Stock Incentive Plans

9 Months Ended

Sep. 30, 2017

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

Stock Incentive Plans

Note 6 — Stock Incentive Plans

Stock Options

Stock option activity was as follows:

	Options Outstanding
	Shares			Weighted Average Exercise Price
Outstanding, December 31, 2016		168,811		$	36.80
Options granted		64,600			1.70
Options expired		(11	)		5,264.00
Outstanding, September 30, 2017		233,400			26.85
Exercisable, September 30, 2017		193,100		$	32.10

The following table summarizes additional information on Marina’s stock options outstanding at September 30, 2017:

		Options Outstanding						Options Exercisable
Range of Exercise Prices		Number Outstanding		Weighted- Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$	0.10		14,000		4.30	$	1.00		14,000	$	1.00
$	0.17 - .018		64,600		4.13		1.72		24,300		1.70
$	0.26 - 0.82		48,400		2.73		4.62		48,400		4.62
$	1.07 - $2.20		102,150		5.74		10.73		102,150		10.73
$	47.60 - $87.60		2,100		.69		676.00		2,100		676.00
$	127.60 - $207.60		2,150		.69		1,582.98		2,150		1,582.98
	Totals		233,400		4.53	$	26.85		193,100	$	32.10

Weighted-Average Exercisable Remaining Contractual Life (Years) 4.53

In January 2017, the Company granted a total of 48,600 stock options to directors and officers for services. One-half of the options vest immediately and one-half of the options vest on the one-year anniversary of the grant date. The options have an exercise price of $1.70 and a five-year term.

In February 2017, the Company granted a total of 16,000 stock options to key employees for services. The options vest on the one-year anniversary of the grant date, have an exercise price of $1.80, and have a five-year term.

Subsequent to the date of the financial statements, in October 2017, we appointed our Chief Financial Officer and our Chief Legal Officer. In connection with these appointments, we granted to each such officer options to purchase up to 60,000 shares of our common stock under our 2014 Long-Term Incentive Plan, with all of such options vesting and becoming exercisable on the one-year anniversary of the grant date.

At September 30, 2017, we had $36,573 of total unrecognized compensation expense related to unvested stock options. Total expense related to stock options was $59,568 for the nine months ended September 30, 2017.

At September 30, 2017, the intrinsic value of options outstanding or exercisable was $201,100 as there were 101,800 options outstanding with an exercise price less than $2.80, the per share closing market price of our common stock at that date.