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Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

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

The following is a summary of service vesting based related stock option activity for the nine month period ended September 30, 2017, and the status of stock options outstanding at September 30, 2017:

	Nine Month Period Ended
	September 30, 2017
			Wtd. Avg.
			Exercise
	Options		Price
Outstanding at beginning of year		2,513,861	$	1.78
Granted		110,000	$	1.79
Exercised		(131,427)	$	1.17
Forfeited		(47,932)	$	3.61
Expired		(91,068)	$	1.45
Outstanding at September 30, 2017		2,353,434	$	1.79

Stock options exercisable at September 30, 2017		1,496,041	$	1.73

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,
	2017		2016			2017			2016
Risk free interest rate		N/A		1.33	%		2.07	%		1.51	%
Dividend yield		N/A		0.0	%		0.00	%		0.0	%
Expected term (in years)		N/A		7.00			5.18			7.00
Volatility		N/A		75	%		75	%		75	%

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, 2017, and the status of unvested restricted stock outstanding at September 30, 2017:

	Nine Month Period Ended
	September 30, 2017
	Number of
	Restricted		Grant-Date
	Shares		Fair Value
Outstanding at beginning of year		98,439	$	1.90
Granted		207,350	$	1.76
Vested		(42,189)	$	1.90
Forfeited		(5,000)	$	1.76
Outstanding at September 30, 2017		258,600	$	1.79

Stock compensation expense

We recorded stock compensation expense for the three and nine month periods ended September 30, 2017 and 2016, as follows:

	Three Month Period Ended				Nine Month Period Ended
	September 30,				September 30,
	2017		2016		2017		2016
Research and development costs	$	59,434	$	33,574	$	177,514	$	118,409
Sales and marketing costs		55,402		31,903		173,072		150,150
General and administrative costs		156,621		103,587		479,803		323,465
Cost of product sales		42,486		12,020		127,322		(8,177)
Total	$	313,943	$	181,084	$	957,711	$	583,847