                         
Outstanding at September 30, 2015     68,743     $ 1.48     $ -