Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.3.1.900
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2015
Summary of Significant Accounting Policies [Abstract]  
Schedule of Short-Term Investments

 

December 31, 2015

 

Amortized cost

   

Gross unrealized gains

   

Gross unrealized losses

   

Estimated fair value

 

Certificates of deposit

$ 500,000     $ 483     $ -     $ 500,483  
    $ 500,000     $ 483     $ -
  $ 500,483  

 

December 31, 2014

 

Amortized cost

   

Gross unrealized gains

   

Gross unrealized losses

   

Estimated fair value

 

Certificates of deposit

$ 1,099,775     $ 1,168     $ -     $ 1,100,943  

Municipal bonds

  536,046       -       (6,572 )     529,474  

Corporate fixed income bonds

    3,563,057       808,948       -       4,372,005  
    $ 5,198,878     $ 810,116     $ (6,572 )   $ 6,002,422  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
   

December 31,

 

Financial Instrument

Level

   

2015

   

2014

 

Warrant liability

3     $ -     $ 93,789  
Schedule of Valuation Assumptions

 

 

December 31,  

 

 

 

2015

 

 

2014

 

Strike price

 

$

10.00

 

 

$

10.00

 

Market price

 

$

0.50

 

 

$

4.87

 

Expected life

 

3.17 years

 

 

4.17 years

 

Risk-free interest rate

 

 

1.62

%

 

 

1.62

%

Dividend yield

 

 

0.00

%

 

 

0.00

%

Volatility

 

 

36

%

 

 

42

%

Warrants outstanding

 

 

131,250

 

 

 

131,250

 

Fair value of warrants

 

$

-

 

 

$

93,789

 

Schedule of Changes in Fair Value of Warrant Liability

Balance – January 1, 2015

 

$

(93,789

)

Decrease in net value of warrant liability

 

 

93,789

 

Balance –December 31, 2015

 

$

-

 

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


 

2015

 

 

2014

 

Warrants to purchase common stock

 

 

362,500

 

 

 

362,500

 

Stock options

 

 

157,190

 

 

 

346,000

 

Unvested restricted stock

 

 

44,445

 

 

 

200,001

 

 

 

 

564,135

 

 

 

908,501