Quarterly report pursuant to Section 13 or 15(d)

NOTE 9 - OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Tables)

v3.5.0.2
NOTE 9 - OPTIONS, RESTRICTED STOCK UNITS AND WARRANTS (Tables)
9 Months Ended
Sep. 30, 2016
Disclosure Text Block Supplement [Abstract]  
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] The following table presents information related to stock options at September 30, 2016:

Options Outstanding
 
Options Exercisable
 
       
Weighted
     
       
Average
 
Exercisable
 
Exercise
 
Number of
 
Remaining Life
 
Number of
 
Price
 
Options
 
In Years
 
Options
 
 
$
1.01-2.00
     
2,139,642
     
6.8
     
1,572,642
 
   
2.01-3.00
     
5,650,548
     
5.6
     
4,872,457
 
   
3.01-4.00
     
300,000
     
8.5
     
300,000
 
           
8,090,190
     
6.0
     
6,745,099
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] A summary of the stock option activity and related information for the Plan for the nine months ended September 30, 2016 is as follows:

 
             
Weighted-Average
       
 
       
Weighted-Average
   
Remaining
   
Aggregate
 
 
 
Shares
   
Exercise Price
   
Contractual Term
   
Intrinsic Value
 
Outstanding at January 1, 2016
   
7,780,190
   
$
2.30
     
6.4
   
$
-
 
Grants
   
750,000
     
1.80
     
10.0
     
-
 
Exercised
   
-
                         
Forfeiture/Canceled
   
(440,000
)
 
$
2.24
     
-
     
-
 
Outstanding at September 30, 2016
   
8,090,190
   
$
2.26
     
6.0
   
$
12,350
 
Exercisable at September 30, 2016
   
6,745,099
   
$
2.31
     
6.0
   
$
3,563
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] The following assumptions were used in determining the fair value of employee and vesting non-employee options during the nine months ended September 30, 2016 and 2015:

 
September 30,
2016
 
September 30,
2015
 
Risk-free interest rate
 
 
1.08% - 1.69
%
 
 
1.19% - 2.37
%
Dividend yield
 
 
0
%
 
 
0
%
Stock price volatility
 
 
122.82
%
 
 
118.56% -130.30
%
Expected life
5 – 10 years
 
7-10 years
 
Weighted average grant date fair value
 
$
1.50
 
 
$
2.41
 
Nonvested Restricted Stock Shares Activity [Table Text Block] The following table summarizes the restricted stock activity for the nine months ended September 30, 2016:

Restricted shares issued as of January 1, 2016
   
175,000
 
Granted
   
180,000
 
Vested
   
(175,000
)
Total restricted shares issued as of September 30, 2016
   
180,000
 
Vested restricted shares as of September 30, 2016
   
-
 
Unvested restricted shares as of September 30, 2016
   
180,000
 
Schedule of Warrants or Rights, Shares Authorized, by Exercise Price Range [Table Text Block] The following table summarizes information with respect to outstanding warrants to purchase common stock of the Company at September 30, 2016:

Exercise
   
Number
 
Expiration
Price
   
Outstanding
 
Date
$
0.001
     
383,320
 
January 2020
$
1.50
     
4,173,017
 
February 2018 to May 2020
$
1.84
     
35,076
 
January 2020
$
1.95
     
1,689,026
 
October 2018 to September 2019
$
2.00
     
100,000
 
August 2018
$
2.02
     
30,755
 
January 2020
$
2.10
     
38,572
 
June 2019
$
2.50
     
100,000
 
August 2018
$
2.75
     
228,720
 
August 2019 to September 2019
$
3.67
     
214,193
 
December 2018 to January 2019
$
3.75
     
1,340,556
 
April 2019 to March 2020
         
8,333,235
 
 
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] A summary of the warrant activity for the nine months ended September 30, 2016 is as follows:

 
             
Weighted-Average
       
 
       
Weighted-Average
   
Remaining
   
Aggregate
 
 
 
Shares
   
Exercise Price
   
Contractual Term
   
Intrinsic Value
 
Outstanding at January 1, 2016
   
7,078,685
   
$
2.02
     
3.0
     
497,933
 
Grants
   
1,254,550
     
1.90
     
2.5
     
-
 
Exercised
   
-
                         
Canceled
   
-
                         
Outstanding at September 30, 2016
   
8,333,235
   
$
2.00
     
2.3
   
$
665,723
 
 
                               
Vested and expected to vest at September 30, 2016
   
8,333,235
   
$
2.00
     
2.3
   
$
665,723
 
Exercisable at September 30, 2016
   
8,333,235
   
$
2.00
     
2.3
   
$
665,723