Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2016:

	Number of Options			Weighted Average Exercise Price			Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Outstanding - December 31, 2015		157,190		$	3.75			8.0	$	-
Granted		-			-
Exercised		-			-
Forfeited or Canceled		(11,333	)		(3.45	)
Outstanding – March 31, 2016		145,857		$	3.78			8.2	$	-

Exercisable – March 31, 2016		108,522			3.89			8.2	$	-

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, 2015		109,522		$	1.72
Granted		-			-
Vested		(70,187	)		(1.75	)
Forfeited or Canceled		(2,000	)		(1.65	)
Unvested – March 31, 2016		37,335		$	1.65