Share Based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

Share Based Compensation Tables

Schedule of Stock Based Compensation

All stock-based compensation is included in operating expenses for the periods as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Compensation cost recognized:
Selling, general & administrative	$	360,884	$	158,437	$	638,357	$	245,515
Research & Development		8,780		20,446		29,337		21,893
	$	369,664	$	178,883	$	667,694	$	267,408

Schedule of Fair Value of Share Based Payment

The fair value of share-based payment units was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values as follows:

	Six Months Ended
	June 30, 2016
Valuation assumptions:
Stock price		$1.01 – $1.93
Exercise price		$1.01 – $1.93
Expected dividend yield		0	%
Expected volatility		96.77% – 97.23	%
Expected life (in years)		5
Risk-free interest rate		1.21% – 1.35	%

Schedule of Stock Option Activity

Stock option activity under the 1998, 1999, 2001, 2003, 2006 and 2015 Stock Option Plans (collectively, the “Plans”) during the periods indicated below were as follows:

	Number of Shares Subject to Issuance			Weighted- average Exercise Price		Weighted- average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2015		1,901,298		$	1.46		4.51 years	$	-
Granted		228,543			1.21
Forfeited or expired		(75,294	)		3.25
Exercised		-			-		-		-
Outstanding at June 30, 2016		2,054,547		$	1.37		3.29 years	$	419,130
Exercisable at June 30, 2016		944,392		$	1.38		2.34 years	$	189,453

Schedule of Restricted Stock Units Outstanding

The compensation expense incurred by the Company for RSUs is based on the closing market price of the Company’s common stock on the date of grant and is amortized ratably on a straight-line basis over the requisite service period and charged to general and administrative expense with a corresponding increase to additional paid-in capital.

	Number of Shares			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Outstanding at December 31, 2015		67,077		$	1.56	$	-
Granted		63,883			1.68		-
Vested and Settled in Shares		(77,943	)		1.58		-
Outstanding at June 30, 2016		53,017		$	1.67	$	764