|
8. Stockholders' Equity (Deficiency) (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| STOCKHOLDERS' DEFICIT |
|
| Fair value assumptions for Black Sholes |
| |
|
At Issuance Date |
|
|
At September 15, 2014 |
|
| Expected term (years) |
|
|
5.5 |
|
|
|
5 |
|
| Volatility |
|
|
75 |
% |
|
|
75 |
% |
| Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Risk-free interest rate |
|
|
1.63 |
% |
|
|
1.8 |
% |
|
| Summary of warrants outstanding |
| |
|
As of December 31, 2014 |
|
|
As of December 31, 2013 |
|
| |
|
Preferred Shares Outstanding |
|
|
Liquidation Preference (Per Share) |
|
|
Total Liquidation Preference |
|
|
Preferred Shares Outstanding |
|
|
Liquidation Preference (Per Share) |
|
|
Total Liquidation Preference |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series B |
|
|
454,546 |
|
|
$ |
0.001 |
|
|
|
455 |
|
|
|
454,546 |
|
|
$ |
0.001 |
|
|
|
455 |
|
| Series C-1 |
|
|
- |
|
|
|
10.000 |
|
|
|
- |
|
|
|
140,000 |
|
|
|
10.000 |
|
|
|
1,400,000 |
|
| Series C-2 |
|
|
150,000 |
|
|
|
10.000 |
|
|
|
1,500,000 |
|
|
|
150,000 |
|
|
|
10.000 |
|
|
|
1,500,000 |
|
| Series C-3 |
|
|
179,000 |
|
|
|
10.000 |
|
|
|
1,790,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Series D |
|
|
73,962 |
|
|
|
21.000 |
|
|
|
1,533,202 |
|
|
|
57,400 |
|
|
|
7.000 |
|
|
|
401,800 |
|
| Series E |
|
|
92,440 |
|
|
|
49.200 |
|
|
|
4,548,048 |
|
|
|
55,214 |
|
|
|
16.400 |
|
|
|
905,510 |
|
| Total |
|
|
949,948 |
|
|
|
|
|
|
|
9,391,705 |
|
|
|
857,160 |
|
|
|
|
|
|
|
4,207,765 |
|
|
| Fair value assumptions for Monte Carlo |
| |
|
At September 15, 2014 |
|
|
At Issuance Date |
|
| Expected term (months) |
|
|
49 - 64 |
|
|
|
56 - 60 |
|
| Volatility |
|
|
75 |
% |
|
|
75 |
% |
| Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Risk-free interest rate |
|
|
1.63 - 1.8 |
% |
|
|
1.3 - 1.5 |
% |
|
| Summary of Option Activity under Plan and Related Information |
| |
|
Year Ended
December 31, 2014 |
|
|
Year Ended
December 31, 2013 |
|
| |
|
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Shares |
|
|
Weighted
Average
Exercise
Price |
|
| Outstanding at beginning of year |
|
|
3,453,630 |
|
|
$ |
1.06 |
|
|
|
2,135,630 |
|
|
$ |
1.26 |
|
| Granted |
|
|
1,581,000 |
|
|
$ |
1.98 |
|
|
|
1,814,000 |
|
|
$ |
0.90 |
|
| Exercised |
|
|
(455,000 |
) |
|
$ |
0.70 |
|
|
|
(10,000 |
) |
|
$ |
0.24 |
|
| Cancelled |
|
|
(574,630 |
) |
|
$ |
2.65 |
|
|
|
(118,667 |
) |
|
$ |
1.61 |
|
| Forfeited |
|
|
(340,500 |
) |
|
$ |
1.13 |
|
|
|
(367,333 |
) |
|
$ |
1.28 |
|
| Outstanding at end of year |
|
|
3,664,500 |
|
|
$ |
1.25 |
|
|
|
3,453,630 |
|
|
$ |
1.06 |
|
| Outstanding at end of year expected to vest |
|
|
481,835 |
|
|
$ |
1.25 |
|
|
|
587,278 |
|
|
$ |
0.90 |
|
| Options exercisable |
|
|
3,092,250 |
|
|
$ |
1.15 |
|
|
|
2,490,880 |
|
|
$ |
1.12 |
|
| Weighted-average fair value of options granted during the year |
|
|
|
|
|
$ |
1.50 |
|
|
|
|
|
|
$ |
0.76 |
|
|
| Summary of Warrant Activity |
| |
|
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted Average Remaining Contractual Life |
|
| Outstanding at beginning of period |
|
|
10,422,525 |
|
|
$ |
2.00 |
|
|
|
3.12 |
|
| Granted |
|
|
2,036,000 |
|
|
$ |
2.19 |
|
|
|
5.11 |
|
| Expired |
|
|
(18,250 |
) |
|
|
- |
|
|
|
- |
|
| Exercised |
|
|
(919,513 |
) |
|
$ |
0.41 |
|
|
|
- |
|
| Outstanding at end of period |
|
|
11,520,762 |
|
|
$ |
1.99 |
* |
|
|
2.57 |
** |
|