Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.8.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
The following table summarizes the restricted stock grants:
 
Outstanding at December 31, 2016
 
 
—
 
Granted
 
 
460,000
 
Vested
 
 
—
 
Forfeited
 
 
(80,000)
 
Outstanding at December 31, 2017
 
 
380,000
 
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,
 
 
 
2017
 
2016
 
Employee and director stock options and stock grants:
 
 
 
 
 
 
 
Research and development
 
$
147,821
 
$
58,044
 
General and administrative
 
 
610,936
 
 
471,453
 
 
 
 
758,757
 
 
529,497
 
Non-employee consultant stock option grants:
 
 
 
 
 
 
 
Research and development
 
 
—
 
 
(338)
 
General and administrative
 
 
—
 
 
—
 
 
 
 
—
 
 
(338)
 
Total stock-based compensation
 
$
758,757
 
$
529,159
 
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,
 
 
 
2017
 
 
2016
 
Volatility
 
 
107-110
%
 
 
104-105
%
Risk-free interest rate
 
 
1.89-2.18
%
 
 
1.29-1.39
%
Expected life (years)
 
 
6
 
 
 
6
 
Dividend
 
 
0
%
 
 
0
%
Weighted-average exercise price
 
$
1.91
 
 
$
1.97
 
Weighted-average grant-date fair value
 
$
1.58
 
 
$
1.59
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activity is as follows:
 
 
 
 
Number of
Shares
Issuable Upon
Exercise of
Outstanding
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contracted
Term in
Years
 
Aggregate
Intrinsic
Value
 
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
 
 
 
 
 
 
 
Granted
 
 
112,300
 
$
1.91
 
 
 
 
 
 
 
Exercised
 
 
(20,833)
 
$
1.48
 
 
 
 
 
 
 
Expired
 
 
(2,004)
 
$
116.61
 
 
 
 
 
 
 
Forfeited
 
 
(29,167)
 
$
1.48
 
 
 
 
 
 
 
Outstanding at December 31, 2017
 
 
531,729
 
$
6.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested, December 31, 2017
 
 
254,777
 
$
9.79
 
 
8.27
 
$
—
 
Unvested, December 31, 2017
 
 
276,952
 
$
3.57
 
 
8.72
 
$
—
 
Exercisable at December 31, 2017
 
 
254,777
 
$
9.79
 
 
8.27
 
$
—