Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Restricted Stock Activity

A summary of restricted stock activity for the year ended December 31, 2015 is as follows:

		Number of Shares
Unvested - December 31, 2014			200,001
Granted			-
Vested			(66,666	)
Forfeited or Canceled			(88,890	)
Unvested – December 31, 2015			44,445

Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Award Activity

The following table summarizes the Company's stock option activity for the year ended December 31, 2015:

		Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in Years)				Aggregate Intrinsic Value
Outstanding - December 31, 2014			346,000			$	3.45				9.4			$	491,320
Granted			32,857				4.90
Exercised			-				-
Forfeited or Canceled			(221,667	)			(3.45	)
Outstanding – December 31, 2015			157,190			$	3.75				8.0			$	-

Exercisable – December 31, 2015			47,668				3.45				6.6			$	-

Schedule of Unvested Award activity

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, 2014			163,000			$	1.65
Granted			32,857				1.87
Vested			(47,668	)			(1.65	)
Forfeited or Canceled			(38,667	)			2.80
Unvested – December 31, 2015			109,522			$	1.72

Stock Options [Member] | Director [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Award Fair Value Assumptions

Risk-free interest rate			1.41	%
Expected dividend yield			0.00	%
Expected volatility			39.47	%
Expected term			5.5 years

Stock Options [Member] | Certain directors, senior management and employees [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Award Fair Value Assumptions

Risk-free interest rate			2.02	%
Expected dividend yield			0.00	%
Expected volatility			48.14	%
Expected term			6 years

Stock Options [Member] | Mr. Proman [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Award Fair Value Assumptions

Risk-free interest rate			1.82	%
Expected dividend yield			0.00	%
Expected volatility			41.5	%
Expected term			5 years

Warrants [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Award Fair Value Assumptions

Risk-free interest rate			1.82	%
Expected dividend yield			0.00	%
Expected volatility			41.5	%
Expected term			5 years