Quarterly report pursuant to Section 13 or 15(d)

EMPLOYEE STOCK OPTIONS (Tables)

v3.3.0.814
EMPLOYEE STOCK OPTIONS (Tables)
 9 Months Ended
Sep. 30, 2015
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, 2015 and 2014:
 
 
 
2015
 
2014
 
Weighted-average volatility
 
 
103
%
 
114
%
Expected dividends
 
 
0
 
 
0
 
Expected term (in years)
 
 
6.5
 
 
6.5
 
Risk-free interest rate
 
 
1.32
%
 
1.58
%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the stock option activity as of September 30, 2015, 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, 2014
 
 
2,684,500
 
$
4.67
 
 
 
 
 
 
Granted
 
 
3,750
 
$
10.89
 
 
 
 
 
 
Exercised
 
 
(65,000)
 
 
3.42
 
 
 
 
 
 
Outstanding, September 30, 2015
 
 
2,623,250
 
$
4.71
 
7.3 Years
 
$
13,816,590
 
Exercisable, September 30, 2015
 
 
974,000
 
$
3.70
 
6.8 Years