XML 63 R42.htm IDEA: XBRL DOCUMENT v3.3.1.900
Stockholders' Equity/(Deficit) (Tables)
12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Summary of Preferred Stock Allocated to Investors

(the “Lender”). The Purchase Agreement provides for the Company to issue and sell to the Investor, upon stockholder approval which was received on June 9, 2015, shares of the Company’s preferred stock in the amounts and at the eventual pre-split prices set forth in the following table:

 

Convertible

Preferred Stock

   Shares      Price Per Share      Total
Investment
 

Series AA-1

     8,427,004      $ 12.00       $ 101,124,042  

Series AA-2

     7,223,145      $ 6.00         43,338,870  
  

 

 

       

 

 

 
     15,650,149         $ 144,462,912  
  

 

 

       

 

 

 
Stock Options Valuation Assumptions

The assumptions used in the Black-Scholes model were as follows for stock options granted in the years ended December 31, 2015, 2014 and 2013:

 

     2015   2014   2013

Risk-free interest rate

   1.78 - 2.00%   2.1-2.7%   .41-1.28%

Expected volatility of common stock

   64.47 - 65.95%   63.5-65.0%   59.2-68.2%

Dividend yield

   0%   0%   0%

Expected life of options

   6.1 - 8.2 years   6.1-8.2 years   3.0-4.1 years
Summary of Stock Option Activity

Additional information with respect to both plans stock option activity is as follows:

 

     Number of
Shares
     Weighted Average
Exercise Price
 

Outstanding at December 31, 2012

     285,013       $ 39.72   

Granted

     102,819       $ 35.88   

Exercised

     (17,042    $ 26.88   

Cancelled

     (121,133    $ 43.32   
  

 

 

    

Outstanding at December 31, 2013

     249,656       $ 39.72   

Granted

     85,524       $ 25.68   

Exercised

     —         $ —     

Cancelled

     (27,390    $ 41.76   
  

 

 

    

Outstanding at December 31, 2014

     307,791       $ 32.04   

Granted

     137,667       $ 12.48   

Exercised

     —         $ —     

Cancelled

     (70,174    $ 32.88   
  

 

 

    

Outstanding at December 31, 2015

     375,283       $ 32.04   
  

 

 

    

Options exercisable at December 31, 2013

     176,575       $ 35.28   
  

 

 

    

Options exercisable at December 31, 2014

     221,109       $ 33.24   
  

 

 

    

Options exercisable at December 31, 2015

     275,735       $ 27.48   
  

 

 

    
Stock Options Outstanding

The following table summarizes information about stock options outstanding at December 31, 2015:

Stock Options Outstanding

 

Range of Exercise
Prices
  Number of Shares
Outstanding
    Weighted Average
Remaining Contractual
Life in Years
  Weighted Average Exercise
Price
 
$12.48 - $12.48     141,833      9.00   $ 12.48   
$26.40 - $26.40     79,370      8.01   $ 26.40   
$32.76 -$34.68     132,413      1.59   $ 33.96   
$39.00 -$46.80     21,667      2.24   $ 41.04   
 

 

 

   

 

 

 

 

 
    375,283      5.79   $ 24.60   
 

 

 

   

 

 

 

 

 

Estimated Fair Value of Restricted Stock Award

A summary of the status of the restricted stock awards as of December 31, 2015 and changes during the year ended December 31, 2015 is presented as follows:

 

     Number of
Shares
     Weighted Average
Grant Date Fair
Value
 

Unvested at December 31, 2014

     69,851       $ 16.56   

Granted

     105,824       $ 12.48   

Vested

     (75,467    $ 12.60   

Cancelled

     (7,513    $ 14.40   
  

 

 

    

 

 

 

Unvested at December 31, 2015

     92,696       $ 13.20   
  

 

 

    

 

 

 
Summary of Common Stock Warrants Outstanding

The following table summarizes our common stock warrants outstanding at December 31, 2015:

 

Common Stock
Warrants
    Exercise Price     Termination Date
  130,208      $ 43.20      11/9/2016