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12. STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
12. 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 of stock options and issuance 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, 2018, the number of shares of the Company’s common stock available for issuance under the Plan is 6,739,989.

 

The fair value of each option award 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.

 

During the six months ended June 30, 2018, there were no options issued to employees or non-employees.

 

The following table summarizes all Company stock option transactions between January 1, 2018 and June 30, 2018.

 

    Number of Option
Outstanding and exercisable		   Weighted- Average Exercise price of Option   Range of
Exercise Price per Common Share
  Balance, January 1, 2018       808,500     $ 1.61       $1.44 - $4.80  
  Granted and vested during the period Ended June 30, 2018       —       —       —  
  Expired during the period ended June 30, 2018       (25,000 )   $ 2.31       $2.07-2.55  
  Balance, June 30, 2018       783,500     $ 1.58       $1.44 - $4.80  

 

 

    Stock Options Exercisable and Outstanding
            Weighted Average
            Remaining
    Outstanding at June 30, 2018  

Range of

Exercise Prices 

  

Contractual Life

 (Years)

Exercisable and outstanding    783,500   $1.44 - $4.80   2.70

 

The aggregate intrinsic value of options outstanding and exercisable as of June 30, 2018 was $0.