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Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

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

The following is a summary of stock option activity for the nine month period ended September 30, 2016, and the status of stock options outstanding at September 30, 2016:

	Nine Month Period Ended
	September 30, 2016
			Wtd. Avg.
			Exercise
	Options		Price
Outstanding at beginning of year		2,555,263	$	1.80
Granted		734,000	$	1.81
Exercised		(103,308)	$	1.22
Forfeited		(446,209)	$	2.14
Expired		(172,418)	$	1.33
Outstanding at September 30, 2016		2,567,328	$	1.79

Stock options exercisable at September 30, 2016		1,297,061	$	1.65

Weighted average assumptions of share based payment

The fair value of share-based payments made with stock options to employees and non-employee directors was estimated on the measurement date using the Black-Scholes model using the following weighted average assumptions.

	Three Month Period Ended						Nine Month Period Ended
	September 30,						September 30,
	2016			2015			2016			2015
Risk free interest rate		1.33	%		1.77	%		1.51	%		1.77	%
Dividend yield		0.0	%		0.0	%		0.0	%		0.0	%
Expected term (in years)		7			7			7			7
Volatility		75	%		105	%		75	%		105	%

Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

The following is a summary of restricted stock activity for the nine month period ended September 30, 2016, and the status of unvested restricted stock outstanding at September 30, 2016:

	Nine Month Period Ended
	September 30, 2016
	Number of
	Restricted		Grant-Date
	Shares		Fair Value
Outstanding at beginning of year		—	$	N/A
Granted		200,000	$	1.90
Vested		(73,958)	$	1.90
Forfeited		(16,667)	$	1.90
Outstanding at September 30, 2016		109,375	$	1.90

Stock compensation expense

We recorded stock compensation expense for the three and nine month periods ended September 30, 2016 and 2015, as follows:

	Three Month Period Ended				Nine Month Period Ended
	September 30,				September 30,
	2016		2015		2016		2015
Research and development costs	$	33,574	$	26,751	$	118,409	$	53,109
Sales and marketing costs		31,903		26,746		150,150		51,771
General and administrative costs		103,587		93,955		323,465		159,405
Cost of product sales		12,020		30,807		(8,177)		72,345
Total	$	181,084	$	178,259	$	583,847	$	336,630