Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.4.0.3
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
9. Stock-Based Compensation

Equity Incentive Plans – The Company adopted the 2013 Equity Compensation Plan under which the Company reserved 500,000 shares of common stock for the purpose of providing equity incentives to employees, officers, directors and consultants including options, restricted stock, restricted stock units, stock appreciation rights, other equity awards, annual incentive awards and dividend equivalents. The plan provides for a maximum of 500,000 shares that could be acquired upon the exercise of stock options or the vesting of restricted stock.
 
Stock Options

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2016:
 
   
Number of
Options
    
Weighted
Average
Exercise
Price
    
Weighted
Average
Remaining
Contractual
Life
(in Years)
    
Aggregate
Intrinsic
Value
  
Outstanding - December 31, 2015
    
157,190
    
$
3.75
      
8.0
    
$
-
  
Granted
    
-
      
-
                  
Exercised
    
-
      
-
                  
Forfeited or Canceled
    
(11,333
)
    
(3.45
)
                
Outstanding – March 31, 2016
    
145,857
    
$
3.78
      
8.2
    
$
-
  
                                 
Exercisable – March 31, 2016
    
108,522
      
3.89
      
8.2
    
$
-
  
 
A summary of the changes in the Company’s unvested stock options is as follows:
 
   
Number of
Options
    
Weighted
Average
Grant
Date Fair
Value
  
Unvested - December 31, 2015
    
109,522
    
$
1.72
  
Granted
    
-
      
-
  
Vested
    
(70,187
)
    
(1.75
)
Forfeited or Canceled
    
(2,000
)
    
(1.65
)
Unvested – March 31, 2016
    
37,335
    
$
1.65
  

The Company recorded non-cash compensation expense of approximately $30,000 and $11,000 for the three months ended March 31, 2016 and 2015, respectively, pertaining to stock options.

Total unrecognized compensation expense related to unvested stock options at March 31, 2016 amounts to approximately $62,000 and is expected to be recognized over a remaining weighted average period of 1.00 year.

Warrants

As of March 31, 2016, there were 362,500 warrants outstanding and exercisable, with a weighted average exercise price of $8.34 per share. The weighted average remaining contractual life of the warrants at March 31, 2016 and December 31, 2015 was 3.3 and 3.5 years, respectively, and the aggregate intrinsic value was $0.

The Company did not grant any warrants to purchase shares of common stock during the three months ended March 31, 2016.

No compensation cost was recognized for the three months ended March 31, 2016 and 2015 pertaining to warrants.

Restricted Stock

As of March 31, 2016 and December 31, 2015, there were 44,445 shares of unvested restricted stock outstanding.

The Company recorded non-cash compensation expense of approximately $28,000 and $111,000 for the three months ended March 31, 2016 and 2015, respectively, pertaining to restricted stock.
 
Total unrecognized compensation expense related to unvested restricted stock at March 31, 2016 amounts to approximately $184,000 and is expected to be recognized over a weighted average period of 1.7 years.