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Equity
 3 Months Ended
Mar. 31, 2015
Equity [Abstract]  
Equity

NOTE 8—EQUITY

 

(a) Acorn Stock Options

 

A summary of stock option activity for the three months ended March 31, 2015 is as follows:

 

   

Number

of Options

(in shares)

    

Weighted

Average

Exercise

Price Per Share

     Weighted Average Remaining Contractual Life     Aggregate Intrinsic Value  
Outstanding at December 31, 2014     1,812,428     $ 4.51                  
Granted     662,654     $ 0.77                  
Exercised     —       —                  
Forfeited or expired     (86,830 )   $ 3.12                  
Outstanding at March 31, 2015     2,388,252     $ 3.52       5.8 years     $ —  
Exercisable at March 31, 2015     1,198,570     $ 5.28       3.8 years     $ —  

 

The fair value of the options granted ($0.52 per option during the three months ended March 31, 2015) was estimated on the grant dates using the Black-Scholes option-pricing model with the following weighted average assumptions:

 

Risk-free interest rate     2.1 %
Expected term of options     8.7 years  
Expected annual volatility     63 %
Expected dividend yield     — %

 

(b) Stock-based Compensation Expense

 

Stock-based compensation expense included in Selling, general and administrative expenses in the Company’s Condensed Statements of Operations for the three month periods ended March 31, 2014 and 2015 was $310 and $208, respectively. In addition, $32 and $6 was recorded in the Company’s USSI subsidiary included in Discontinued Operations for the three month periods ended March 31, 2014 and 2015, respectively. See Note 4.

 

(c) Warrants

 

The Company previously issued warrants at exercise prices equal to or greater than market value of the Company’s common stock at the date of issuance. A summary of warrant activity follows:

 

   

Number

of Warrants

(in shares)

     Weighted Average Exercise Price Per Share       Weighted Average Remaining Contractual Life  
Outstanding at December 31, 2014     2,642,423     $ 1.50          
Granted     —                  
Exercised     —       —          
Forfeited or expired     —       —          
Outstanding at March 31, 2015     2,642,423     $ 1.50       4.9 years