v2.4.1.9

3. Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

Summary of Preferred Stock and Warrants

	As of March 31, 2015				As of December 31, 2014
	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
Series C-2	150,000	10.000	1,500,000		150,000	10.000	1,500,000
Series C-3	136,500	10.000	1,365,000		179,000	10.000	1,790,000
Series D	73,962	21.000	1,553,202		73,962	21.000	1,553,202
Series E	89,623	49.200	4,409,452		92,440	49.200	4,548,048
Total	450,085		$ 8,827,654		949,948		$ 9,391,705

Summary of Option Activity under Plan and Related Information

	Three Months Ended March 31,
	2015		2014
	Shares	WeightedAverage ExercisePrice	Shares	WeightedAverage ExercisePrice
Outstanding at beginning of period	3,664,500	$       1.25	3,453,630	$       1.06
Exercised	(50,000)	$       2.51	(275,000)	$       0.78
Forfeited	(20,000)	-	-	-
Expired	-	-	(274,630)	$ 3.16
Granted	420,000	$ 5.30	900,000	$ 2.05
Outstanding at end of period	4,014,500	$ 1.65	3,804,000	$ 1.16
Options exercisable	3,384,000	$ 1.34	2,765,000	$ 1.19
Expected to vest	530,881	$ 3.31	706,520	$ 1.08
Weighted-average fair value of options granted during the period		$ 3.84		$ 1.49

Summary of Warrant Activity

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding at beginning of period	11,520,762		$       1.99		2.57
Granted	284,174		$       6.99		4.93
Expired	(68,160)		$       3.44		-
Exercised	(4,846,449)		$       1.72		-
Outstanding at end of period	6,890,327		$       2.38		2.50

Stock options

Fair value assumptions for Black Sholes

	Three Months Ended March 31,
	2015	2014
Expected Term	5 – 10 years	5 – 9.75 years
Volatility	94%	96% - 113%
Dividend yield	0.0%	0.0%
Risk-free interest rate	1.47% - 2.11%	1.51% - 2.88%

Warrants

Fair value assumptions for Black Sholes

Expected Term	5 years
Volatility	75.81% - 104.08%
Dividend yield	0.0%
Risk-free interest rate	0.01% - 1.61%

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- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year.

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