Quarterly report pursuant to Section 13 or 15(d)

STOCK BASED COMPENSATION (Tables)

v3.8.0.1
STOCK BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of automatic additions to the 2010 Plan

The following table presents the automatic additions to the 2010 Plan since inception pursuant to the “evergreen” terms of the 2010 Plan:

 

January 1,     Number of
shares
 
2012       30,018  
2013       34,452  
2014       49,532  
2015       65,557  
2016       220,419  
2017       151,477  
Total additional shares       551,455  
Schedule of stock options valuation assumption

The fair value of stock options granted for the nine months ended September 30, 2017 and 2016 was calculated using the Black-Scholes option-pricing model applying the following assumptions:

 

    Period ended September 30,  
    2017     2016   
             
Risk free interest rate     1.86% - 2.04%       1.48% - 1.55%  
Expected term     5.32- 6.36 years       5.58 - 6.06 years  
                 
Dividend yield     - %        - %   
Expected volatility     112.86% - 114.19%       115.52% - 115.58%  
Schedule of stock options

Options issued and outstanding as of September 30, 2017 and their activities during the nine months then ended are as follows:

 

    Number of
Underlying
Shares
    Weighted-
Average
Exercise Price
Per Share
    Weighted-
Average
Contractual
Life Remaining
in Years
    Aggregate
Intrinsic Value
 
Outstanding as of January 1, 2017     378,924     $ 26.25             $    
Granted     1,716,323       0.47                  
Forfeited     (3,167 )     15.00                  
Expired     (19,081 )     25.05                  
Outstanding as of September 30, 2017     2,072,999       4.10       9.29     $ 102,679  
Exercisable as of September 30, 2017     418,636       16.39       8.44     $ 9,645  
Vested and expected to vest     2,072,999     $ 4.10       9.29     $ 102,679