6. Equity Incentive Plan

In connection with the resignation of the Company’s former Chief Operating Officer on March 31, 2016, the Company’s Board of Directors accelerated the vesting of 33,333 shares of unvested stock options resulting in a total of 100,000 vested stock options, which remain outstanding at March 31, 2016.  The Company recognized no material incremental costs during the three months ended March 31, 2016 related to the modification.

There were no new equity awards granted during the three months ended March 31, 2016.  The amortization expense associated with stock options during the three months ended March 31, 2016 and 2015 was $321 and $412, respectively. The unamortized cost of the options at March 31, 2016 was $309, to be recognized over a weighted-average remaining life of 0.6 years.  At March 31, 2016, and December 31, 2015, 1,227,794 and 916,667 shares of the options were exercisable, respectively. In addition, there was no intrinsic value associated with the options as of March 31, 2016. The weighted-average remaining contractual life of the options outstanding is 7.0 years.