Stock-Based Compensation and Warrants (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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

The Company utilized the Black-Scholes valuation model for estimating the fair value of the stock options granted, with the following weighted-average assumptions for options granted in the nine months ended September 30, 2015 and 2014:

 

	2015			2014
Risk-free interest rate		1.65	%		2.03	%
Expected volatility		138	%		165	%
Expected term in years		6.1			6.8
Dividend yield		-	%		-	%

Schedule of Share-based Compensation, Stock Options, Activity

The following summary represents option activity under the Company’s stock-based compensation plan for the nine months ended September 30, 2015:

			Weighted-
			Average
			Exercise
	Options		Price
Outstanding at December 31, 2014		5,427,778	$	1.03
Granted		349,000		1.46
Forfeited		(18,750)		2.71
Outstanding at September 30, 2015		5,758,028		1.05
Exercisable at September 30, 2015		4,997,361	$	1.00