2017 | 2016 | |||||||||||
Number of options | Weighted average exercise price | Weighted average remaining term | Number of options | Weighted average exercise price | Weighted average remaining term | |||||||
Outstanding at January 1 | 1,038,140 | 3.36 | 6.14 | 629,010 | 4.92 | 5.42 | ||||||
Expired during the year | (67,500 | ) | — | — | (17,500 | ) | — | — | ||||
Forfeited during the year | (637,200 | ) | — | — | (129,030 | ) | — | — | ||||
Exercised during the year | — | — | — | — | — | — | ||||||
Granted during the year | 1,918,100 | 0.82 | 7.70 | 555,660 | 1.99 | 7.81 | ||||||
Outstanding at December 31 | 2,251,540 | 1.74 | 6.88 | 1,038,140 | 3.36 | 6.14 | ||||||
Exercisable at December 31 | 326,510 | 4.48 | 4.24 | 199,005 | 4.56 | 3.11 | ||||||