10. STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Stock Option Activity |
| |
|
Number
of Shares |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average Remaining Contract Term (Years) |
|
|
Aggregate
Intrinsic Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding - December 31,
2015 |
|
|
9,799,036 |
|
|
$ |
1.97 |
|
|
|
9.20 |
|
|
$ |
57,800 |
|
| Granted |
|
|
3,220,000 |
|
|
|
0.36 |
|
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Forfeited |
|
|
(74,631 |
) |
|
|
0.55 |
|
|
|
– |
|
|
|
– |
|
| Expired |
|
|
(103,405 |
) |
|
|
2.34 |
|
|
|
– |
|
|
|
– |
|
| Outstanding - December 31, 2016 |
|
|
12,841,000 |
|
|
|
1.57 |
|
|
|
8.54 |
|
|
|
415,135 |
|
| Granted |
|
|
10,312,000 |
|
|
|
0.36 |
|
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Forfeited |
|
|
(6,930,976 |
) |
|
|
2.37 |
|
|
|
– |
|
|
|
– |
|
| Expired |
|
|
(398,747 |
) |
|
|
0.43 |
|
|
|
– |
|
|
|
– |
|
| Outstanding - December
31, 2017 |
|
|
15,823,277 |
|
|
|
0.46 |
|
|
|
7.91 |
|
|
|
5,406,499 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total exercisable
- December 31, 2017 |
|
|
12,084,662 |
|
|
|
0.50 |
|
|
|
7.73 |
|
|
|
2,059,545 |
|
| Total unvested
- December 31, 2017 |
|
|
3,738,615 |
|
|
|
0.35 |
|
|
|
8.48 |
|
|
|
2,896,954 |
|
| Total
vested or expected to vest - December 31, 2017 |
|
|
15,823,277 |
|
|
|
1.57 |
|
|
|
8.54 |
|
|
|
5,406,499 |
|
| Nonvested Stock Option Activity |
| |
|
|
Number
of Shares |
|
|
Weighted
Average Fair Value Per Share on Grant Date |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Unvested
stock options - December 31, 2015 |
|
|
|
2,511,055 |
|
|
$ |
1.37 |
|
| |
Granted |
|
|
|
3,220,000 |
|
|
|
0.27 |
|
| |
Vested |
|
|
|
(1,932,191 |
) |
|
|
0.96 |
|
| |
Cancellations |
|
|
|
(74,631 |
) |
|
|
1.35 |
|
| |
Unvested stock options
- December 31, 2016 |
|
|
|
3,724,233 |
|
|
|
0.63 |
|
| |
Granted |
|
|
|
10,312,000 |
|
|
|
0.21 |
|
| |
Vested |
|
|
|
(3,366,642 |
) |
|
|
0.50 |
|
| |
Cancellations |
|
|
|
(6,930,976 |
) |
|
|
0.32 |
|
| |
Unvested
stock options - December 31, 2017 |
|
|
|
3,738,615 |
|
|
|
0.36 |
|
|
| Options Outside the Amended 2013 Plan [Member] |
|
| Stock Option Activity |
| |
|
Number
of Shares |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average Remaining Contract Term (Years) |
|
|
Aggregate
Intrinsic Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding - December 31,
2016 |
|
|
2,750,000 |
|
|
$ |
0.37 |
|
|
|
9.77 |
|
|
$ |
170,500 |
|
| Granted |
|
|
4,500,000 |
|
|
|
0.37 |
|
|
|
8.78 |
|
|
|
1,813,500 |
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Expired |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Outstanding - December
31, 2017 |
|
|
7,250,000 |
|
|
|
0.37 |
|
|
|
8.78 |
|
|
|
1,813,500 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total exercisable
- December 31, 2017 |
|
|
7,250,000 |
|
|
|
0.37 |
|
|
|
8.78 |
|
|
|
1,813,500 |
|
| Total unvested
- December 31, 2017 |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Total
vested or expected to vest - December 31, 2017 |
|
|
7,250,000 |
|
|
|
0.37 |
|
|
|
8.78 |
|
|
|
1,813,500 |
|
|
| Fair value assumptions |
| |
|
2017 |
|
|
2016 |
|
| |
|
Employees
Weighted Average |
|
|
Non-Employees
Weighted Average |
|
|
Employees
Weighted Average |
|
|
Non-Employees
Weighted Average |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Volatility |
|
|
102.58% |
|
|
|
95.94% |
|
|
|
87.63% |
|
|
|
90.38% |
|
| Risk-Free Interest Rate |
|
|
1.62% |
|
|
|
2.59% |
|
|
|
1.47% |
|
|
|
1.37% |
|
| Expected Term |
|
|
3.17 |
|
|
|
10.00 |
|
|
|
5.68 |
|
|
|
10.00 |
|
| Dividend Rate |
|
|
0.00% |
|
|
|
0.00% |
|
|
|
0.00% |
|
|
|
0.00% |
|
| Fair Value Per Share on Grant Date |
|
$ |
0.13 |
|
|
$ |
0.33 |
|
|
$ |
0.27 |
|
|
$ |
0.32 |
|
The following
table presents the weighted-average assumptions used by the Company for calculating the fair value of its employee stock options
granted outside of the Amended 2013 Plan using the Black-Scholes valuation model during the year ended December 31,
2017:
| |
|
Assumptions |
|
| |
|
|
|
| Volatility |
|
|
81.10% |
|
| Risk-Free Interest Rate |
|
|
1.84% |
|
| Expected Term |
|
|
4.63 |
|
| Dividend Rate |
|
|
0.00% |
|
| Fair Value Per Share on Grant Date |
|
$ |
0.15 |
|
|
| RSU activity outside of Amended 2013 Plan [Member] |
|
| Nonvested Stock Option Activity |
| Unvested stock options - December
31, 2016 |
|
– |
|
|
$ |
– |
|
| |
Granted |
|
|
7,250,000 |
|
|
|
0.37 |
|
| |
Vested |
|
|
(7,250,000 |
) |
|
|
0.37 |
|
| |
Cancellations |
|
|
– |
|
|
|
– |
|
| |
Unvested
stock options - December 31, 2017 |
|
|
– |
|
|
|
– |
|
|