Quarterly report pursuant to Section 13 or 15(d)

Stock Option Plans

v3.7.0.1
Stock Option Plans
3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Option Plans
Note 10 — Stock Option Plans
 
A summary of stock option activity for the three months ended March 31, 2017 is as follows:
 
 
 
 
 
Weighted
 
 
 
 
 
Average
 
 
 
Number of
 
Exercise
 
 
 
Shares
 
Price
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2016
 
 
1,084,298
 
$
4.76
 
Granted
 
 
 
 
 
Exercised
 
 
(35,000)
 
 
2.40
 
Expired or Forfeited
 
 
(7,619)
 
 
17.50
 
 
 
 
 
 
 
 
 
Outstanding at March 31, 2017
 
 
1,041,679
 
$
4.75
 
 
The weighted average remaining contractual term for all options as of March 31, 2017 and December 31, 2016 was 7.4 years and 7.6 years respectively.
 
As of March 31, 2017, there were 624,032 options that were fully vested and exercisable at a weighted average exercise price of $4.75 per share. The weighted average remaining contractual term on the vested options is 6.9 years.
  
As of March 31, 2017, there were 417,647 unvested options exercisable at a weighted average exercise price of $4.73 per share. The weighted average remaining contractual term on the unvested options is 8.2 years.
 
No cash was received from option exercises for the three months ended March 31, 2017.
  
The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At March 31, 2017, the Company had approximately $1,870,106 of unrecognized stock compensation expense, which will be recognized over a weighted average period of approximately 2.4 years.