Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE STOCK OPTIONS (Tables)

v3.8.0.1
EMPLOYEE STOCK OPTIONS (Tables)
 9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]
The following are the assumptions used to determine the fair value of options granted during the nine months ended September 30, 2016:
 
 
 
2016
Weighted-average volatility
 
 
100 - 99%
Expected dividends
 
 
0
Expected term (in years)
 
 
6.5
Risk-free interest rate
 
 
1.51 -1.25%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the stock option activity as of September 30, 2017, and changes during the nine months then ended is as follows:
 
 
 
 
 
 
 
 
 
Weighted-
 
 
 
 
 
 
 
 
 
Weighted-
 
Average
 
 
 
 
 
 
 
 
 
Average
 
Remaining
 
Aggregate
 
 
 
 
 
 
Exercise
 
Contractual
 
Intrinsic
 
 
 
Shares
 
Price
 
Term
 
Value
 
Outstanding, December 31, 2016
 
 
3,362,350
 
$
5.90
 
 
 
 
 
 
 
Exercised
 
 
(66,400)
 
$
2.25
 
 
 
 
 
 
 
Forfeited
 
 
(11,450)
 
$
10.12
 
 
 
 
 
 
 
Outstanding, September 30, 2017
 
 
3,284,500
 
$
5.96
 
 
6.2 Years
 
$
28,023,555
 
Exercisable, September 30, 2017
 
 
1,990,800
 
$
4.20
 
 
5.1 Years