| Schedule of Assumption Used |
In connection with the
Series K Warrants, we calculated the fair value of the warrants received as described above using the Black- Scholes formula with
the below assumptions:
| Assumptions |
|
Series K
Warrants
December 12, 2013
|
|
|
Series K
Warrants
January 29, 2014
|
|
|
Series K
Warrants
February 28, 2014
|
|
|
Series K
Warrants
June 30, 2014
|
|
|
Series K
Warrants
November 12, 2014
|
|
| Contractual life (in months) |
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
| Expected volatility |
|
|
136.1 |
|
|
|
152.4 |
|
|
|
152.7 |
|
|
|
153.9 |
|
|
|
153.9 |
|
| Risk-free interest rate |
|
|
0.39 |
% |
|
|
0.39 |
% |
|
|
0.39 |
% |
|
|
0.90 |
% |
|
|
0.90 |
% |
| Exercise price |
|
$ |
9.38 |
|
|
$ |
9.38 |
|
|
$ |
12.75 |
|
|
$ |
11.25 |
|
|
$ |
9.38 |
|
| Fair value per warrant |
|
$ |
6.00 |
|
|
$ |
9.00 |
|
|
$ |
11.10 |
|
|
$ |
8.70 |
|
|
$ |
6.90 |
|
|
| Schedule of Concerning Options and Warrants Outstanding and Exercisable |
The following tables summarize
information concerning options and warrants outstanding and exercisable:
| |
|
Stock Options |
|
|
Warrants |
|
|
Total |
|
| |
|
Shares |
|
|
Weighted
Average
price per
share
|
|
|
Shares |
|
|
Weighted
Average
price per
share
|
|
|
Shares |
|
|
Exercisable |
|
| Balance outstanding, January 1, 2016 |
|
|
185,708 |
|
|
$ |
13.20 |
|
|
|
974,256 |
|
|
$ |
13.20 |
|
|
|
1,159,964 |
|
|
|
1,055,483 |
|
| Granted |
|
|
- |
|
|
|
- |
|
|
|
272,652 |
|
|
|
12.60 |
|
|
|
272,652 |
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
(2,334 |
) |
|
|
9.30 |
|
|
|
(2,334 |
) |
|
|
|
|
| Expired |
|
|
(6,200 |
) |
|
|
30.00 |
|
|
|
(362,585 |
) |
|
|
16.50 |
|
|
|
(368,785 |
) |
|
|
|
|
| Forfeited |
|
|
(3,866 |
) |
|
|
15.30 |
|
|
|
- |
|
|
|
- |
|
|
|
(3,866 |
) |
|
|
|
|
| Balance outstanding, December 31, 2016 |
|
|
175,642 |
|
|
$ |
12.60 |
|
|
|
881,989 |
|
|
$ |
12.00 |
|
|
|
1,057,631 |
|
|
|
991,032 |
|
| Granted |
|
|
87,198 |
|
|
|
8.40 |
|
|
|
245,661 |
|
|
|
11.14 |
|
|
|
332,859 |
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
- |
|
|
|
(19,889 |
) |
|
|
7.50 |
|
|
|
(19,889 |
) |
|
|
|
|
| Expired |
|
|
(3,202 |
) |
|
|
30.00 |
|
|
|
(208,219 |
) |
|
|
11.46 |
|
|
|
(211,421 |
) |
|
|
|
|
| Forfeited |
|
|
(11,946 |
) |
|
|
9.82 |
|
|
|
- |
|
|
|
- |
|
|
|
(11,946 |
) |
|
|
|
|
| Balance outstanding, December 31, 2017 |
|
|
247,692 |
|
|
$ |
10.95 |
|
|
|
899,542 |
|
|
$ |
12.03 |
|
|
|
1,147,234 |
|
|
|
1,073,850 |
|
|
| Schedule of Share-based Compensation Stock Option Plans by Exercise Price Range |
| |
|
|
Options Outstanding |
|
|
Options Exercisable |
|
| |
|
|
Weighted Average |
|
|
Weighted Average |
|
Range of
Exercise Prices
|
|
|
Number of
Options
|
|
|
Remaining
Contractual
Life (Years)
|
|
|
Exercise
Price
|
|
|
Number of
Options
|
|
|
Remaining
Contractual
Life (Years)
|
|
|
Exercise
Price
|
|
| $ |
7.50 - $11.99 |
|
|
|
133,580 |
|
|
|
8.3 |
|
|
$ |
8.63 |
|
|
|
80,997 |
|
|
|
7.7 |
|
|
$ |
8.78 |
|
| |
12.00 – 14.99 |
|
|
|
88,705 |
|
|
|
7.7 |
|
|
|
12.00 |
|
|
|
67,904 |
|
|
|
7.6 |
|
|
|
12.00 |
|
| |
15.00 – 17.99 |
|
|
|
7,547 |
|
|
|
4.6 |
|
|
|
15.00 |
|
|
|
7,547 |
|
|
|
4.6 |
|
|
|
15.00 |
|
| |
18.00 – 20.99 |
|
|
|
12,854 |
|
|
|
2.1 |
|
|
|
18.00 |
|
|
|
12,854 |
|
|
|
2.1 |
|
|
|
18.00 |
|
| |
21.00 – 30.00 |
|
|
|
5,006 |
|
|
|
2.7 |
|
|
|
30.00 |
|
|
|
5,006 |
|
|
|
2.7 |
|
|
|
30.00 |
|
| $ |
7.50 - $30.00 |
|
|
|
247,692 |
|
|
|
7.5 |
|
|
$ |
10.95 |
|
|
|
174,308 |
|
|
|
7.0 |
|
|
$ |
11.59 |
|
|