General form of registration statement for all companies including face-amount certificate companies

Stock Options and Warrants (Tables)

v3.6.0.2
Stock Options and Warrants (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Stock Options and Warrants [Abstract]    
Schedule of weighted-average grant date assumptions used to estimate the fair value of options and stock appreciation rights granted  

    December 31,
2015
 
       
Expected volatility     100-150 %
Dividend yield     0.00 %
Risk-free interest rate     1.10–2.15 %
Expected life (in years)     3.0-6.8
Schedule of stock-based award activity
                Weighted-        
          Weighted-     Average        
          Average     Remaining     Aggregate  
          Exercise     Contractual     Intrinsic  
    Options     Price     Life     Value  
Balance, December 31, 2015     308,464     $ 13.61       6.07     $  
Forfeited during 2016     (40,914 )     11.69              
Granted during 2016     6,000       4.31       9.75        
Balance, September 30, 2016     273,550     $ 13.70       5.27     $  
Exercisable on September 30, 2016     192,394     $ 15.00       5.19     $  

                Weighted-        
          Weighted-     Average        
          Average     Remaining     Aggregate  
          Exercise     Contractual     Intrinsic  
    Options     Price     Life     Value  
Balance, December 31, 2014     267,257     $ 15.00       6.51     $ 47,000  
Forfeited during 2015     (21,033 )     17.00              
Granted during 2015     62,240       8.30              
Balance, December 31, 2015     308,464     $ 13.61       6.07     $  
Exercisable on December 31, 2015     151,576     $ 15.38       5.38     $
Schedule of information about stock options outstanding and exercisable
    Options Outstanding     Options Exercisable  
          Weighted-                    
          Average     Weighted-           Weighted-  
    Number     Remaining     Average     Number     Average  
Exercise   of     Contractual     Exercise     of     Exercise  
Prices   Shares     Life     Price     Shares     Price  
            (In years)                          
$0–$10.00     99,840       7.04     $ 7.46       50,771     $ 7.68  
$10.01–$15.00     31,100       7.16     $ 12.50       18,730     $ 12.50  
$15.01–$20.00     122,766       3.50     $ 17.50       104,381     $ 17.50  
$20.01–$25.00     19,844       4.30     $ 23.40       18,512     $ 23.58  
                                         
      273,550       5.27     $ 13.70       192,394     $ 15.00  

    Options Outstanding     Options Exercisable  
          Weighted-                    
          Average     Weighted-           Weighted-  
    Number     Remaining     Average     Number     Average  
Exercise   of     Contractual     Exercise     of     Exercise  
Prices   Shares     Life     Price     Shares     Price  
            (In years)                          
$0–$10.00     118,840       7.74     $ 7.74       38,884     $ 7.71  
$10.01–$15.00     34,888       7.87     $ 12.50       11,520     $ 12.50  
$15.01–$20.00     132,178       4.25     $ 17.50       82,235     $ 17.50  
$20.01–$25.00     22,558       4.96     $ 23.47       18,937     $ 23.67  
                                         
      308,464       6.07     $ 13.61       151,576     $ 15.38
Schedule of restricted stock activity  

          Weighted-  
          Average  
          Grant  
    Shares     Price  
Unvested Balance, December 31, 2014     15,720     $ 0.05  
Repurchase of unvested restricted shares            
Vested     (15,720 )   $ 0.05  
Unvested Balance, December 31, 2015         $  
Schedule of stock based compensation expense
   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2016     2015     2016     2015  
Research and development   $ 113,000     $ 148,000     $ 423,000     $ 443,000  
General and administrative     187,000       224,000       604,000       670,000  
    $ 300,000     $ 372,000     $ 1,027,000     $ 1,113,000

    Year ended
December 31
 
    2015     2014  
Research and development   $ 583,000     $ 1,435,000  
General and administrative     902,000       2,025,000  
Total   $ 1,485,000     $ 3,460,000
Schedule of activity for warrants outstanding, exchanged, and issued  

Balance outstanding at December 31, 2014     195,686     $ 26.94  
Exchanged for Common Stock     (81,942 )     5.50  
Issued for Senior Notes and Notes Amendments     269,785       12.50  
Issued for services     5,514       12.50  
Issued for letter of credit guarantee     74,000       12.50  
Issued pursuant to PIPE investment     312,500       12.50  
Balance outstanding at September 30, 2015     775,543     $ 12.04  
Schedule of warrants outstanding
    Issue
Date
  Expiry
Date
  Number of 
Warrants
    Exercise Price
per Share
 
2013 Services Warrants—July   Jul-13   Jul-18     9,494     $ 37.50  
2013 Services Warrants—August   Aug-13   Aug-18     729       37.50  
2013 Services Warrants—November   Nov-13   Nov-18     2,400       50.00  
2014 Services Warrants—April(1)   Apr-14   Apr-19     13,657       39.00  
2014 Services Warrants—September(2)   Aug-14   Aug-19     16,000       25.00  
2014 PIPE Warrants—September(3)   Sept-14   Sept-18     26,500       25.00  
2014 Services Warrants—November(4)   Nov-14   Nov-18     6,500       25.00  
2014 Settlement Warrants—December(5)   Dec-14   Dec-19     38,464       25.00  
2015 Notes Warrants(6) (14)   Apr/May-15   Apr/May-20     219,785       4.00  
2015 Services Warrants—May(7)   May-15   May-20     5,514       12.50  
2015 LOC Guarantee Warrants—November (8)   Nov-15   Nov-20     74,000       15.00  
2015 Debt Amendment Warrants—December (9), (15)   Dec-15   Dec-20     50,000       4.00  
2015 PIPE Warrants—December (10), (15)   Dec-15   Dec-20     312,500       4.00  
2016 Debt Amendment Warrants—February (11), (15)   Feb-16   Feb-21     50,000       4.00  
2016 Debt Amendment Warrants—March (12), (15)   Mar-16   Mar-21     500,000       4.00  
2016 Junior Debt Warrants (13)   Sep-16   Aug-21     124,999       4.00  
Balance outstanding  at September 30, 2016             1,450,542     $ 6.50  
Warrants exercisable at September 30, 2016             1,376,542     $ 6.04  

 

    Issue
Date
  Expiry
Date
  Number of 
Warrants
    Exercise Price
per Share
 
2013 Services Warrants—July   Jul-13   Jul-18     9,494     $ 37.50  
2013 Services Warrants—August   Aug-13   Aug-18     729       37.50  
2013 Services Warrants—November   Nov-13   Nov-18     2,400       50.00  
2014 Services Warrants—April(1)   Apr-14   Apr-19     13,657       39.00  
2014 Services Warrants—September(2)   Aug-14   Aug-19     16,000       25.00  
2014 PIPE Warrants—September(3)   Sept-14   Sept-18     26,500       25.00  
2014 Services Warrants—November(4)   Nov-14   Nov-18     6,500       25.00  
2014 Settlement Warrants—December(5)   Dec-14   Dec-19     38,464       25.00  
2015 Senior Notes Warrants(6)   Apr/May-15   Apr/May-20     219,785       12.50  
2015 Services Warrants—May(7)   May-15   May-20     5,514       12.50  
2015 LOC Guarantee Warrants – November (8)   Nov-15   Nov-20     74,000       15.00  
2015 Debt Amendment Warrants – December (9)   Dec-15   Dec-20     50,000       12.50  
2015 PIPE Warrants – December (10)   Dec-15   Dec-20     312,500       5.00  
Balance outstanding  at December 31, 2015             775,543     $ 12.04  
Warrants exercisable at December 31, 2015             701,543     $ 11.73