Post-effective amendment to a registration statement that is not immediately effective upon filing

Stockholders' Equity (Tables)

v3.7.0.1
Stockholders' Equity (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Stockholders' deficit:    
Schedule of equity compensation plans

Stock option activity under all of the Company’s equity compensation plans during the three months ended March 31, 2017 is summarized below:

 

      Shares     Weighted -
Average Exercise
Price
 
Outstanding at December 31, 2016       337,441     $ 42.07  
Granted       2,000       2.55  
Forfeited       (23,875 )     45.53  
Outstanding at March 31, 2017       315,566     $ 42.33  

Activity with respect to stock options issued by the Company is summarized as follows:

 

    Options Outstanding     Options Exercisable    

Range of

 

Exercise Prices 

    Weighted-average Exercise price per share    

Intrinsic 

Value (1)

 

Outstanding at January 1, 2015     258,583             $ 32.00       -     $ 385.60     $ 54.38     $               4,800
Exercisable at January 1, 2015             140,687     $ 40.00             $ 385.60     $ 62.27     600
Activity during the year ended December 31, 2015                                                     
Granted     61,912             $ 29.60       -     $ 42.40     $ 32.80      
Exercised     -               -       -       -       -      
Cancelled or forfeited     (22,212 )           $ 32.00       -       128.00     $ 59.20      
Outstanding at December 31, 2015     298,283             $ 29.60             $ 385.60     $ 48.73     -
Exercisable at December 31, 2015             179,216     $ 29.60             $ 385.60     $ 56.40     -
Activity during the year ended December 31, 2016                                                    
Granted     53,750             $ 5.00             $ 12.40     $ 6.40      
Exercised     -                                              
Cancelled or forfeited     (14,592 )           $ 5.00             $ 385.60     $ 12.67      
Outstanding at December 31, 2016     337,441             $ 5.00             $ 385.60     $ 42.07     -
Exercisable at December 31, 2016             245,989     $ 5.00             $ 385.60     $ 38.71     -

 

  (1) Intrinsic value is calculated as the estimated fair value of the Company’s stock at the end of the related period less the option exercise price of in-the-money options.
Schedule of stock options (contractual life expressed in years)  

The following table summarizes information about stock options at December 31, 2016 (contractual life expressed in years):

 

    Options Outstanding     Options Exercisable  
Range of Exercise Prices   Number
Outstanding
    Weighted -
Average
Remaining Contractual
Life
   

Weighted -
Average
Exercise

 

Price

 

    Number
Exercisable
    Weighted -
Average
Remaining Contractual
Life
   

Weighted -
Average
Exercise

 

Price

 

 
$5.00 - $45.20     247,469       7.67     $ 32.48       156,351       6.91     $ 38.71  
$46.40 - $83.60     88,892       5.16     $ 68.09       88,558       5.15     $ 68.16  
$128.00 - $385.60     1,080       1.61     $ 322.73       1,080       1.61     $ 322.73  
      337,441       7.67     $ 42.07       245,989       6.26       38.71  
Schedule of company's nonvested stock options during the years  

Company’s nonvested stock options during the years ended December 31, 2016 and 2015 is presented below:

 

Nonvested Stock Options   Shares     Weighted -
Average Grant
Date Fair Value
 
Nonvested January 1, 2015     117,895     $ 20.80  
Activity during the year ended December 31, 2015                
Granted     61,912     $ 18.77  
Forfeited     (2,562 )   $ 23.76  
Vested     (58,178 )   $ 21.13  
Nonvested December 31, 2015     119,067     $ 18.77  
Activity during the year ended December 31, 2016                
Granted     53,750     $ 3.01  
Forfeited     (6,918 )   $ 28.66  
Vested     (74,447 )   $ 18.16  
Nonvested December 31, 2016     91,452     $ 10.53  
Schedule of share-based compensation expense

The Company records share-based compensation expense on a straight-line basis over the related vesting period. For the three months ended March 31, 2017 and 2016, share-based compensation expense related to options was:

 

Three Months Ended March 31,
2017   2016  
$ 206,896   $ 260,149

For the years ended December 31, 2016 and 2015, share-based compensation expense related to options was:

 

           
Year Ended December 31,  
2016   2015  
$ 959,585   $ 1,682,063  
Schedule of assumptions used in calculating the fair value under the Black-Scholes option-pricing model

The estimated grant date fair values of options granted during the three months ended March 31, 2017 were calculated using the Black-Scholes valuation model, based on the following assumptions:

 

Dividend yield     0%  
Expected volatility     51.79%  
Risk free interest rates     2.11%  
Expected lives (in years)     6.0  

The assumptions used in calculating the fair value under the Black-Scholes option-pricing model are as follows:

 

    Years Ended December 31,  
    2016     2015  
Dividend yield     0%       0%  
Expected Volatility     47.47% to 50.69%       46.67% to 47.93%  
Risk free Interest rates     1.23% to 1.39%       1.48% to 1.80%  
Expected lives (in years)     6.0       6.0  
Schedule of common stock warrant activity

Warrants have generally been issued for terms of up to five years. Common stock warrant activity for the three months ended March 31, 2017 was as follows:

 

      Shares     Weighted -
Average Exercise
Price
 
Outstanding at December 31, 2016       1,991,293     $ 13.00  
Issued       -       -  
Exercised       -       -  
Terminated       (57,720 )     38.43  
Outstanding at March 31, 2017       1,933,573     $ 12.71  

Warrants have generally been issued in connection with financing transactions and for terms of up to five years. Common stock warrant activity for the years ended December 31, 2016 and 2015 is as follows:

 

      Shares     Weighted -
Average
Exercise Price
 
Outstanding at January 1, 2015       518,978     $ 32.13  
Activity during the year ended December 31, 2015                  
Issued       327,060     $ 18.12  
Terminated       (781 )   $ 320.00  
Outstanding at December 31, 2015       845,257     $ 25.67 (1)
Activity during the year ended December 31, 2016                  
Issued       1,208,845     $ 6.23  
Exercised       (15,625 )   $ 5.00  
Terminated       (47,184 )   $ 14.77  
Outstanding at December 31, 2016       1,991,293     $ 13.00 (2)

 

  (1) The weighted-average exercise price reflects exercise price adjustments triggered by the 2015 PIPE.
 

(2)

 

The weighted-average exercise price reflects exercise price adjustments triggered by the 2016 Purchase Agreement and the 2016 PIPE.
Schedule of information regarding outstanding warrants  

Information regarding outstanding warrants at December 31, 2016 is as follows (contractual life expressed in years):

 

Exercise

 

Price

 

    Number Outstanding     Weighted -
Average
Remaining
Contractual Life
   

Intrinsic

 

Value (1)

 

 
$ 1.83       1,540       3.96     $ 1,648  
  5.00       28,750       1.07       -  
  5.50       1,129,330       4.67       -  
  12.80       70,627       1.07       -  
  16.23       242,021       3.96       -  
  21.10       152,084       3.96       -  
  24.00       11,471       0.15       -  
  30.00       45,999       0.13       -  
  34.32       185,779       2.98       -  
  36.00       68,155       0.50       -  
  38.80       8,583       0.50       -  
  40.00       34,875       0.35       -  
  70.00       12,079       2.23       -  
          1,991,293       3.81     $ 1,648  

 

  (1) Intrinsic value is calculated as the estimated fair value of the Company’s stock at December 31, 2016 less the warrant exercise price of in-the-money warrants.