Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Equity [Abstract] |
|
| Schedule of Fair Value Assumption of Warrants |
In applying the
Black-Scholes option price model to value the warrants, the Company used the following weighted average assumptions:
| |
|
For the three months ended
September 30,
|
|
|
For the nine months ended
September 30,
|
|
| |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
| Risk free interest rate |
|
|
1.14 |
% |
|
|
1.37 |
% |
|
|
1.16 |
% |
|
|
1.50 |
% |
| Expected term (years) |
|
|
5.00 |
|
|
|
5.00 |
|
|
|
5.00 |
|
|
|
5.00 |
|
| Expected volatility |
|
|
46.0 |
% |
|
|
47.0 |
% |
|
|
46.0 |
% |
|
|
46.8 |
% |
| Expected dividends |
|
|
0.0 |
% |
|
|
0.00 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Forfeiture rate |
|
|
5 |
% |
|
|
5 |
% |
|
|
4 |
% |
|
|
5 |
% |
|
| Schedule of Stockholders' Equity Note, Warrants or Rights |
A summary of warrant activity during
the nine months ended September 30, 2016 is presented below:
| |
|
|
Number of Warrants |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Life in Years |
|
|
Intrinsic Value |
|
| Outstanding, December 31, 2015 |
|
|
|
1,382,186 |
|
|
$ |
2.21 |
|
|
|
|
|
|
|
|
|
| Issued |
|
|
|
373,030 |
|
|
|
2.10 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Cancelled |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Outstanding, September 30, 2016 |
|
|
|
1,755,216 |
|
|
$ |
2.19 |
|
|
|
2.87 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable, September 30, 2016 |
|
|
|
1,755,216 |
|
|
$ |
2.19 |
|
|
|
2.87 |
|
|
$ |
- |
|
|
| Schedule of Share-based Compensation, Equity Instruments Other than Options, by Exercise Price Range |
A summary of outstanding
and exercisable warrants as of September 30, 2016 is presented below:
| Warrants Oustanding |
|
|
Warrants Exercisable |
|
Exercise
Price
|
|
|
Exercisable Info |
|
Outstanding Number of Warrants |
|
|
Weighted Average Remaining Life In Years |
|
|
Exercisable Number of Warrants |
|
| $ |
2.00 |
|
|
Common Stock |
|
|
706,672 |
|
|
|
4.1 |
|
|
|
706,672 |
|
| $ |
2.50 |
|
|
Common Stock |
|
|
75,000 |
|
|
|
4.5 |
|
|
|
75,000 |
|
| $ |
2.30 |
|
|
Preferred Stock |
|
|
973,544 |
|
|
|
1.8 |
|
|
|
973,544 |
|
| |
|
|
|
Total |
|
|
1,755,216 |
|
|
|
|
|
|
|
1,755,216 |
|
|
| Schedule of Fair Value Assumptions of Stock option |
In applying the
Black-Scholes option pricing model, the Company used the following weighted average assumptions:
| |
|
For The Three Months Ended |
|
|
For The Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, 2016 |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Risk free interest rate |
|
|
0.84 |
% |
|
|
N/A |
|
|
|
0.84 |
% |
|
|
1.10 |
% |
| Expected term (years) |
|
|
3.25 |
|
|
|
N/A |
|
|
|
3.25 |
|
|
|
3.59 |
|
| Expected volatility |
|
|
46.1 |
% |
|
|
N/A |
|
|
|
46.1 |
% |
|
|
46.1 |
% |
| Expected dividends |
|
|
0 |
% |
|
|
N/A |
|
|
|
0 |
% |
|
|
0.0 |
% |
| Forfeiture rate |
|
|
5.0 |
% |
|
|
N/A |
|
|
|
5.0 |
% |
|
|
5.0 |
% |
|
| Schedule of Share-based Compensation, Stock Options, Activity |
A summary of options
activity during the nine months ended September 30, 2016 is presented below:
| |
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
| |
|
|
|
|
|
Weighted |
|
|
Average |
|
|
|
|
| |
|
|
|
|
|
Average |
|
|
Remaining |
|
|
|
|
| |
|
|
Number of |
|
|
Exercise |
|
|
Life |
|
|
Intrinsic |
|
| |
|
|
Options |
|
|
Price |
|
|
In Years |
|
|
Value |
|
| Outstanding, December 31, 2015 |
|
|
|
8,939,436 |
|
|
|
2.70 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
|
400,000 |
|
|
|
2.20 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
| Expired |
|
|
|
(1,771,421 |
) |
|
|
3.85 |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
|
(43,750 |
) |
|
|
2.32 |
|
|
|
|
|
|
|
|
|
| Outstanding, September 30, 2016 |
|
|
|
7,524,265 |
|
|
$ |
2.40 |
|
|
|
2.8 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable, September 30, 2016 |
|
|
|
4,797,292 |
|
|
$ |
2.46 |
|
|
|
2.4 |
|
|
$ |
- |
|
|
| Schedule of Share-based Compensation, Shares Outstanding under Stock Option Plans, by Exercise Price Range |
The following table presents information
related to stock options at September 30, 2016:
| Options Outstanding |
|
|
Options Exercisable |
|
| |
|
|
|
|
|
Weighted |
|
|
|
|
| |
|
|
Outstanding |
|
|
Average |
|
|
Exercisable |
|
| Exercise |
|
|
Number of |
|
|
Remaining Life |
|
|
Number of |
|
| Price |
|
|
Options |
|
|
In Years |
|
|
Options |
|
| $ |
2.20 |
|
|
|
2,566,890 |
|
|
|
3.9 |
|
|
|
810,526 |
|
| |
2.48 |
|
|
|
4,847,375 |
|
|
|
2.1 |
|
|
|
3,883,641 |
|
| |
3.30 |
|
|
|
10,000 |
|
|
|
3.7 |
|
|
|
3,125 |
|
| |
3.50 |
|
|
|
25,000 |
|
|
|
1.7 |
|
|
|
25,000 |
|
| |
3.85 |
|
|
|
75,000 |
|
|
|
0.5 |
|
|
|
75,000 |
|
| |
|
|
|
|
7,524,265 |
|
|
|
2.4 |
|
|
|
4,797,292 |
|
|