| Stockholders Equity Note Disclosure [Text Block] | (9) Stockholders’ Equity (a) Issuance of Common Stock In March 2017, we entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”), to sell shares of our common stock, with aggregate gross sales proceeds of up to $ 20.0 1,986,709 4.42 8.8 8.4 (b) Rights Agreement On November 13, 2015, the Company and American Stock Transfer & Trust Company, LLC, as Rights Agent, entered into a Rights Agreement. Also on November 12, 2015, the board of directors of the Company authorized and the Company declared a dividend of one preferred stock purchase right (each a “Right” and collectively, the “Rights”) for each outstanding share of common stock of the Company. The dividend was payable to stockholders of record as of the close of business on November 30, 2015 and entitles the registered holder to purchase from the Company one one-thousandth of a fully paid non-assessable share of Series A Junior Participating Preferred Stock of the Company at a price of $ 63.96 In general, in the event a person becomes an Acquiring Person, then each Right not owned by such Acquiring Person will entitle its holder to purchase from the Company, at the Right’s then current exercise price, in lieu of shares of Series A Junior Participating Preferred Stock, common stock of the Company with a market value of twice the Purchase Price. In addition, if after any person has become an Acquiring Person, (a) the Company is acquired in a merger or other business combination, or (b) 50% or more of the Company’s assets, or assets accounting for 50% or more of its earning power, are sold, leased, exchanged or otherwise transferred (in one or more transactions), proper provision shall be made so that each holder of a Right (other than the Acquiring Person, its affiliates and associates and certain transferees thereof, whose Rights became void) shall thereafter have the right to purchase from the acquiring corporation, for the Purchase Price, that number of shares of common stock of the acquiring corporation which at the time of such transaction would have a market value of twice the Purchase Price. The Company will be entitled to redeem the Rights at $ 0.001 (c) Share-Based Payments The Company recognizes stock-based compensation expense for grants of stock option awards, restricted stock units and restricted stock under the Company’s Incentive Plan to employees and nonemployee members of the Company’s board of directors based on the grant-date fair value of those awards. The grant-date fair value of an award is generally recognized as compensation expense over the award’s requisite service period. In addition, the Company grants stock options to nonemployee consultants from time to time in exchange for services performed for the Company. Equity instruments granted to nonemployees are subject to periodic revaluation over their vesting terms. The Company uses the Black-Scholes model to compute the estimated fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to (i) expected volatility of the Company’s common stock price, (ii) the periods of time over which employees and members of the board of directors are expected to hold their options prior to exercise (expected term), (iii) expected dividend yield on the Common Stock, and (iv) risk-free interest rates. Stock-based compensation expense also includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. This estimate is revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. 646,000 741,000 1.3 1.5 Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Research and development $ 216,632 $ 144,875 $ 424,011 $ 329,299 General and administrative 429,507 595,892 854,417 1,144,970 $ 646,139 $ 740,767 $ 1,278,428 $ 1,474,269 The Company issued 50,000 55,000 50,000 602,000 287,000 Key assumptions used in the determination of the fair value of stock options granted are as follows: Expected Term Share-Based Payment, Risk-Free Interest Rate Expected Dividend Expected Volatility 2017 2016 Expected term 5.85 years 5.83 years Risk-free interest rate 1.96 % 1.68 % Expected dividend yield Expected volatility 85.56 % 82.33 % FASB ASC 718, Stock Compensation, As of June 30, 2017, there was $ 3.0 1.73 (d) Stock Option Plan In April 2014, the board of directors adopted the 2014 Stock and Incentive Plan ("2014 Plan") subject to shareholder approval which was received in June 2014. The 2014 Plan provides for the granting of nonqualified and incentive stock options, stock appreciation rights, restricted stock units, restricted stock and dividend equivalents. An aggregate of 1,000,000 271,906 1,271,906 2,471,906 896,020 Outstanding stock options Number of Weighted average shares exercise price Balance at December 31, 2016 2,225,850 6.12 Options granted 50,000 3.83 Options exercised (138,274) 2.81 Options forfeited - - Options cancelled (17,500) 13.84 Balance at June 30, 2017 2,120,076 6.22 Options exercisable at June 30, 2017 1,421,028 6.04 Options outstanding Options exercisable Weighted Weighted average average remaining Weighted remaining Weighted contractual average contractual average Aggregate Number life exercise Aggregate intrinsic Number life exercise intrinsic outstanding (Years) price value exerciseable (Years) price value 2,120,076 6.51 $ 6.22 $ 983,945 1,421,028 5.78 $ 6.04 $ 815,364 The intrinsic value for stock options is defined as the difference between the current market value and the exercise price. The total intrinsic value of stock options exercised during the six months ended June 30, 2017 and 2016 was $ 131,000 22,000 138,274 5,445 (e) Restricted Stock Units Number of unvested restricted stock units Balance at December 31, 2016 - Granted 287,000 Vested - Cancelled - Balance at June 30, 2017 287,000 |
