Annual report pursuant to Section 13 and 15(d)

Stock Options (Tables)

v3.7.0.1
Stock Options (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Assumptions Used Principally in Determining Fair Value of Options Granted

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

 

    2016     2015  
Risk free interest rate     1.70 %     1.85 %
Expected dividend yield     0 %     0 %
Expected term in years     6.66       6.73  
Expected volatility     90.39 %     90.68 %
Estimated forfeiture rate     5.00 %     4.83 %

Summary of Option Activity

A summary of option activity for years ended December 31, 2016 and 2015 is presented below:

 

Options   Shares     Weighted 
Average 
Exercise 
Price 		    Weighted 
Average 
Remaining 
Contractual 
Term in 
Years 		    Intrinsic 
Value 		 
Outstanding at December 31, 2014     3,556,691     $ 0.83                  
Granted     600,002     $ 2.10                  
Exercised     (51,128 )   $ 0.11                  
Forfeited     (123,500 )     1.00                  
Outstanding at December 31, 2015     3,982,065     $ 1.03                  
Granted     3,020,000     $ 4.42                  
Exercised     (326,886 )   $ 1.43                  
Forfeited     (65,000 )   $ 2.44                  
Outstanding at December 31, 2016     6,610,179     $ 2.54       8.22     $ 39,192,254  
Vested at December 31, 2016     2,782,551     $ 1.10       7.21     $ 20,439,089