Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE STOCK OPTIONS (Tables)

v3.7.0.1
EMPLOYEE STOCK OPTIONS (Tables)
3 Months Ended
Mar. 31, 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 three months ended March 31, 2016:
 
 
 
2016
 
Weighted-average volatility
 
 
100
%
Expected dividends
 
 
0
 
Expected term (in years)
 
 
6.5
 
Risk-free interest rate
 
 
1.51
%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the stock option activity as of March 31, 2017, and changes during the three 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
 
 
(4,100)
 
 
2.00
 
 
 
 
 
 
 
Outstanding, March 31, 2017
 
 
3,358,250
 
$
5.90
 
 
6.7 Years
 
$
17,125,840
 
Exercisable, March 31, 2017
 
 
2,029,350
 
$
4.11
 
 
5.6 Years