Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.2.0.727
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
Share-based compensation expense included in the statements of operations for the three and six months ended June 30, 2015 and 2014 was as follows:
 
 
 
Three Months Ended June 30,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
Research and development expenses
 
$
294,574
 
$
244,985
 
General and administrative expenses
 
 
331,385
 
 
296,041
 
Total
 
$
625,959
 
$
541,026
 
  
 
 
Six Months Ended June 30,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
Research and development costs
 
$
572,754
 
$
478,558
 
General and administrative expenses
 
 
743,063
 
 
2,503,467
 
Total
 
$
1,315,817
 
$
2,982,025
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of stock option activity during the six months ended June 30, 2015 and related information is included in the table below:
 
 
 
 
 
 
Weighted-
 
Weighted-
 
 
 
 
 
 
 
 
 
 Weighted-
 
Average
 
 
 
 
 
 
 
 
 
Average
 
Remaining
 
 
 
 
 
 
 
 
 
Exercise
 
Contractual
 
Aggregate
 
 
 
Number of Options
 
Price
 
Life (in years)
 
Intrinsic Value
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2015
 
 
18,986,395
 
$
1.89
 
 
5.1
 
$
20,306,807
 
Granted
 
 
540,901
 
$
3.61
 
 
 
 
 
 
 
Exercised
 
 
(33,053)
 
$
1.64
 
 
 
 
$
68,400
 
Forfeited
 
 
(232,611)
 
$
2.27
 
 
 
 
 
 
 
Outstanding at June 30, 2015
 
 
19,261,632
 
$
1.94
 
 
4.8
 
$
11,043,872
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at June 30, 2015
 
 
15,480,734
 
$
2.03
 
 
4.1
 
$
8,243,906
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and expected to vest
 
 
19,255,386
 
$
1.94
 
 
4.8
 
$
11,043,872
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
 
 
 
 
 
 
 
 
Weighted-
 
 
 
 
 
 
 
 
 
Weighted-
 
Average
 
 
 
 
 
 
 
 
 
Average
 
Remaining
 
 
 
 
 
Number of Options
 
Exercise
 
Contractual
 
Aggregate
 
Range of Exercise Prices
 
Outstanding
 
Price
 
Life (in years)
 
Intrinsic Value
 
$0.50 - $1.00
 
 
7,000,000
 
$
0.80
 
 
5.1
 
$
7,980,000
 
$1.01 - $2.00
 
 
4,101,336
 
$
1.19
 
 
6.4
 
 
3,063,872
 
$2.01 - $3.00
 
 
2,122,669
 
$
2.50
 
 
4.3
 
 
 
 
$3.01 - $5.00
 
 
6,037,627
 
$
3.57
 
 
3.7
 
 
 
 
 
 
 
19,261,632
 
$
1.94
 
 
4.8
 
$
11,043,872
 
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions Black Sholes Model [Table Text Block]
The Company uses the Black-Scholes option pricing model for “plain vanilla” options and other pricing models as appropriate to calculate the fair value of options. Significant assumptions used in these models include:
 
 
 
Six Months Ended June 30,
 
 
 
2015
 
 
2014
 
 
 
 
 
 
 
 
Annual dividend
 
-
 
 
-
 
Expected life (in years)
 
5.8 - 6.0
 
 
4.0 - 8.5
 
Risk free interest rate
 
1.70% - 1.78%
 
 
1.12% - 2.50%
 
Expected volatility
 
69.3% - 71.8%
 
 
68.8% - 100.0%
 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
A summary of our restricted stock unit activity for the six months ended June 30, 2015 is as follows:
 
 
 
 
 
Weighted-
 
 
 
 
 
Average
 
 
 
Number of
 
Grant Date
 
 
 
RSU's
 
Fair Value
 
 
 
 
 
 
Outstanding at January 1, 2015
 
 
447,275
 
$
2.18
 
Granted
 
 
-
 
 
 
 
Vested and converted to common shares
 
 
-
 
 
 
 
Forfeited
 
 
-
 
 
 
 
Outstanding at June 30, 2015
 
 
447,275
 
$
2.18
 
 
 
 
 
 
 
 
 
Exercisable at June 30, 2015
 
 
447,275
 
$
2.18
 
Schedule Of Share Based Compensation Warrant Activity [Table Text Block]
A summary of warrant activity for the six months ended June 30, 2015 follows:
 
 
 
 
 
 
 
 
 
 
Weighted-
 
 
 
 
 
 
 
 
 
Weighted-
 
 
Average
 
 
 
 
 
 
 
 
 
Average
 
 
Remaining
 
Aggregate
 
 
 
Number of
 
Exercised
 
 
Contractual Life
 
Intrinsic
 
 
 
Warrants
 
Price
 
 
(in years)
 
Value
 
 
 
 
 
 
 
 
Outstanding at January 1, 2015
 
 
21,422,346
 
$
2.30
 
 
 
3.8
 
$
15,984,739
 
Granted
 
 
-
 
 
 
 
 
 
 
 
 
 
 
Exercised
 
 
(1,724,606)
 
$
1.94
 
 
 
 
 
 
 
 
Forfeited
 
 
(24,794)
 
$
2.13
 
 
 
 
 
 
 
 
Outstanding at June 30, 2015
 
 
19,672,946
 
$
2.34
 
 
 
3.6
 
$
6,951,728
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at June 30, 2015
 
 
19,672,946
 
$
2.34
 
 
 
3.6
 
$
6,951,728