Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plan (Tables)

v3.7.0.1
Equity Incentive Plan (Tables)
 3 Months Ended
Mar. 31, 2017
Share Based Compensation Option And Incentive Plan [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following is a summary of stock option activity for the three months ended March 31, 2017 and 2016:
 
 
 
 
 
 
 
Weighted-Average
 
 
 
Number of
 
Weighted- Average
 
Contractual Life
 
 
 
Options
 
Exercise Price
 
(In Years)
 
Outstanding at December 31, 2016
 
 
1,509,711
 
$
2.85
 
 
5.04
 
Granted
 
 
51,450
 
 
1.71
 
 
9.85
 
Exercised
 
 
(1,083)
 
 
1.70
 
 
 
 
Expired
 
 
(70,144)
 
 
2.16
 
 
 
 
Outstanding at March 31, 2017
 
 
1,489,934
 
$
2.87
 
 
5.27
 
Exercisable at March 31, 2017
 
 
1,051,719
 
$
2.75
 
 
4.49
 
Vested and Expected to Vest at March 31, 2017
 
 
1,051,719
 
$
2.75
 
 
4.49
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
 
For the quarters ended March 31, 2017 and 2016, the fair value of each option grant has been estimated on the date of grant using the Black-Scholes Option Pricing Model with the following weighted-average assumptions:
 
 
 
2017
 
2016
 
 
 
 
 
 
 
Risk-Free Interest Rate
 
1.82%
 
1.82%
 
Expected Life
 
9.20 years
 
7.00 years
 
Expected Volatility
 
174%
 
65%
 
Expected Dividend Yield
 
0%
 
0%
 
Employee and Non Employee Service Share Based Compensation Allocation off Recognized Period Costs [Table Text Block]
The total stock-based compensation expense for employees and non-employees is included in the accompanying Condensed Consolidated Statements of Operations and as follows: 
 
 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2017
 
2016
 
Research and Development
 
$
164,932
 
$
18,459
 
General and Administrative
 
 
111,969
 
 
94,901
 
 
 
$
276,901
 
$
113,360