Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

26. Share-Based Payment (Tables)

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26. Share-Based Payment (Tables)
12 Months Ended
Dec. 31, 2017
Share-based Payment Tables  
Schedule of stock option activity
    Number of
shares
    Weighted
average
exercise price
per share
    Weighted
average
remaining
contractual
term
(in years)
    Aggregate
intrinsic
value
 
Outstanding at January 1, 2015     77,000     $ 0.669       4.40     $ 67,414  
Granted     125,500                   346,280  
Exercised                        
Cancelled                        
Outstanding at December 31, 2015     202,500     $ 2.759       5.00       413,693  
Granted     313,000                   329,871  
Exercised                        
Cancelled     (31,250 )                  
Outstanding at December 31, 2016     484,250     $ 1.132       4.69     $ 743,564  
Granted                        
Exercised     (2,900 )                  
Cancelled     (7,500 )                 (2,400 )
Outstanding and exercisable at December 31, 2017     473,850     $ 1.132       3.85     $ 741,164  
Schedule of unvested stock option activity

The following table summarizes the unvested stock option activity during the period from January 1, 2015 to December 31, 2017:

 

    Number of shares  
Unvested January 1, 2015     62,031  
Granted     125,500  
Vested     (92,844 )
Cancelled      
Unvested December 31, 2015     94,687  
Granted     313,000  
Vested     (266,837 )
Cancelled     (31,250 )
Unvested December 31, 2016     109,600  
Granted      
Vested     (99,249 )
Cancelled     (7,500 )
Unvested December 31, 2017     2,851  
Schedule ofstock options using the Black-Scholes option-pricing model

The fair value assigned to the vested increments of these awards was estimated at the grant date of the stock options using the Black-Scholes option-pricing model with the following assumptions:

 

    Year ended December 31, 2016     Year ended December 31, 2015  
             
Stock price     $1.80 - $3.55       $1.25 - $4.00  
Risk-free interest rate     0.94% - 2.10%       1.18% - 1.81%  
Expected term (in years)     5.0       5.0  
Weighted average expected stock price volatility     34.28%       71.32%  
Expected dividend yield     0%       0%  
Weighted average grant-date fair value of options granted   $ 1.0539     $ 2.7592