Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plan

v3.7.0.1
Equity Incentive Plan
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity Incentive Plan
Equity Incentive Plan
 
On May 17, 2013, the Company adopted the 2013 Equity Incentive Plan (the “Plan”) and reserved shares of common stock for issuance under the Plan. The Plan is administered by the Compensation Committee of the Company’s Board of Directors. At March 31, 2017, 533,253 shares of common stock were available for issuance under the Plan.
 
During the three months ended March 31, 2017, the Company granted 83,625 stock options to Board members and 59,100 stock options to employees under the Plan. The estimated fair value of these stock options, calculated using the Black-Scholes option valuation model, was $262,070, of which $38,924 was recognized during the three months ended March 31, 2017.
 
During the three months ended March 31, 2017, 26,743 options to purchase shares of the Company’s common stock were exercised resulting in net proceeds of $11,143.
 
A summary of the Company’s stock option activity and related information is as follows:
 
 
Stock
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Life
(in years)
Outstanding at December 31, 2016
 
1,385,204

 
$
6.89

 
7.5
Granted
 
142,725

 
$
3.12

 
 
Exercised
 
(26,743
)
 
$
0.42

 
 
Outstanding at March 31, 2017
 
1,501,186

 
$
6.65

 
7.5
Exercisable at March 31, 2017
 
862,017

 
$
6.67

 
7.1

 
At March 31, 2017, there was $2,487,487 of unrecognized compensation cost related to non-vested equity awards granted under the Plan. That cost is expected to be recognized over a weighted average period of 2.0 years.