Quarterly report pursuant to Section 13 or 15(d)

Stock Options (Tables)

Stock Options (Tables)

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Assumptions Used Principally in Determining Fair Value of Options Granted

The assumptions used principally in determining the fair value of options granted were as follows:

		Six Months Ended June 30,
		2016				2015
Risk free interest rate			1.73	%			1.98	%
Expected dividend yield			0	%			0	%
Expected term in years			6.64				8.59
Expected volatility			90.6	%			97.0	%
Estimated forfeiture rate			5	%			0.65	%

Summary of Option Activity

A summary of option activity for the six months ended June 30, 2016 and is presented below:

											Weighted
											Average
											Remaining
							Weighted				Contractual				Average
							Average				Term in				Intrinsic
Options			Shares				Exercise Price				Years				Value
Outstanding at December 31, 2015				3,982,065			$	1.03
Granted				1,625,000				1.80
Exercised				(180,000	)			1.00							$	356,400
Forfeited				(64,444	)			2.22
Outstanding at June 30, 2016				5,362,621			$	1.25				8.23			$	9,367,467
Vested at June 30, 2016				2,216,395			$	0.93				7.28			$	4,578,142