Annual report pursuant to Section 13 and 15(d)

Share-based Payments (Tables)

v3.7.0.1
Share-based Payments (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Options and Warrants Valuation Assumptions Under Black Scholes Pricing Model

    The options and warrants issued under the above plan were valued using a Black Scholes option pricing model. The assumptions utilized in calculating the value of the issued options under Black Scholes are as follows:

 

    2016     2015  
Expected option term     5 yrs        5 yrs  
Expected volatility     95.02 %     82.86 %
Expected divident yeild     0.00 %     0.00 %
Risk free interest rate     1.16 %     1.73 %

Summary of Stock Options Activity

    The following table summarizes the option activities for the years ended December 31, 2016 and 2015:

 

                  Weighted        
                  Average        
            Weighted     Remaining     Aggregate  
      Number of     Average     Contractual     Intrinsic  
      Shares     Exercise Price     Term (years)     Value  
Balance at December 31, 2014       175,000     $ 4.98       4.50     $ 600  
Granted       45,500       2.07       5.00       -  
Exercised       -       -       -       -  
Forfeited       -       -       -       -  
Canceled/Expired       -       -       -       -  
Balance at December 31, 2015       220,500     $ 4.38       3.81     $ -  
Exercisable as of December 31, 2015       220,500     $ 4.38       3.81     $ -  
                                   
Balance at December 31, 2015       220,500     $ 4.38       3.81     $ -  
Granted       38,500       3.40       4.43       -  
Exercised       -       -       -       -  
Forfeited       -       -       -       -  
Canceled/Expired       -       -       -       -  
Balance at December 31, 2016       259,000     $ 4.23       3.05     $ 20,100  
Exercisable as of December 31, 2016       239,167     $ 4.31       2.92     $ 20,100  

Schedule of Non Vested Share Activity

Non-Vested Shares     Shares     Weighted
Average
Grant Date
Fair Value 		 
Non-vested at January 1, 2016       -     $ -  
Granted       38,500       1.98  
Vested       (18,666 )     1.90  
Forfieted       -       -  
Non-vested at December 31, 2016       19,834     $ 2.36