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Equity | 3 Months Ended
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Mar. 31, 2015
Equity [Abstract] |
Equity | Note 8 - Equity On February 11, 2015, the Company completed an underwritten offering of 4,444,444 shares of its common stock and warrants to purchase an aggregate of 3,333,333 shares of its common stock at a price to the public of $4.50 per share. The warrants will be exercisable for a period of 4 years at an exercise price of $6.50 per share and have a relative fair value of $3,540,659 on the issuance date. The Company received net proceeds of approximately $18.5 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, and excluding the underwriters’ over-allotment option. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 666,666 shares of common stock and warrants to purchase 499,999 shares of common stock solely to cover over-allotments, if any. The underwriter did not exercise the over-allotment option. During the three months ended March 31, 2015, the Company issued 1,085,618 common shares for cashless exercise of warrants. Restricted Stock During the three months ended March 31, 2015, the Company granted 239,662 shares of restricted common stock to consultants with a fair value of $1,237,250 based on the stock price on the grant dates. Of the 239,662 restricted share awards granted in 2015, 164,662 shares vested at the date of grant and 75,000 vest over a six-month vesting period. During the three months ended March 31, 2015, the Company issued common shares totaling 203,412 from restricted shares. As of March 31, 2015, 238,973 shares related to the granting of restricted stock remain outstanding and unissued to common stock. Stock Options Following is a summary of option activities for the three months ended March 31, 2015:
|  | Number of Units |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding, December 31, 2014 |  |  | 3,013,084 |  |  | $ | 5.98 |  |  |  | 8.35 |  |  | $ | 4,728,842 |
Granted |  |  | 536,000 |  |  |  | 3.57 |  |  |  | 9.89 |  |  |  | - |
Outstanding, March 31, 2015 |  |  | 3,549,084 |  |  |  | 5.62 |  |  |  | 8.37 |  |  |  | 1,398,935 |
Exercisable, March 31, 2015 |  |  | 1,143,885 |  |  | $ | 2.79 |  |  |  | 6.99 |  |  | $ | 1,102,619 |
On February 18, 2015, the Company granted its employees and board members 531,000 options to purchase the Company’s common stock with an exercise price of $3.58 per share, a term of 10 years, and a vesting period of 4 years. The options have an aggregated fair value of $1.4 million that was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1) discount rate of 1.69% (2) expected life of 6 years, (3) expected volatility of 86.29%, and (4) zero expected dividends. During the three months ended March 31, 2015, the Company recorded $38,739 in stock-based compensation in relation to these options. On March 9, 2015, the Company its granted employees 5,000 options to purchase the Company’s common stock with an exercise price of $2.91 per share, a term of 10 years, and a vesting period of 4 years. The options have an aggregated fair value of $11,000 that was calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1) discount rate of 1.83% (2) expected life of 6 years, (3) expected volatility of 86.29%, and (4) zero expected dividends. During the three months ended March 31, 2015, the Company recorded $159 in stock-based compensation in relation to these options. All options issued and outstanding are being amortized over their respective vesting periods. The unrecognized compensation expense at March 31, 2015 was $10.8 million. During the three months ended March 31, 2015 and 2014, the Company recorded total option expense of $1.0 million and $0.3 million, respectively. Warrants Following is a summary of warrant activities for the three months ended March 31, 2015:
|  | Number of Units |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding, December 31, 2014 |  |  | 7,634,058 |  |  | $ | 1.64 |  |  |  | 3.97 |  |  | $ | 34,317,224 |
Granted |  |  | 3,333,333 |  |  |  | 6.50 |  |  |  | 3.87 |  |  |  | - |
Exercised |  |  | (1,080,843 | ) |  |  |  |  |  |  | - |  |  |  | - |
Outstanding, March 31, 2015 |  |  | 9,886,548 |  |  |  | 3.43 |  |  |  | 3.69 |  |  |  | 8,239,536 |
Exercisable, March 31, 2015 |  |  | 9,599,811 |  |  | $ | 3.30 |  |  |  | 3.53 |  |  | $ | 8,239,536 |
On February 11, 2015, the Company completed an underwritten offering of 4,444,444 shares of its common stock and warrants to purchase an aggregate of 3,333,333 shares of its common stock at a price of $4.50 per share. The warrants will be exercisable for a period of 4 years at an exercise price of $6.50 per share. The transaction date relative fair value of the warrants of $3,540,659 was determined utilizing the Black-Scholes option pricing model utilizing. During the three months ended March 31, 2015, 1,080,843 warrants were exercised by the warrant holders. The Company issued 1,085,618 shares of common stock as a result of these exercises. During the three months ended March 31, 2015 and 2014, the Company recorded stock-based compensation related to the warrants of $56,516 and $58,934, respectively.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 + Details
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