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Share Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2015
Schedule of Share based Compensation Expenses

All stock-based compensation is included in operating expenses for the periods as follows:

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2015     2014     2015     2014  
Compensation cost recognized:                                
General & Administrative   $ 158,437     $ 1,029     $ 245,515     $ 1,999  
Research & Development     20,446       1,266       21,893       2,582  
    $ 178,883     $ 2,295     $ 267,408     $ 4,581  
Schedule of Share-based Payment Valuation Assumptions

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:

 

    Six Months Ended  
    June 30, 2015  
Valuation assumptions:        
Stock price     $1.38 - $1.56  
Exercise price     $1.38 - $1.56  
Expected dividend yield     0%  
Expected volatility     98.9% - 99.2%  
Expected life (in years)     5  
Risk-free interest rate     1.37% - 1.57%  
Schedule of Share-based Compensation Stock Options Plan

Stock option activity under the 1998, 1999, 2001, 2003, 2006 and 2015 Stock Option Plans (collectively, the “Plans”) during the periods indicated below were as follows:

 

    Number of
Shares
Subject to
Issuance		     Weighted-
average
Exercise
Price		     Weighted-
average
Remaining Contractual
Term		     Aggregate
Intrinsic
Value		  
                         
Outstanding at December 31, 2014     235,478     $ 5.95       4.44 years     $ -  
                                 
Granted     146,757       1.46       -       -  
Forfeited or expired     (10,874 )     20.77       -       -  
Exercised     (313 )     3.12       -       -  
Outstanding at June 30, 2015     371,048     $ 3.74       4.43 years     $ -  
                                 
Exercisable at June 30, 2015     139,485     $ 4.70       4.38 years       -  
Restricted Stock Units (RSUs) [Member]  
Schedule of Share-based Compensation Stock Options Plan

There were no charges associated with RSUs for the three and six month periods ended June 30, 2014.

 

    Number of
Shares		     Weighted
Average
Grant Date
Fair Value		     Aggregate
Intrinsic
Value		  
                   
Outstanding at December 31, 2014     31,807     $ 3.93     $ -  
Granted     67,678       1.46       -  
Vested and Settled in Shares     (44,205 )     2.83       -  
                         
Outstanding at June 30, 2015     55,280     $ 1.78     $ -