Annual report pursuant to Section 13 and 15(d)

Stock Option Plans (Tables)

v3.8.0.1
Stock Option Plans (Tables)
12 Months Ended
Dec. 31, 2017
Stock Option Plans [Abstract]  
Stock option plans
Options outstanding under the Stock Options Plans are as follows:
 
 
 
2007
Plan
 
2009
Plan
 
2014
Plan
 
Total
 
Outstanding as of December 31, 2015
 
 
37,447
 
 
120,842
 
 
864,500
 
 
1,022,789
 
Available for future issuance under plan
 
 
-
 
 
-
 
 
744,295
 
 
744,295
 
Total authorized by plan
 
 
37,447
 
 
120,842
 
 
1,608,795
 
 
1,767,084
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding as of December 31, 2016
 
 
21,977
 
 
132,771
 
 
929,550
 
 
1,084,298
 
Available for future issuance under plan
 
 
 
 
 
 
1,027,375
 
 
1,027,375
 
Totals authorized by plan
 
 
21,977
 
 
132,771
 
 
1,956,925
 
 
2,111,673
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding as of December 31, 2017
 
 
10,665
 
 
117,094
 
 
1,382,485
 
 
1,510,244
 
Available for future issuance under plan
 
 
 
 
 
 
1,045,143
 
 
1,045,143
 
Totals authorized by plan
 
 
10,665
 
 
117,094
 
 
2,427,628
 
 
2,555,387
 
Summary of Stock Option Activity
The following table summarizes stock option activity for the years ended December 31, 2017, 2016 and 2015:
 
 
 
 
 
 
Weighted
 
Weighted
Average
 
 
 
Number of
Options
 
Average
Exercise Price
 
Remaining Life
(years)
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
 
720,551
 
$
4.46
 
 
8.56
 
Granted
 
 
374,000
 
 
5.67
 
 
 
 
Exercised
 
 
(15,833)
 
 
2.60
 
 
 
 
Expired or Forfeited
 
 
(55,929)
 
 
8.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2015
 
 
1,022,789
 
$
4.59
 
 
7.56
 
Granted
 
 
116,750
 
 
6.60
 
 
 
 
Exercised
 
 
(10,450)
 
 
3.46
 
 
 
 
Expired or Forfeited
 
 
(44,791)
 
 
3.87
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2016
 
 
1,084,298
 
$
4.76
 
 
7.57
 
Granted
 
 
534,500
 
 
5.74
 
 
 
 
Exercised
 
 
(63,187)
 
 
2.89
 
 
 
 
Expired or Forfeited
 
 
(45,367)
 
 
8.30
 
 
 
 
Outstanding at December 31, 2017
 
 
1,510,244
 
$
5.04
 
 
7.58
 
Summary of assumptions used to compute the fair value of stock options granted
The following summary table shows the assumptions used to compute the fair value of stock options granted during 2017, 2016 and 2015 and their estimated value:
 
December 31,
 
2017
 
2016
 
 
2015
 
Assumptions for Black-Scholes:
 
 
 
 
 
 
 
 
 
 
Expected term in years
 
 
6.5 to 6.8
 
 
7.9
 
 
6.0 to 7.9
 
Volatility
 
 
122.8% to 133%
 
 
103.6% to 109.7%
 
 
114.4% to 113.5%
 
Risk-free interest rate
 
 
1.98% to 2.30%
 
 
1.27% to 1.68%
 
 
1.74% to 2.02%
 
Expected annual dividends
 
 
None
 
 
None
 
 
None
 
 
 
 
 
 
 
 
 
 
 
 
Value of options granted:
 
 
 
 
 
 
 
 
 
 
Number of options granted
 
 
534,500
 
 
116,750
 
 
374,000
 
Weighted average fair value per share
 
$
5.24
 
$
5.73
 
$
4.50
 
Fair value of options granted
 
$
2,803,329
 
$
669,435
 
$
1,684,179