Quarterly report pursuant to Section 13 or 15(d)

Stock-based compensation

v3.8.0.1
Stock-based compensation
 9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Stock-based compensation
Stock-Based Compensation

Stock-Based Compensation
The Company adopted the 2006 Stock Option and Incentive Plan, or the Plan, under which the Board of Directors may grant incentive or non-qualified stock options and stock grants to key employees, directors, advisors and consultants of the Company. The Plan was amended at various dates by the Board of Directors to increase the reserved shares of common stock issuable under the Plan to 3,838,750 as of September 30, 2017, or the Amended Plan.
Stock options vest based upon the terms within the individual option grants, with an acceleration of the unvested portion of such options upon a change in control event, as defined in the Amended Plan. The options are not transferable except by will or domestic relations order. The option price per share under the Amended Plan cannot be less than the fair market value of the underlying shares on the date of the grant. The number of shares remaining available for future issuance under the Amended Plan as of September 30, 2017 was 2,250,536.
Stock option activity for the nine months ended September 30, 2017 was as follows: 
Common Stock Options
Number of
Options
 
Exercise
Price
Per
Share
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Life
 
Aggregate
Intrinsic
Value
Outstanding, December 31, 2016
1,117,918

 
$0.79-$5.39
 
$
3.10

 
5.00 years
 
$
1,415,150

Granted
45,000

 
$3.22-$3.72
 
3.35

 
 
 
 
Assumed in merger
156,124

 
$3.15-$30.33
—

10.35

 
 
 
 
Exercised
(79,543
)
 
$0.79-$2.00
 
1.62

 
 
 
 
Canceled and forfeited
(106,112
)
 
$2.60-$30.33
 
9.67

 
 
 
 
Outstanding, September 30, 2017
1,133,387

 
 $0.79-$25.11
 
$
3.62

 
5.25 years
 
$
484,535

Exercisable, September 30, 2017
883,631

 
 
 
$
3.42

 
 
 
$
201,957

Vested and expected to vest, September 30, 2017
1,095,925

 
 
 
$
3.59

 
 
 
$
605,063


Consolidated stock-based compensation expense for the nine months ended September 30, 2017 and 2016 was $138,329 and $117,065, respectively. No tax benefit was recognized related to the stock-based compensation recorded during the periods.