XML 41 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2014
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The fair value of share-based payment units was estimated using the Black-Scholes option pricing model with the following assumptions and weighted average fair values as follows:
 
 
 
Twelve Months Ended
 
 
 
December 31,
 
 
 
2014
 
2013
 
Valuation assumptions:
 
 
 
 
 
 
Grant price
 
$3.09- $5.68
 
$
3.12
 
Exercise price
 
$3.09- $5.68
 
$
3.12
 
Expected dividend yield
 
0
%
 
0
%
Expected volatility
 
90%-152.6%
 
 
100.41
%
Expected life (in years)
 
5
 
 
5
 
Risk-free interest rate
 
0.75% - 1.97%
 
 
0.77
%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
Stock option activity under the Plans during the periods indicated below is as follows:
 
 
 
Number of
Shares
Subject to
Issuance
 
Weighted-
average
Exercise
Price
 
Weighted-
average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2012
 
 
93,330
 
$
16.48
 
 
1.66 years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
16,875
 
 
3.12
 
 
 
 
 
 
 
Forfeited or expired
 
 
(50,119)
 
 
15.12
 
 
 
 
 
 
 
Exercised
 
 
(19,150)
 
 
3.68
 
 
 
 
 
 
 
Outstanding at December 31, 2013
 
 
40,936
 
$
18.48
 
 
2.42 years
 
$
12,100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
 
203,622
 
$
4.31
 
 
 
 
 
 
 
Forfeited or expired
 
 
(9,080)
 
 
9.63
 
 
 
 
 
 
 
Exercised
 
 
-
 
 
-
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
 
235,478
 
$
5.95
 
 
4.44 years
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at December 31, 2014
 
 
21,544
 
$
28.70
 
 
1.32 years
 
$
-
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
The following is a summary of stock options as of December 31, 2014:
 
 
 
Options Outstanding
 
Options Exercisable
 
Range of Exercise Prices
 
Number of
Options
 
 
Weighted- 
average
Remaining Life
 
Weighted-
average
Exercise 
Price
 
Number of 
Options
 
Weighted- 
average 
Exercise
Price
 
$3.09 to $4.00
 
 
141,122
 
 
4.75 years
 
$
3.26
 
 
3,438
 
$
3.12
 
$4.00 to $12.00
 
 
80,625
 
 
4.49 years
 
$
4.78
 
 
4,375
 
$
11.60
 
$12.24 to 24.00
 
 
375
 
 
0.58 years
 
$
12.56
 
 
375
 
$
12.56
 
$29.04 to $45.12
 
 
13,356
 
 
1.22 years
 
$
41.34
 
 
13,356
 
$
41.34
 
 
 
 
235,478
 
 
4.44 years
 
$
5.95
 
 
21,544
 
$
28.70
 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]
Share based compensation is included in operating expenses as follows:
 
 
 
Years Ended December 31,
 
 
 
2014
 
2013
 
Selling
 
$
-
 
$
13,099
 
General and administrative
 
 
184,543
 
 
6,467
 
Research and development
 
 
4,097
 
 
12,087
 
 
 
$
188,640
 
$
31,653
 
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]
Share based compensation expense for the years ended December 31, 2014 and 2013 is as follows:
 
 
 
Years Ended December 31,
 
Compensation cost recognized:
 
2014
 
2013
 
Stock options
 
$
101,767
 
$
19,053
 
Restricted stock units
 
 
86,873
 
 
12,600
 
 
 
$
188,640
 
$
31,653
 
Restricted Stock Units (RSUs) [Member]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
During the years ended December 31, 2014 and 2013, charges associated with RSUs were $86,873 and $0, respectively. 
 
 
Number of 
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2013
 
 
-
 
 
-
 
$
-
 
Granted
 
 
34,351
 
 
3.93
 
 
 
 
Vested and Settled in Shares
 
 
(2,544)
 
 
3.93
 
 
 
 
Canceled / Expired
 
 
-
 
 
3.93
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
 
31,807
 
 
3.93
 
$
-