Quarterly report pursuant to Section 13 or 15(d)

Stock Options (Tables)

Stock Options (Tables)

9 Months Ended

Sep. 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:

		Nine Months Ended September 30,
		2016				2015
Risk free interest rate			1.65	%			1.70	%
Expected dividend yield			0	%			0	%
Expected term in years			6.74				7.23
Expected volatility			93.1	%			92.7	%
Estimated forfeiture rate			5	%			3	%

Summary of Option Activity

A summary of option activity for the nine months ended September 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				2,265,000				3.07
Exercised				(259,386	)			1.39							$	610,608
Forfeited				(55,000	)			2.29
Outstanding at September 30, 2016				5,932,679			$	1.78				8.20			$	29,898,632
Vested at September 30, 2016				2,465,024			$	0.99				7.20			$	14,305,415