Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

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

Share-based Compensation Arrangement by Share-based Payment Award Options and Warrants Vested and Expected to Vest Outstanding and Exercisable [Table Text Block]

The Black-Scholes assumptions used in the three months ended March 31, 2016 and 2015 are as follows:

	Three months ended March 31,
		2016	2015
Exercise price		$1.08 -$1.31	$1.54
Expected dividends		0%	0%
Expected volatility		117%	131%
Risk free interest rate		1.40% - 1.46%	2.03%
Expected life of option		7 years	10 years

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of stock option activities as of March 31, 2016, and for the year ended December 31, 2015, is as follows:

 

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Balance - December 31, 2014		5,981,106	$	2.01	5.80 years	$	685,000
Granted		3,781,666	$	2.37
Exercised		(35,008)	$	1.16		$	44,000
Expired		(483,332)	$	2.48
Forfeited		(302,502)	$	1.91
Balance - December 31, 2015		8,941,930	$	2.14	5.80 years	$	2,900,000
Granted		150,000	$	1.16
Exercised		-	$	-		$	-
Expired		(99,502)	$	2.22
Forfeited		-	$	-
Balance -March 31, 2016 - outstanding		8,992,428	$	2.13	5.41 years	$	3,400,000
Balance - March 31, 2016 - exercisable		5,093,799	$	1.95	4.38 years	$	2,600,000
Grant date fair value of options granted - March 31, 2016			$	153,000
Weighted average grant date fair value - March 31, 2016			$	1.02
Grant date fair value of options granted - December 31, 2015			$	7,974,000
Weighted average grant date fair value - December 31, 2015			$	2.12