Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.6.0.2
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2016
Stockholders Equity Tables  
Schedule of Aspire Option Agreement

Closing price per share of common stock   $ 3.34  
Average risk-free interest rate     0.83 %
Average expected life- years     3.38  
Expected volatility     92.61 %
Expected dividends     0 %

Schedule of Future Amortization of Deferred Financing Costs

2017   $ 0.5  
2018   $ 0.5  
2019   $ 0.5  

Schedule of Warrants Outstanding

    December 31,     December 31,  
    2016     2015  
                 
Issued to Investors on July 28, 2010, entitling the holders to purchase 207,000 common shares in the Company at an exercise price of $45.00 per common share up to and including July 27, 2017. These warrants were reported in the liability section of our balance sheet in 2015, but at December 31, 2016, the fair market value of these warrants was not significant.     207,000       207,000  
                 
Issued to Investors on October 25, 2013, entitling the holders to purchase 250,000 common shares in the Company at an exercise price of $11.50 per common share up to and including April 24, 2021. These warrants were reported in the liability section of our balance sheet in 2015. In 2016, 59,450 of these warrants were exchanged for common stock, and all remaining warrant holders agreed to new warrant terms in exchange for a reduced exercise price of $6.25 per share. There warrants are reported in the equity section of our balance sheet as of December 31, 2016.     163,986       223,436  
                 
Issued to Investors on November 17, 2014, entitling the holders to purchase 546,919 common shares in the Company at an exercise price of $11.55 per common share up to and including May 16, 2022. On June 30, 2016, the warrant holders agreed to new warrant terms in exchange for a reduced exercise price of $6.25 per share. These warrants are reported in the equity section of our balance sheet on December 31, 2016 and in the liability section of our balance sheet on December 31, 2015.     546,919       546,919  
                 
Issued to an Investor on June 28, 2016, entitling the holders to purchase 295,267 common shares in the Company at an exercise price of $0.05 per common share (pre-funded) up to and including June 27, 2021. These warrants are reported in the equity section of our balance sheet.     295,267       --  
                 
Issued to an investor on August 10, 2016, entitling the holders to purchase 500,000 common shares in the Company at an exercise price of price of $0.01 per share, up to and including December 31, 2019. These warrants are reported in the equity section of our balance sheet.     500,000       --  
                 
      1,713,172       977,355  

Schedule of Share-based Compensation, Stock Options, Activity

Stock option transactions to the employees, directors and consultants are summarized as follows for the years ended December 31, 2016:

 

 
 
 
 
 
 
 
 
 
 
Options
Outstanding
 
 
 
 
 
 
 
 
Weighted
Average
Exercise
Price
 
 
 
 
 
 
 
 
Weighted
Average
Grant Date
Fair Value
 
 
 
 
Beginning of the period     1,047,450     $ 18.50     $ 20.30  
Granted     1,210,467       3.02       1.71  
Exercised     -       -       -  
Forfeited     -       -       -  
Expired     (85,336 )     99.37       97.81  
End of the period     2,172,581     $ 6.70     $ 4.83  
                         
Options exercisable     1,722,105     $ 7.03     $ 5.15  

 

 

Stock option transactions to the employees, directors and consultants are summarized as follows for the year ended December 31, 2015:

 

 
 
 
 
 
 
 
 
 
 
Options
Outstanding
 
 
 
 
 
 
 
 
Weighted
Average
Exercise
Price
 
 
 
 
 
 
 
 
Weighted
Average
Grant Date
Fair Value
 
 
 
 
Beginning of the year     405,344     $ 45.95     $ 53.05  
Granted     698,323       5.40       3.70  
Exercised     -       -       -  
Forfeited     (22,883 )     33.15       30.30  
Expired     (33,334 )     67.50       64.20  
End of the year     1,047,450     $ 18.50     $ 20.30  
                         
Options exercisable     688,452     $ 24.75     $ 8.40  

 

Schedule of Non-Vested Shares, Activity

 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
 
 
 
 
 
 
Weighted-
Average Fair
Value
Grant Date
 
 
 
 
 
 
 
 
 
Weighted
Average
Exercise Price
 
 
 
 
Non-vested Shares                  
Non-vested at January 1, 2015     92,467     $ 8.55     $ 12.75  
Granted     698,323       3.70       5.40  
Vested     (431,789 )     4.00       5.90  
Forfeited     -       -       -  
Non-vested - December 31, 2015     359,001     $ 4.55     $ 6.70  
                         
Granted     1,210,467     $ 1.71     $ 3.02  
Vested     (1,118,992 )     1.81       3.19  
Forfeited     -       -       -  
Non-vested – December 31, 2016     450,476     $ 3.60     $ 5.40  

Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following table provides certain information with respect to the above-referenced stock options that are outstanding and exercisable at December 31, 2016:

 

    Stock Options Outstanding     Stock Options Vested  
    Weighted                 Weighted              
    Average                 Average              
    Remaining           Weighted     Remaining           Weighted  
    Contractual     Number     Average     Contractual     Number     Average  
    Life     of     Exercise     Life     of     Exercise  
Exercise Prices   -Years     Awards     Price     -Years     Awards     Price  
                                         
$1.14-$4.00     9.85       678,769     $ 1.55       9.85       678,769     $ 1.55  
$4.01-$6.00     8.86       816,794     $ 4.60       8.83       477,302     $ 4.60  
$6.01-$20.00     6.12       505,694     $ 7.47       5.91       394,710     $ 7.36  
$20.01-$45.00     2.24       144,683     $ 31.47       2.24       144,683     $ 31.47  
$45.01-$72.00     0.94       26,641     $ 53.03       0.94       26,641     $ 53.03  
Total     7.99       2,172,581     $ 6.70       7.89       1,722,105     $ 7.03  

 

The following table provides certain information with respect to the above-referenced stock options that are outstanding and exercisable at December 31, 2015:

 

    Stock Options Outstanding     Stock Options Vested  
    Weighted                 Weighted              
    Average                 Average              
    Remaining           Weighted     Remaining           Weighted  
    Contractual     Number     Average     Contractual     Number     Average  
    Life     of     Exercise     Life     of     Exercise  
Exercise Prices   -Years     Awards     Price     -Years     Awards     Price  
                                     
$4.15-$6.30     9.60       698,323     $ 5.38       9.58       393,145     $ 5.30  
$12.75-$25.00     3.26       129,141     $ 15.52       3.20       75,321     $ 17.50  
$25.05-$64.50     3.04       133,648     $ 37.93       3.04       133,648     $ 37.95  
$67.50-$94.50     0.63       38,338     $ 73.77       0.63       38,338     $ 73.75  
$96.00-$119.25     0.12       48,000     $ 119.25       0.12       48,000     $ 119.25  
Total     7.21       1,047,450     $ 18.50       6.46       688,452     $ 24.75  

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

    Year ended     Year ended  
    December 31,     December 31,  
    2016     2015  
             
Average risk-free interest rate     1.57 %     1.64 %
Average expected life- years     5.05       5.38  
Expected volatility     87.74 %     86.66 %
Expected dividends   $ 0.0     $ 0.0