| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The following weighted average assumptions were used for the Black-Scholes option pricing model to calculate the $1.28 million of fair value for the 2,405,625 warrants at September 30, 2018. | | | Risk-free rate | 2.59% | Expected life | 0.5 years | Expected volatility | 36.86% | Expected dividend yield | 0.00% |
| | * | Expected volatility is measured based on the Company’s historical share price volatility over the expected life of the warrants. |
The fair value of the options granted under the Compensation Plan for the nine months ended September 30, 2018 was estimated at the date of grant, using the Black-Scholes Option Valuation Model, with the following weighted-average assumptions: | | | | Risk-free interest rate | 2.840 | | Expected life | 5.0 years | | Expected volatility | 59.0 | * | Expected dividend yield | 0.00% | | Weighted-average expected life of option | 5.00 | | Weighted-average grant date fair value | $0.96 | |
| | * | Expected volatility is measured based on the Company’s historical share price volatility over a period equivalent to the expected life of the options. |
|
| Schedule of Share-based Compensation, Stock Options, Activity |
A summary of the status and activity of non-vested stock options for the nine months ended September 30, 2018 is as follows: | | | | | | | | | Number of shares | | Weighted Average Grant- Date Fair Value | Non-vested December 31, 2017 | 365,180 |
| | $ | 1.20 |
| Granted | 422,956 |
| | 0.91 |
| Vested | (438,662 | ) | | 1.07 |
| Forfeited | (20,830 | ) | | 0.64 |
| Non-vested September 30, 2018 | 328,644 |
| | $ | 1.04 |
|
The summary of the Company’s stock options at September 30, 2018 and December 31, 2017, and the changes for the fiscal periods ending on those dates is presented below: | | | | | | | | | | | Range of Exercise Prices
$ | | Weighted Average
Exercise Price
$ | | Number of
Options | Balance, December 31, 2016 | 2.12 - 15.61 |
| | 5.69 |
| | 2,045,143 |
| Granted | 1.77 - 2.35 |
| | 2.34 |
| | 738,893 |
| Exercised | — |
| | — |
| | — |
| Forfeited | 2.12 - 11.94 |
| | 2.93 |
| | (316,289 | ) | Expired | 4.48 - 12.55 |
| | 8.42 |
| | (438,900 | ) | Balance, December 31, 2017 | 1.77 - 15.61 |
| | 4.48 |
| | 2,028,847 |
| Granted | 1.70 |
| | 1.70 |
| | 422,956 |
| Exercised | 1.70 - 2.55 |
| | 2.13 |
| | (280,235 | ) | Forfeited | 2.12 - 6.99 |
| | 5.09 |
| | (130,536 | ) | Expired | 6.18 - 10.36 |
| | 8.37 |
| | (170,564 | ) | Balance, September 30, 2018 | 1.70 - 15.61 |
| | 3.76 |
| | 1,870,468 |
|
|
| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
A summary of the status and activity of non-vested RSUs at September 30, 2018 is as follows: | | | | | | | | | RSU | | Number of shares | | Weighted Average Grant- Date Fair Value | Non-vested December 31, 2017 | 1,909,477 |
| | $ | 2.17 |
| Granted | 1,191,132 |
| | 1.70 |
| Vested | (1,486,126 | ) | | 2.24 |
| Forfeited | (34,296 | ) | | 2.00 |
| Non-vested September 30, 2018 | 1,580,187 |
| | $ | 1.99 |
|
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