Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.6.0.2
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 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:
 
 
 
Year Ended December 31,
 
 
 
2016
 
2015
 
Employee and director stock option grants:
 
 
 
 
 
 
 
Research and development
 
$
58,044
 
$
130,901
 
General and administrative
 
 
471,453
 
 
317,257
 
 
 
 
529,497
 
 
448,158
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
Research and development
 
 
(338)
 
 
(858)
 
General and administrative
 
 
 
 
 
 
 
 
(338)
 
 
(858)
 
Total stock-based compensation
 
$
529,159
 
$
447,300
 
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:
 
 
 
Year Ended December 31,
 
 
 
2016
 
 
2015
 
Volatility
 
 
104-105
%
 
 
106-107
%
Risk-free interest rate
 
 
1.29-1.39
%
 
 
1.70-1.95
%
Expected life (years)
 
 
6
 
 
 
6
 
Dividend
 
 
0
%
 
 
0
%
Weighted-average exercise price
 
$
1.97
 
 
$
26.50
 
Weighted-average grant-date fair value
 
$
1.59
 
 
$
21.60
 
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activity is as follows:
 
 
 
Number of
 
 
 
Weighted
 
 
 
 
 
Shares
 
 
 
Average
 
 
 
 
 
Issuable Upon
 
Weighted
 
Remaining
 
 
 
 
 
Exercise of
 
Average
 
Contracted
 
Aggregate
 
 
 
Outstanding
 
Exercise
 
Term in
 
Intrinsic
 
 
 
Options
 
Price
 
Years
 
Value
 
Outstanding at December 31, 2014
 
 
71,946
 
$
155.90
 
 
 
 
 
 
 
 
Granted
 
 
46,520
 
$
26.50
 
 
 
 
 
 
 
 
Exercised
 
 
(833)
 
$
27.40
 
 
 
 
 
 
 
 
Expired
 
 
(18,340)
 
$
241.80
 
 
 
 
 
 
 
 
Forfeited
 
 
(28,360)
 
$
82.20
 
 
 
 
 
 
 
 
Outstanding at December 31, 2015
 
 
70,933
 
$
78.63
 
 
 
 
 
 
 
 
Granted
 
 
475,300
 
$
1.97
 
 
 
 
 
 
 
 
Exercised
 
 
(166)
 
$
1.48
 
 
 
 
 
 
 
 
Expired
 
 
(16,153)
 
$
156.53
 
 
 
 
 
 
 
 
Forfeited
 
 
(58,481)
 
$
7.00
 
 
 
 
 
 
 
 
Outstanding at December 31, 2016
 
 
471,433
 
 
7.59
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, December 31, 2016
 
 
74,006
 
$
26.68
 
 
 
8.78
 
$
 
Unvested, December 31, 2016
 
 
397,427
 
$
4.03
 
 
 
9.35
 
$
 
Exercisable at December 31, 2016
 
 
74,006
 
$
26.68
 
 
 
8.78
 
$