Quarterly report pursuant to Section 13 or 15(d)

STOCK BASED COMPENSATION

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STOCK BASED COMPENSATION
3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK BASED COMPENSATION

NOTE 12: STOCK BASED COMPENSATION

 

Stock Options and Incentive Plan

 

On September 28, 2010, the Board of Directors approved the adoption of the 2010 Stock Option and Incentive Plan the (“2010 Plan”) to provide for the grant of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. Awards of incentive options may be granted under the 2010 Plan until September 2020. No other awards may be granted under the 2010 Plan after the date that is 10 years from the date of stockholder approval. An aggregate of 5,556 shares were initially reserved for issuance in connection with awards granted under the 2010 Plan and on May 18, 2016, an additional 11,111 shares were reserved for issuance under the 2010 Plan. On May 9, 2017, the stockholders approved an additional 125,000 shares for issuance under 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       2,502  
2013       2,871  
2014       4,128  
2015       5,463  
2016       18,368  
2017       12,623  
2018       106,076  
Total additional shares       152,031  

 

The Company granted 1,667 options to purchase shares of common stock during the three months ended March 31, 2018. No options were exercised during the three months ended March 31, 2018. There are 112,780 shares available for grant under the 2010 Plan as of March 31, 2018.

 

Options issued and outstanding as of March 31, 2018 and their activities during the three 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, 2018     172,474     $ 49.22             $  
Granted     1,667       5.04                  
Forfeited                                
Expired                                
Outstanding as of March 31, 2018     174,141       48.10       8.805     $ 520  
Exercisable as of March 31, 2018     66,453       112.18       8.304     $ 0  
Vested and expected to vest     174,141     $ 48.10       8.805     $ 520  

 

At March 31, 2018, there were 107,688 unvested options outstanding and the related unrecognized total compensation cost associated with these options was approximately $768,234. This expense is expected to be recognized over a weighted-average period of 2.0 years.