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 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 allocation of compensation costs

Accordingly, the Company recognized stock based compensation expense of $786,550 and $876,189 for the years ended December 31, 2017 and 2016, respectively, which was included in the following captions in the consolidated statements of operations.

 

    Year Ended December 31,  
    2017     2016  
             
General and administrative   $ 621,668     $ 850,378  
Research and development     164,882       25,811  
Total stock compensation expense   $ 786,550     $ 876,189  
Schedule of stock options valuation assumptions

The fair value of stock options granted for the years ended December 31, 2017 and 2016 was calculated using the Black-Scholes option-pricing model applying the following assumptions:

 

    Year ended December 31,  
    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 December 31, 2017 and their activities during the year 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 December 31, 2017     2,072,999       4.10       9.041     $    
Exercisable as of December 31, 2017     608,040       11.77       8.348     $    
Vested and expected to vest     2,072,999     $ 4.10       9.041     $