Stock Options and Grants

3 Months Ended

Mar. 31, 2017

8.	Stock Options and Grants

A summary of stock option activity as of March 31, 2017 and changes during the three months then ended are presented below:

	Shares		Weighted Average Fair Value Per Share		Weighted Average Exercise Price Per Share		Weighted Average Remaining Terms (in years)		Aggregate Intrinsic Value

Outstanding - December 31, 2016		295,051	$	1.25	$	3.00		9.86		-
Granted		598,548		0.89		5.39		-		-
Exercised		-		-		-		-		-
Cancelled		-		-		-		-		-
Outstanding – March 31, 2017		893,599	$	1.01	$	4.60		9.80	$	-

Exercisable - December 31, 2016		128,299	$	1.25	$	3.00		9.86	$	-
Exercisable – March 31, 2017		227,813	$	1.26	$	3.00		9.67	$	-

For the three months ended March 31, 2017 and 2016, the Company recognized stock-based compensation expense of $154,383 and $46,898, respectively, which is included in payroll and related expenses in the accompanying condensed consolidated statements of operations.

As of March 31, 2017, there was $555,600 of total unrecognized compensation costs related to non-vested stock options, which will be expensed over a weighted average period of 1.41 years. The intrinsic value is calculated as the difference between the fair value of the stock price at year end and the exercise price of each of the outstanding stock options. The fair value of the stock price at March 31, 2017 was $3.00 per share.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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