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12. STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 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 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 March 31, 2018, the number of shares of the Company’s common stock available for issuance under the Plan is 6,714,989.

 

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 three months ended March 31, 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 March 31, 2018.

 

    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, 2018       808,500     $ 1.61       $1.44 - $4.80  
Granted and vested during the period
ended March 31, 2018		       —       —       —  
Expired during the
period ended March 31, 2018		       —       —       —  
Balance, March 31, 2018       808,500     $ 1.61       $1.44 - $4.80  

 

Stock and Warrants Options Exercisable and Outstanding
                      Weighted Average  
                      Remaining  
      Outstanding at March 31, 2018      

Range of

Exercise Prices

      

Contractual Life

 (Years)

  
Exercisable and outstanding     808,500       $1.44 - $4.80       2.86  

 

The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2018 was $0.