Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE STOCK OPTIONS (Tables)

v3.5.0.2
EMPLOYEE STOCK OPTIONS (Tables)
 9 Months Ended
Sep. 30, 2016
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 and 2015:
 
 
 
2016
 
2015
 
Weighted-average volatility
 
 
100 - 99
%
 
103
%
Expected dividends
 
 
0
 
 
0
 
Expected term (in years)
 
 
6.5
 
 
6.5
 
Risk-free interest rate
 
 
1.51 - 1.25
%
 
1.32
%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the stock option activity as of September 30, 2016, 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, 2015
 
 
2,881,150
 
$
5.07
 
 
 
 
 
 
Granted
 
 
15,000
 
 
6.42
 
 
 
 
 
 
Exercised
 
 
(25,150)
 
 
4.49
 
 
 
 
 
 
Forfeited
 
 
(90,400)
 
 
9.71
 
 
 
 
 
 
Outstanding, September 30, 2016
 
 
2,780,600
 
$
4.67
 
6.5 Years
 
$
17,532,933
 
Exercisable, September 30, 2016
 
 
1,487,850
 
$
3.95
 
6.0 Years