Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2017 and 2016 was estimated on the date of grant, using a Black-Scholes option pricing model with the following assumptions:

	September 30, 2017		September 30, 2016
Expected life of options (using the “simplified” method)	4 years		6 years
Average risk-free interest rate		1.44%	1.50%
Average expected volatility of stock		78%	134%
Expected dividend rate	None		None
Fair value of options granted	$55,100		$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, September 30, 2017		492,063		$	0.73	4.0 years	$	865,300
Exercisable, September 30, 2017		378,158		$	0.69	3.3 years	$	679,000
2015 Plan
Outstanding, December 31, 2016		787,615		$	1.27	7.2 years	$	136,000
Granted		46,560
Exercised		-
Cancelled/Expired		(49,491	)
Outstanding, September 30, 2017		784,684		$	1.32	6.6 years	$	916,500
Exercisable, September 30, 2017		380,205		$	1.31	6.2 years	$	449,200