Quarterly report pursuant to Section 13 or 15(d)

5. STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Tables)

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5. STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2015
Stock Option Plan And Stock-based Compensation Tables  
Assumptions for fair value of stock options
   

 

2015

   

 

2014

 
Risk-free interest rate     1.3% - 1.9 %     0.5% - 2.3 %
Expected dividend yield     0 %     0 %
Volatility factor     79 – 91 %     86 – 98 %
Expected life of option   4.40 to 10 years     2.50 to 7 years  
Activity under Stock Plans
    Shares     Exercise Price per Share    

Weighted Average

Exercise Price per Share

 
Outstanding as of December 31, 2014     6,483,400     $ 0.10-1.85     $ 0.47  
      Granted     1,809,000       0.18-0.20       0.18  
      Exercised     -       -       -  
      Options forfeited/cancelled     (262,500 )     0.18-1.21       0.20  
Outstanding as of September 30, 2015     8,029,900     $ 0.10-1.85     $ 0.41  
Information about stock options vested or expected to vest
Vested or Expected to Vest   Exercisable Options  
        Weighted   Weighted           Weighted   Weighted      
        Average   Average           Average   Average      
        Exercise   Remaining   Aggregate   Number   Exercise   Remaining   Aggregate  
Exercise   Number of   Price Per   Contractual   Intrinsic   of   Price   Contractual   Intrinsic  
Price   Options   Share   Life (Years)   Value   Options   Per Share   Life (Years)   Value  
  $ 0.10       1,795,000     $ 0.10       1.13     $ -       1,795,000     $ 0.10       1.13     $ -  
    0.18       1,409,000       0.18       8.82       -       1,025,000       0.18       8.57       -  
    0.20       250,000       0.20       9.51       -       250,000       0.20       9.51       -  
    0.37       58,000       0.37       6.93       -       58,000       0.37       5.89       -  
    0.42       63,000       0.42       5.26       -       63,000       0.42       5.26       -  
    0.50       3,710,000       0.50       3.25       -       3,476,666       0.50       2.83       -  
    0.69       100,000       0.69       8.46       -       100,000       0.69       8.46       -  
    1.21       566,500       1.21       8.32       -       566,500       1.21       8.32       -  
    1.85       78,400       1.85       0.01       -       78,400       1.85       0.01       -  
  $ 0.10-1.85       8,029,900     $ 0.41       4.39     $ -       7,412,566     $ 0.42       3.94     $ -  
Schedule of non-vested stock options
   

Number of

Options

   

Weighted-Average

Grant-Date

Fair Value

 
Non-vested as of December 31, 2014     484,584     $ 0.39  
Granted     1,809,000       0.14  
Forfeited     (262,500 )     0.20  
Vested     (1,413,750 )     0.15  
Non-vested as of September 30, 2015     617,334     $ 0.22