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Equity (Tables)
 3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Summary of Stock Option activity

A summary of stock option activity for the three months ended March 31, 2016 is as follows:

 

   

 

 

Number

of Options

(in shares)

    

Weighted

Average

Exercise

Price Per Share

     Weighted Average Remaining Contractual Life    

 

 

Aggregate Intrinsic Value

  
Outstanding at December 31, 2015     2,364,918     $ 3.51                  
Granted     —       —                  
Exercised     —       —                  
Forfeited or expired     (66,666 )   $ 3.70                  
Outstanding at March 31, 2016     2,298,252     $ 3.50       5.1 years     $ —  
Exercisable at March 31, 2016     2,186,583     $ 3.58       5.0 years     $ —  

 
Summary of Warrant Activity

The Company previously issued warrants at exercise prices equal to or greater than market value of the Company’s common stock at the date of issuance. A summary of warrant activity follows:

 

   

Number

of Warrants

(in shares)

     Weighted Average Exercise Price Per Share     Weighted Average Remaining Contractual Life  
Outstanding at December 31, 2015     2,619,423     $ 1.48          
Granted     35,000       0.13          
Exercised     —       —          
Forfeited or expired     —       —          
Outstanding at March 31, 2016     2,654,423     $ 1.46       3.9 years  
Schedule of Fair Value Assumptions Estimated Using Black-Scholes Pricing Model

The fair value of the warrants granted ($0.08 per warrant during the three months ended March 31, 2016) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions:

 

Risk-free interest rate     1.79%  
Expected term of warrants     7.0 years  
Expected annual volatility     78%  
Expected dividend yield     —%