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Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Fair Value of Stock Options Grants

The Company used the Black Scholes option pricing model to determine the fair value of stock option grants, using the following assumptions during the three and nine months ended September 30, 2014:

	2014
Weighted average expected term	6.25 years
Weighted average volatility	113% to 121%
Weighted average risk-free interest rate	1.4% to 1.7%
Dividend yield	0%

Summary of Stock Option Activity Under the Option Plan

A summary of stock option activity under the Option Plan for the nine months ended September 30, 2014 is presented below:

	Shares Under Option				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life				Aggregate Intrinsic Value
Outstanding at January 1, 2014		2,472,216			$	0.57
Granted		400,000			$	0.25
Exercised		—
Forfeited		(1,146,697	)		$	0.42
Outstanding at September 30, 2014		1,725,519			$	0.59				7.5 years			$	-
Exercisable at September 30, 2014		608,917			$	1.06				4.9 years			$	-

Summary of Status of the Company's Non-Vested Shares Under Option

A summary of status of the Company’s non-vested share awards as of and for the nine months ended September 30, 2014 is presented below:

	Nonvested Shares Under Option				Weighted Average Grant Date Fair Value
Non-vested at January 1, 2014		1,663,593			$	0.29
Granted		400,000			$	0.22
Vested		(120,294	)		$	0.71
Forfeited		(826,697	)		$	0.25
Non-vested at September 30, 2014		1,116,602			$	0.29

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- Definition

Tabular disclosure of the changes in outstanding nonvested shares.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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- Definition

Tabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value.

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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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