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Stock Award Programs (Details 1) - $ / shares
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of Shares, Granted 980,851 [1] 300,000 [2]
Number of Shares, Cancelled 0 150,000 [2]
Number of Shares, Exercised 84,062,446  
Employee Stock Option [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of Shares, outstanding and exercisable, Options outstanding, Beginning Balance 4,173,334 2,090,668
Number of Shares, Granted 0 [3] 850,000 [4]
Number of Shares, Cancelled [5] 60,000 1,023,334
Number of Shares, Exercised [6] 50,000 30,000
Number of Shares, outstanding and exercisable, Options outstanding, Ending Balance 4,063,334 1,887,334
Number of Shares, Options vested and expected to vest, Ending Balance 3,481,526 1,763,594
Number of Shares, Options outstanding and exercisable, Ending Balance 1,428,330 887,334
Weighted Average Exercise Price per Share, outstanding and exercisable, Options outstanding, Beginning Balance $ 0.60 $ 0.86
Weighted Average Exercise Price per Share, Granted 0 0.71
Weighted Average Exercise Price per Share, Cancelled 1.48 0.91
Weighted Average Exercise Price per Share, Exercised 0.44 0.57
Weighted Average Exercise Price per Share, outstanding and exercisable, Options outstanding, Ending Balance 0.00 0.76
Number of Shares, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price, Ending Balance 0.58 0.77
Weighted Average Exercise Price per Share, Options outstanding and exercisable, Ending Balance $ 0.58 $ 0.75
[1] During the six month period ended June 30, 2018, the Company granted 980,851 RSAs, of which i) 300,000 of RSAs were awarded as part of additional compensation plan to align key employees with the Company’s long term financial goals, and ii) 680,851 were awarded to members of the Company’s board of directors as part of their annual board retainer fee.
[2] During the six month period ended June 30, 2017, the Company granted 300,000 RSAs to its former Chief Executive Officer that had a grant date fair value of approximately $246,000. The vesting of these RSAs were tied to attainment of certain financial goals as outlined by the Company’s Compensation Committee of the Board of Directors. On June 30, 2017, in connection with resignation of our former Chief Executive Officer, the Board of Directors accelerated vesting of 150,000 RSAs and cancelled the remaining unvested RSAs.
[3] During the six month period ended June 30, 2018, there were no grants or vesting of non-qualified stock options.
[4] During the six month period ended and 2017, there were NQSO grants of 850,000, as further described below: Director Grants. During the six month period ended June 30, 2017, the Board of Directors granted each of the five (5) existing non-employee directors as of June 23, 2017, a grant of 50,000 non-qualified stock options that were valued the award using a Black-Scholes Option Pricing model that assumed a 6-month vesting period, 7-year option term, a risk free rate of 2.0%, volatility of 69.6%, no assumed dividend yield, and a forfeiture rate estimate of 4.2%. Non-Director Grants. During the six month period ended June 30, 2017, the Company granted 600,000 non-qualified stock options to its former Chief Executive Officer and valued the award using a Black-Scholes Option Pricing model that assumed a 3-year vesting period, 7-year option term, a risk free rate of 2.1%, volatility of 68.2%, no assumed dividend yield, and a forfeiture rate estimate of 4.6%.
[5] During the six month period ended June 30, 2018, there were 60,000 non-qualified stock options that expired unexercised at the end of the option term. During the six month period ended June 30, 2017, there were 600,000 non-qualified stock options that were unvested and cancelled due to the resignation of the Company’s former Chief Executive Officer on June 30, 2017.
[6] The total intrinsic value of stock options exercised during the six months ended June 30, 2018 and 2017 was approximately $5,500 and $9,000, respectively.