Stock-Based Compensation and Warrants (Tables)

9 Months Ended

Sep. 30, 2016

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, 2016 and 2015:

	2016			2015
Risk-free interest rate		1.37	%		1.65	%
Expected volatility		109	%		138	%
Expected term in years		6.1			6.1
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, 2016:

			Weighted
			Average
			Exercise
	Options		Price
	(in thousands)
Outstanding at December 31, 2015		5,752	$	1.05
Granted		1,300		2.55
Outstanding at September 30, 2016		7,052		1.33
Exercisable at September 30, 2016		5,420	$	1.00