v3.3.1.900

Stock Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2015
Stock Based Compensation [Abstract] |
STOCK BASED COMPENSATION |
7. | STOCK BASED COMPENSATION
Options to directors, officers and employees The Company maintains, as adopted by the board of directors, the 2014 Stock Incentive Plan, the 2014 Stock Compensation Plan, 2013 Incentive Stock Plan, the 2012 Incentive Stock Plan, the 2011 Incentive Stock Plan and the 2010 Stock Incentive Plan (the plans) providing for the issuance of up to 1,100,000 options to employees, officers, directors or consultants of the Company. Incentive stock options granted under the plans may only be granted with an exercise price of not less than fair market value of the Company’s common stock on the date of grant (110% of fair market value for incentive stock options granted to principal stockholders). Non-qualified stock options granted under the plans may only be granted with an exercise price of not less than 85% of the fair market value of the Company’s common stock on the date of grant. Awards under the plans may be either vested or unvested options. The unvested options vest ratably over two years for options with a five or three-year term and after one year for options with a two-year term. In addition to the plans, the Company has granted, on various dates, stock options to directors, officers and employees to purchase common stock of the Company. The terms, exercise prices and vesting of these awards vary. The following table summarizes option activity for directors, officers and employees:
|  |  |  |  |  | Outstanding Stock Options |
|  |  | Shares Available for Grant |  |  | Number of Shares |  |  | Weighted Average Exercise Price per Share |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Weighted Average Remaining Exercise Term in Months |
| Balance, December 31, 2013 |  |  | 448,500 |  |  |  | 799,475 |  |  | $ | 4.49 |  |  | $ | 2.30 |  |  |  | 36 |
| Additional stock reserved |  |  | 500,000 |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Granted |  |  | (867,593 | ) |  |  | 867,593 |  |  | $ | 0.49 |  |  | $ | 0.85 |  |  |  | 58 |
| Exercised |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Forfeited |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Expired |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Balance, December 31, 2014 |  |  | 80,907 |  |  |  | 1,667,068 |  |  | $ | 2.34 |  |  | $ | 1.52 |  |  |  | 41 |
| Additional stock reserved |  |  | 1,120,000 |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Granted |  |  | (443,436 | ) |  |  | 443,436 |  |  | $ | 1.93 |  |  | $ | 1.29 |  |  |  | 55 |
| Exercised |  |  | - |  |  |  | (130,070 | ) |  | $ | 1.30 |  |  | $ | 0.75 |  |  |  | - |
| Forfeited |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Expired |  |  | - |  |  |  | - |  |  | $ | 3.03 |  |  | $ | 1.25 |  |  |  | - |
| Balance December 31, 2015 |  |  | 757,471 |  |  |  | 1,980,434 |  |  | $ | 2.21 |  |  | $ | 1.46 |  |  |  | 49 |
The Company recorded $298,044 and $171,665 compensation expense for stock options to directors, officers and employees for the years ended December 31, 2015 and 2014 respectively. As of December 31, 2015, unrecognized compensation expense of $1,435,603 is related to non-vested options granted to directors, officers and employees which is anticipated to be recognized over the next 49 months, commensurate with the vesting schedules. Options to consultants The Company has also granted, on various dates, stock options to purchase common stock of the Company to consultants for services previously provided to the Company. The terms, exercise prices and vesting of these awards vary. The following table summarizes option activity for consultants:
|  |  |  |  |  | Outstanding Stock Options |
|  |  | Shares Available for Grant |  |  | Number of Shares |  |  | Weighted Average Exercise Price per Share |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Weighted Average Remaining Exercise Term in Months |
| Balance, December 31, 2013 |  |  | 97,100 |  |  |  | 141,500 |  |  | $ | 4.06 |  |  | $ | 1.96 |  |  |  | 34 |
| Additional stock reserved |  |  | 200,000 |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Granted |  |  | (296,773 | ) |  |  | 296,773 |  |  | $ | 0.10 |  |  | $ | 1.00 |  |  |  | 54 |
| Exercised |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Forfeited |  |  | 20,000 |  |  |  | (20,000 | ) |  | $ | - |  |  | $ | - |  |  |  | - |
| Expired |  |  | 19,000 |  |  |  | (19,000 | ) |  | $ | 5.00 |  |  | $ | 1.73 |  |  |  | - |
| Balance, December 31, 2014 |  |  | 39,327 |  |  |  | 399,273 |  |  | $ | 1.27 |  |  | $ | 1.31 |  |  |  | 50 |
| Additional stock reserved |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Granted |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Exercised |  |  | - |  |  |  | (32,524 | ) |  | $ | 0.10 |  |  | $ | 0.98 |  |  |  | - |
| Forfeited |  |  | 59,976 |  |  |  | (59,976 | ) |  | $ | - |  |  | $ | - |  |  |  | - |
| Expired |  |  | - |  |  |  | - |  |  | $ | 5.30 |  |  | $ | 2.39 |  |  |  | - |
| Balance December 31, 2015 |  |  | 99,303 |  |  |  | 306,773 |  |  | $ | 0.36 |  |  | $ | 1.01 |  |  |  | 41 |
The Company recorded $71,530 and $154,199 compensation expense for stock options to consultants for the years ended December 31, 2015, 2014, respectively. As of December 31, 2015, unrecognized compensation expense of $173,722 is related to non-vested options granted to consultants which is anticipated to be recognized over the next 49 months, commensurate with the vesting schedules. Warrants to placement agent and consultants Through December 2011, the Company compensated the placement agent for assisting in the sale of the Company’s securities by paying the placement agent commissions and issuing the placement agent common stock purchase warrants to purchase shares of the Company’s common stock. The warrants have a five-year term and various exercise prices. The Company has also granted, on various dates, stock warrants to purchase common stock of the Company to consultants for services previously provided to the Company. The terms, exercise prices and vesting of these awards vary. The following table summarizes warrant activity for the placement agent and consultants:
|  |  |  |  |  | Outstanding Warrants |
|  |  | Shares Available for Grant |  |  | Number of Shares |  |  | Weighted Average Exercise Price per Share |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Weighted Average Remaining Exercise Term in Months |
| Balance, December 31, 2013 |  |  | 433,959 |  |  |  | 313,089 |  |  | $ | 4.64 |  |  | $ | 2.07 |  |  |  | 24 |
| Additional stock reserved |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Granted |  |  | (159,861 | ) |  |  | 159,861 |  |  | $ | 1.68 |  |  | $ | 0.56 |  |  |  | 34 |
| Exercised |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Forfeited |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Expired |  |  | - |  |  |  | (62,801 | ) |  | $ | 3.89 |  |  | $ | 1.84 |  |  |  | - |
| Balance, December 31, 2014 |  |  | 274,098 |  |  |  | 410,149 |  |  | $ | 3.59 |  |  | $ | 1.51 |  |  |  | 14 |
| Additional stock reserved |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Granted |  |  | (63,871 | ) |  |  | 63,871 |  |  | $ | 1.40 |  |  | $ | 1.17 |  |  |  | 59 |
| Exercised |  |  | - |  |  |  | (161,719 | ) |  | $ | 2.36 |  |  | $ | 1.09 |  |  |  | - |
| Forfeited |  |  | - |  |  |  | (5,478 | ) |  | $ | - |  |  | $ | - |  |  |  | - |
| Expired |  |  | - |  |  |  | - |  |  | $ | 4.18 |  |  | $ | 1.82 |  |  |  | - |
| Balance December 31, 2015 |  |  | 210,227 |  |  |  | 306,823 |  |  | $ | 2.79 |  |  | $ | 1.26 |  |  |  | 9 |
The Company recorded $32,944 and $88,733 compensation expense for stock warrants to the placement agent and consultants for the years ended December 31, 2015 and 2014, respectively. There is no unrecognized compensation expense for the placement agent warrants because they are fully vested at date of grant. Warrants to directors and officers In December 2010 and May 2011, the Company issued to certain directors and officers common stock purchase warrants to acquire shares of common stock at an exercise price of $2.00 per share for a period of five years. In November 2011, under the terms of a Promissory Note issued to a director and officer, common stock purchase warrants were issued to acquire 10,000 shares of common stock at an exercise price of $5.00 per share for a period of one year. In May 2012, a director and officer received 10,000 2012 Warrants to acquire common stock of the Company at an exercise price of $5.00 for a period of three years. In June 2012, a director and officer converted secured and unsecured loans provided to the Company from September 2011 to June 2012 in the aggregate amount of $389,250 into 2012 Notes and 2012 Warrants. In November 2012, the Company entered into a Note and Warrant Amendment and Conversion Agreement whereby the holders and 2012 Investors converted all principal and interest under the 2012 Notes into shares of common stock. Further, the exercise price of the 2012 Warrants was reduced to $2.50 per share. The $7,388 cost of the reduction in the exercise price is included in stock based compensation expense for the year ended December 31, 2012. The following table summarizes warrant activity for directors and officers:
|  |  |  |  |  | Outstanding Warrants |
|  |  | Shares Available for Grant |  |  | Number of Shares |  |  | Weighted Average Exercise Price per Share |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Weighted Average Remaining Exercise Term in Months |
| Balance, December 31, 2013 |  |  | 348,925 |  |  |  | 338,925 |  |  | $ | 17.83 |  |  | $ | 0.95 |  |  |  | 22 |
| Additional stock reserved |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Granted |  |  | - |  |  |  | - |  |  | $ | 1.68 |  |  | $ | - |  |  |  | - |
| Exercised |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Forfeited |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Expired |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Balance, December 31, 2014 |  |  | 348,925 |  |  |  | 338,925 |  |  | $ | 17.83 |  |  | $ | 0.95 |  |  |  | 9 |
| Additional stock reserved |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Granted |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Exercised |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Forfeited |  |  | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
| Expired |  |  | - |  |  |  | - |  |  | $ | 5.00 |  |  | $ | 0.12 |  |  |  | - |
| Balance December 31, 2015 |  |  | 348,925 |  |  |  | 338,925 |  |  | $ | 20.00 |  |  | $ | 1.02 |  |  |  | 4 |
The Company recorded no compensation expense for stock warrants to directors and officers for the years ended December 31, 2015 and 2014, respectively. There is no unrecognized compensation expense for these warrants because they are fully vested at date of grant.

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=6418621&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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + 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