Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plan (Tables)

v3.7.0.1
Equity Incentive Plan (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2017 and 2016: 
 
 
 
Number of 
Options
 
Weighted- Average
Exercise Price
 
Weighted-Average
Contractual Life 
(In Years)
 
Outstanding at December 31, 2016
 
 
1,509,711
 
$
2.85
 
 
5.04
 
Granted
 
 
465,950
 
 
1.45
 
 
9.89
 
Exercised
 
 
(61,078)
 
 
0.67
 
 
 
 
Expired
 
 
(72,328)
 
 
2.19
 
 
 
 
Outstanding at June 30, 2017
 
 
1,842,255
 
$
2.62
 
 
5.77
 
Exercisable at June 30, 2017
 
 
1,098,113
 
$
2.76
 
 
4.37
 
Vested and Expected to Vest at June 30, 2017
 
 
1,098,113
 
$
2.76
 
 
4.37
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2015
 
 
1,277,367
 
$
2.75
 
 
4.94
 
Granted
 
 
252,256
 
 
2.96
 
 
9.70
 
Exercised
 
 
(86,765)
 
 
0.65
 
 
 
 
Forfeited
 
 
(12,362)
 
 
3.93
 
 
 
 
Outstanding at June 30, 2016
 
 
1,430,496
 
$
2.95
 
 
5.23
 
Exercisable at June 30, 2016
 
 
909,868
 
$
2.84
 
 
4.38
 
Vested and Expected to Vest at June 30, 2016
 
 
909,868
 
$
2.84
 
 
4.38
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
For the six months ended June 30, 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
 
7.29 years
 
7.00 years
 
Expected Volatility
 
172%
 
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:  
 
 
 
Six Months Ended
June 30,
 
 
 
2017
 
2016
 
Research and Development
 
$
107,994
 
$
18,600
 
General and Administrative
 
 
404,147
 
 
218,804
 
 
 
$
512,141
 
$
237,404