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13. STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
13. STOCK-BASED COMPENSATION | Pursuant to the Company’s Amended and Restated 2007 Equity Incentive Plan approved in 2011(“Plan”), the aggregate number of shares of the Company’s common stock available for grant and issuance of stock options is 4,341,989 shares. On October 5, 2015, during the annual meeting of the Company’s stockholders, the aggregate number of shares reserved and available for grant and issuance pursuant to the Plan was increased to 10,341,989. As of June 30, 2016, the number of shares of the Company’s common stock available for issuance under the Plan is 6,980,989. The fair value of each option award below is estimated on the date of grant using the Black-Scholes option-pricing model. The risk free rate is based on the yield-to-maturity in continuous compounding of the US Government Bonds with the time-to-maturity similar to the expected tenor of the option granted, volatility is based on the annualized historical stock price volatility of the Company, and the expected life is based on the historical option exercise pattern. In early March 2016, the Company granted to an independent director an option to purchase 12,500 shares of the Company’s common stock at an exercise price of $1.78 per share and the options vested immediately. The options were valued at $7,300 fair value, with assumed 65.69% volatility, a three-year expiration term with expected tenor of 1.33 years, a risk free rate of 0.71% and no dividend yield. For the three-month and six-month period ended June 30, 2016, $0 and $7,300 was recognized as general and administrative expenses. On May 7, 2016, the Company granted to an independent director an option to purchase 12,500 shares of the Company’s common stock at an exercise price of $1.45 per share and the options vested immediately. The options were valued at $5,500 fair value, with assumed 66.40% volatility, a three-year expiration term with an expected tenor of 1.33 years, a risk free rate of 0.58% and no dividend yield. For the three-month and six-month period ended June 30, 2016, $5,500 was recognized as general and administrative expenses. The following table summarizes all Company stock option transactions between January 1, 2016 and June 30, 2016.
|  | Number of Option and Warrants Outstanding and exercisable |  | Weighted- Average Exercise price of Option and Warrants |  | Range of Exercise Price per Common Share |
Balance, January 1, 2016 |  |  | 2,399,000 |  | $1.39 |  | $ | 0.95 - $12.60 |
Granted and vested during the period Ended June 30, 2016 |  |  | 25,000 |  | $1.62 |  | $ | 1.45-1.78 |
Exercised during the period ended June 30, 2016 |  |  | (36,000 | ) | $1.20 |  | $ | 0.98-1.43 |
Expired during the period ended June 30, 2016 |  |  | (50,000 | ) | $12.60 |  | $ | 12.60 |
Balance, June 30, 2016 |  |  | 2,338,000 |  | $1.16 |  | $ | 0.95 - $4.80 |
|  | Stock and Warrants Options Exercisable and Outstanding |
|  |  |  |  |  |  |  | Weighted Average |
|  |  |  |  |  |  |  | Remaining |
|  | Outstanding at June 30, 2016 |  |  | Range of Exercise Prices |  |  | Contractual Life (Years) |
Exercisable and outstanding |  |  | 2,338,000 |  |  | $ | 0.95 - $4.80 |  |  |  | 1.66 |
The aggregate intrinsic value of options outstanding and exercisable as of June 30, 2016 was $1,003,555. The total intrinsic value of options exercised was $14,292 and $236,535 for the six months ended June 30, 2016 and 2015. During the three and six months ended June 30, 2016, 8,933 shares of common stock were issued upon cashless exercise of 36,000 options.

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: 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 2: 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 + Details
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