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STOCK-BASED COMPENSATION PLANS | 9 Months Ended
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Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
STOCK-BASED COMPENSATION PLANS | (5) STOCK-BASED COMPENSATION PLANS The Company previously reserved 3,000,000 shares of common stock for issuance under its 2005 Stock Option Plan (the “Option Plan”). The Option Plan expired as of December 31, 2014. Vesting provisions are determined by the Board of Directors. All stock options under the Option Plan expire no later than ten years from the date of grant. Since the Option Plan expired, the options granted in 2015 and 2016 have not been approved by the Company’s shareholders and were issued as non-qualified stock options. In the nine months ended September 30, 2016 and 2015, the Company recorded compensation expense related to stock options of $171 and $67, respectively. During the nine months ended September 30, 2016, the Company granted options to purchase up to 804,000 shares of common stock to employees at a weighted average exercise of $0.27 per share . The 2016 grants were issued as non-qualified stock options. The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions during the nine months ended September 30, 2016:
|  | 2016 |
Weighted average expected term |  |  | 6.25 years |
Weighted average volatility |  |  | 122.73% |
Weighted average risk-free interest rate |  |  | 1.51% |
Dividend yield |  |  | 0% |
A summary of stock option activity under all equity compensation plans for the nine months ended September 30, 2016, is presented below:
|  |  |  |  |  | Weighted |  |  |
|  |  |  | Weighted |  | Average |  |  |
|  | Shares |  | Average |  | Remaining |  | Aggregate |
|  | Under |  | Exercise |  | Contractual |  | Intrinsic |
|  | Option |  | Price |  | Life |  | Value |
Outstanding at January 1, 2016 |  |  | 1,685,250 |  | $ | 0.46 |  |  |  |  |  |
Granted |  |  | 804,000 |  | $ | 0.27 |  |  |  |  |  |
Exercised |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | (329,000) |  | $ | 0.36 |  |  |  |  |  |
Outstanding at September 30, 2016 |  |  | 2,160,250 |  | $ | 0.40 |  | 6.91 years |  | $ | - |
Exercisable at September 30, 2016 |  |  | 1,537,048 |  | $ | 0.45 |  | 6.23 years |  | $ | - |
A summary of status of the Company’s non-vested share awards as of and for the nine months ended September 30, 2016, is presented below:
|  | Non-vested Shares |  | Weighted Average |
|  | Under Option |  | Grant Date Fair Value |
Non-vested at January 1, 2016 |  |  | 672,155 |  | $ | 0.31 |
Granted |  |  | 804,000 |  | $ | 0.27 |
Vested |  |  | (523,953) |  | $ | 0.26 |
Forfeited |  |  | (329,000) |  | $ | 0.36 |
Non-vested at September 30, 2016 |  |  | 623,202 |  | $ | 0.27 |
As of September 30, 2016, the Company had approximately $252 of unrecognized compensation expense related to stock options that will be recognized over a weighted average period of approximately 5 years.

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- 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
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