Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.5.0.2
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]
The following table summarizes amounts charged to expense for stock-based compensation related to employee and director stock option grants and recorded in connection with stock options granted to non-employee consultants:
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
September 30,
 
September 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
Employee and director stock option grants:
 
 
 
 
 
 
 
 
 
Research and development
 
$
22,281
 
$
25,749
 
$
46,651
 
$
109,402
 
General and administrative
 
 
151,965
 
 
142,319
 
 
350,819
 
 
316,755
 
 
 
 
174,246
 
 
168,068
 
 
397,470
 
 
426,157
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
—
 
 
(3,052)
 
 
(338)
 
 
2,404
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total stock-based compensation
 
$
174,246
 
$
165,016
 
$
397,132
 
$
428,561
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The following table summarizes weighted-average values and assumptions used for options granted to employees, directors and consultants in the periods indicated:
 
 
 
Nine Months Ended
 
Nine Months Ended
 
 
 
September 30, 2016
 
September 30, 2015
 
Volatility
 
 
104-105
%
 
105-107
%
Risk-free interest rate
 
 
1.29-1.39
%
 
1.70-1.95
%
Expected life (years)
 
 
6.0
 
 
6.0
 
Dividend
 
 
0
%
 
0
%
Weighted-average exercise price
 
$
1.97
 
$
2.65-2.69
 
Weighted-average grant-date fair value
 
$
1.59
 
$
2.17-2.20
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activity is as follows:
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
Number of 
 
Weighted
 
Average Remaining Contracted
 
 
 
 
 
Shares Issuable Upon Exercise
 
Average
 
Term in
 
Aggregate Intrinsic
 
 
 
of Outstanding Options
 
Exercise Price
 
Years
 
Value
 
Outstanding at December 31, 2015
 
 
70,933
 
$
78.63
 
 
 
 
 
 
 
Granted
 
 
475,300
 
$
1.97
 
 
 
 
 
 
 
Expired
 
 
(8,542)
 
$
143.75
 
 
 
 
 
 
 
Forfeited
 
 
(49,549)
 
$
3.22
 
 
 
 
 
 
 
Outstanding at September 30, 2016
 
 
488,142
 
$
10.51
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, September 30, 2016
 
 
52,738
 
$
64.84
 
 
7.60
 
$
29,182
 
Unvested, September 30, 2016
 
 
435,404
 
$
3.92
 
 
9.60
 
$
321,122
 
Exercisable at September 30, 2016
 
 
52,738
 
$
64.84
 
 
7.60
 
$
29,182