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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | 11. Stock-Based Compensation Equity Incentive Plans – The Company adopted the 2013 Equity Compensation Plan under which the Company reserved 62,500 shares of common stock for the purpose of providing equity incentives to employees, officers, directors and consultants including options, restricted stock, restricted stock units, stock appreciation rights, other equity awards, annual incentive awards and dividend equivalents. The Company subsequently amended the plan to increase the number of authorized shares of common stock under the plan to 225,000 shares, which the Company’s stockholders approved on June 3, 2015. Stock Options The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2016:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in Years) |  |  | Aggregate Intrinsic Value |
Outstanding - December 31, 2015 |  |  | 19,653 |  |  | $ | 30.00 |  |  |  | 8.0 |  |  | $ | - |
Granted |  |  | 57,500 |  |  |  | 8.19 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited/Canceled/Expired |  |  | (4,287 | ) |  |  | (31.81 | ) |  |  |  |  |  |  |  |
Outstanding – September 30, 2016 |  |  | 72,866 |  |  | $ | 12.69 |  |  |  | 9.5 |  |  | $ | - |
Exercisable – September 30, 2016 |  |  | 30,264 |  |  | $ | 16.29 |  |  |  | 9.2 |  |  | $ | - |
A summary of the changes in the Company’s unvested stock options is as follows:
|  | Number of Options |  |  | Weighted Average Grant Date Fair Value |
Unvested - December 31, 2015 |  |  | 13,571 |  |  | $ | 13.76 |
Granted |  |  | 57,500 |  |  |  | 4.01 |
Vested |  |  | (27,552 | ) |  |  | (7.07 | )
Forfeited/Canceled/Expired |  |  | (917 | ) |  |  | (13.83 | )
Unvested – September 30, 2016 |  |  | 42,602 |  |  | $ | 4.93 |
As discussed in Note 9, the Company granted 57,500 stock options to Ms. Butkevich in connection with her Employment Agreement. These options had a fair value of $230,575, using the Black-Scholes option-pricing model with the following assumptions:
Risk-free interest rate |  |  | 1.14 | %
Expected dividend yield |  |  | 0.00 | %
Expected volatility |  |  | 53.96 | %
Expected term |  | 5.5 years
The options are exercisable at an exercise price of $8.19 per share over a ten-year term and vest over three years. The Company recorded $77,000 as compensation expense during the three and nine months ended September 30, 2016 pertaining to this grant. The Company recorded non-cash compensation expense of approximately $90,000 and $31,000 for the three months ended September 30, 2016 and 2015, respectively, and approximately $135,000 and $74,000 for the nine months ended September 30, 2016 and 2015, respectively, pertaining to stock options. Total unrecognized compensation expense related to unvested stock options at September 30, 2016 amounts to approximately $182,000 and is expected to be recognized over a remaining weighted average period of 1.4 years. Warrants The following table summarizes the Company’s warrant activity for the nine months ended September 30, 2016:
|  | Number of Warrants |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in Years) |  |  | Aggregate Intrinsic Value |
Outstanding – December 31, 2015 |  |  | 45,314 |  |  | $ | 66.72 |  |  |  | 3.5 |  |  | $ | - |
Granted |  |  | 468,750 |  |  |  | 6.80 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited/Canceled/Expired |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding – September 30, 2016 |  |  | 514,064 |  |  | $ | 12.09 |  |  |  | 4.7 |  |  | $ | 2,127,813 |
Exercisable – September 30, 2016 |  |  | 389,064 |  |  | $ | 9.54 |  |  |  | 4.5 |  |  | $ | 2,127,813 |
As discussed in Note 6, on June 30, 2016, the Company granted warrants to purchase 468,750 shares of common stock. The fair value of the warrants issued of $783,458 has been recorded as a direct deduction from the carrying amount of Master Credit Facility. A summary of the changes in the Company’s unvested warrants is as follows:
|  | Number of Warrants |  |  | Weighted Average Grant Date Fair Value |
Unvested – December 31, 2015 |  |  | - |  |  | $ | - |
Granted |  |  | 468,750 |  |  |  | 1.67 |
Vested |  |  | (468,750 | ) |  |  | (1.67 | )
Forfeited/Canceled/Expired |  |  | - |  |  |  | - |
Unvested – September 30, 2016 |  |  | - |  |  | $ | - |
On November 7, 2016, warrants to purchase an aggregate of 343,750 shares of common stock were exercised for an aggregate exercise price of $687,500. Restricted Stock As of September 30, 2016 and December 31, 2015, there were 5,556 shares of unvested restricted stock outstanding. The Company recorded non-cash compensation expense of approximately $28,000 and $83,000 for the three months ended September 30, 2016 and 2015, respectively, and approximately $83,000 and $277,000 for the nine months ended September 30, 2016 and 2015, respectively, pertaining to restricted stock. Total unrecognized compensation expense related to unvested restricted stock at September 30, 2016 amounts to approximately $129,000 and is expected to be recognized over a weighted average period of 1.2 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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