Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

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 three months ended March 31, 2018 was estimated on the date of grant, using a Black-Scholes option pricing model with the following assumptions:

	March 31, 2018
Expected life of options (using the “simplified” method)	6 years
Average risk-free interest rate	2.18%
Average expected volatility of stock	92%
Expected dividend rate	None
Fair value of options granted	$35,900

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, 2017		492,063		$	0.73	3.8 years	$	1,067,000
Granted		-		$	-
Exercised		(101,563	)	$	0.42
Cancelled/Expired		-		$	-
Outstanding, March 31, 2018		390,500		$	0.81	4.4 years	$	1,030,300
Exercisable, March 31, 2018		311,490		$	0.80	4.0 years	$	825,700
2015 Plan
Outstanding, December 31, 2017		784,684		$	1.32	6.4 years	$	1,238,200
Granted		15,024		$	3.15
Exercised		(36,314	)	$	1.25
Cancelled/Expired		-		$	-
Outstanding, March 31, 2018		763,394		$	1.36	6.1 years	$	1,594,400
Exercisable, March 31, 2018		428,778		$	1.31	5.7 years	$	916,500