Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Weighted Average Fair Market Value of the Options Granted Estimated on the Date of Grant Assumptions

The weighted average fair market value of the options granted in the six months ended June 30, 2017 and 2016 was estimated on the date of grant, using a Black-Scholes option pricing model with the following assumptions:

	June 30, 2017	June 30, 2016
Expected life of options (using the “simplified” method)	6 years	6 years
Average risk-free interest rate	1.82%	1.50%
Average expected volatility of stock	107%	134%
Expected dividend rate	None	None
Fair value of options granted	$11,100	$3,488

Schedule of Activity Under Stock Option Plans

Activity under our two stock option plans is as follows:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
2005 Plan
Outstanding, December 31, 2016		628,313		$	0.63	3.8 years	$	510,000
Granted		-
Exercised		(136,250	)
Cancelled/Expired		-
Outstanding, June 30, 2017		492,063		$	0.73	4.3 years	$	963,700
Exercisable, June 30, 2017		357,690		$	0.69	3.5 years	$	716,400
2015 Plan
Outstanding, December 31, 2016		787,615		$	1.27	7.2 years	$	136,000
Granted		7,536
Exercised		-
Cancelled/Expired		(49,491	)
Outstanding, June 30, 2017		745,660		$	1.27	6.9 years	$	1,056,200
Exercisable, June 30, 2017		323,422		$	1.27	6.4 years	$	459,800