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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Estimated Values of Stock Option Grants Valuation Assumptions

The weighted average estimated values of director and employee stock option grants, as well as the weighted average assumptions that were used in calculating such values during the three months ended March 31, 2017 and 2016, were based on estimates at the date of grant as follows:

 

    April 30,     January 1,     February 10,     December 6,     March 15,  
    2015 Grant     2016 Grant     2016 Grant     2016 Grant     2017 Grant  
Risk-free interest rate     1.43 %     1.76 %     1.15 %     1.84 %     2.14 %
Weighted average expected term     5 years       5 years       5 years       5 years       5 years  
Expected volatility     143.10 %     134.18 %     132.97 %     123.82 %     121.19 %
Expected dividend yield     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
Schedule of Stock Option Activity

A summary of stock option activity during the twelve months ended March 31, 2017 and 2016 under our stock option agreements is as follows:

 

                Weighted-        
          Weighted-     Average        
    Shares     Average     Remaining     Aggregate  
    Under     Exercise     Contractual     Intrinsic  
    Option     Price     Life     Value  
Outstanding at January 1, 2017     1,328,000     $ 0.81       9 years       115,200  
Granted     100,000       0.85                  
Exercised     -                          
Forfeited and expired     (50,000 )     0.90                  
                                 
Outstanding at March 31, 2017     1,378,000     $ 0.81       9 years     $ 115,200  
                                 
Exercisable at March 31, 2017     680,500     $ 0.79       8 years     $ 79,200