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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2014
Schedule of Share-based Compensation, Activity [Table Text Block]
A summary of the status of the Company’s non-vested stock options at December 31 and changes during the year is as follows:
 
 
 
2014
 
2013
 
 
 
 
 
 
Weighted
 
 
 
 
Weighted
 
 
 
Number of
 
Average Grant
 
Number of
 
Average Grant
 
 
 
Options
 
Date Fair Value
 
Options
 
Date Fair Value
 
Non-vested stock options at January 1
 
 
248,411
 
$
4.15
 
 
117,188
 
$
2.20
 
Granted
 
 
141,880
 
$
9.68
 
 
206,390
 
$
4.91
 
Vested
 
 
(156,240)
 
$
5.50
 
 
(75,167)
 
$
3.21
 
Exercised
 
 
(7,504)
 
$
4.88
 
 
-
 
 
-
 
Forfeited/Expired/Exchanged
 
 
(24,688)
 
$
7.36
 
 
-
 
 
-
 
Non-vested stock options at December 31
 
 
201,859
 
$
6.57
 
 
248,411
 
$
4.15
 
Schedule Of Recognized Compensation Cost [Table Text Block]
The recognized compensation cost associated with the Plan is as follows:
 
 
 
2014
 
2013
 
Research and development
 
$
99,000
 
$
42,000
 
General and administrative
 
 
240,000
 
 
73,000
 
Effect on net loss
 
$
339,000
 
$
115,000
 
Effect on net loss per share
 
$
0.04
 
$
0.01
 
Schedule Of Expected Recognition Of General And Administrative Expense [Table Text Block]
The remaining cost is reflected as a contra-equity balance against additional paid in capital and is expected to be recognized in future years as follows:
 
2015
 
$
26,000
 
2016
 
 
20,000
 
 
 
$
46,000
 
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block]
The following weighted-average assumptions were utilized for the calculations:
 
Expected life (in years)
 
5
 
Weighted average volatility
 
74
%
Weighted average risk-free interest rate
 
1.49
%
Expected dividend rate
 
-
 
Schedule Of Share Based Compensation Warrants Activity [Table Text Block]
The following table summarizes the number of warrants, the weighted average exercise price, and weighted average life (in years) by price for both total outstanding warrants and total exercisable warrants at December 31, 2014:
 
 
 
 
Total Outstanding Warrants
Exercise Price
 
Warrants
 
Weighted Average
Exercise Price
 
 
Life
(in years)
 
$
1.80
 
80,000
 
$
1.80
 
 
6.13
 
$
2.20
 
118,959
 
$
2.20
 
 
1.36
 
$
5.00
 
345,000
 
$
5.00
 
 
2.32
 
$
10.00
 
20,313
 
$
10.00
 
 
4.18
 
 
 
 
564,272
 
$
4.14
 
 
 
 
Equity Incentive Plan [Member]  
Schedule of Share-based Compensation, Activity [Table Text Block]
Activity under the Plan is as follows:
 
 
 
2014
 
2013
 
Reserved but unissued shares under the Equity Incentive Plan, beginning of year
 
 
249,736
 
 
480,260
 
Increases in the number of authorized shares under the Equity Incentive Plan
 
 
85,705
 
 
5,866
 
Grants of stock options
 
 
(141,880)
 
 
(206,390)
 
Stock option forfeitures
 
 
24,688
 
 
-
 
Exercise of stock options
 
 
39,140
 
 
-
 
Stock grants
 
 
(14,625)
 
 
(30,000)
 
Stock grant forfeitures
 
 
-
 
 
-
 
Reserved but unissued shares under the Equity Incentive Plan, end of year
 
 
242,764
 
 
249,736
 
Consultant Plan [Member]  
Schedule of Share-based Compensation, Activity [Table Text Block]
Activity under the Consultant Plan from its inception to date is as follows:
 
 
 
2014
 
2013
 
 
 
 
 
Reserved but unissued shares under the Consultant Plan
 
 
64,037
 
 
75,000
 
Increases in the number of authorized shares under the Consultant Plan
 
 
8,571
 
 
287
 
Stock grants
 
 
(7,000)
 
 
(11,250)
 
Stock grant forfeitures
 
 
-
 
 
-
 
Reserved but unissued shares under the Consultant Plan
 
 
65,608
 
 
64,037
 
Warrant [Member]  
Schedule Of Share Based Compensation Warrants Activity [Table Text Block]
A summary of the Company’s warrant activity and related information is as follows:
 
 
 
2014
 
2013
 
 
 
 
 
 
Weighted Average
 
 
 
 
Weighted Average
 
 
 
Warrants
 
Exercise Price
 
Warrants
 
Exercise Price
 
Outstanding at beginning of year
 
 
543,959
 
$
3.92
 
 
561,368
 
$
3.86
 
Granted
 
 
20,313
 
$
10.00
 
 
-
 
 
-
 
Exercised
 
 
-
 
 
-
 
 
(17,409)
 
$
2.20
 
Forfeited/Expired
 
 
-
 
 
-
 
 
-
 
 
-
 
Outstanding at end of year
 
 
564,272
 
$
4.14
 
 
543,959
 
$
3.92
 
Employee Stock Option [Member]  
Schedule Of Share Based Payment Award Warrants Valuation Assumptions [Table Text Block]
The following weighted-average assumptions were utilized in the calculation of the fair value of the stock options:
 
Expected life
 
6.25 years
 
Weighted average volatility
 
74
%
Forfeiture rate
 
13
%
Weighted average risk-free interest rate
 
1.93
%
Expected dividend rate
 
-
 
 
The following weighted-average assumptions were utilized in the calculation of the fair value of the stock options:
 
Expected life
 
6.25 years
 
Weighted average volatility
 
33
%
Forfeiture rate
 
13
%
Weighted average risk-free interest rate
 
1.31
%
Expected dividend rate
 
-
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the Company’s stock option activity and related information is as follows:
 
 
 
2014
 
2013
 
 
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
Weighted
 
 
 
 
Options
 
 
 
Average
 
 
Options
 
 
 
Average
 
 
 
 
to
 
Weighted
 
Remaining
 
 
To
 
Weighted
 
Remaining
 
 
 
 
Purchase
 
Average
 
Contractual
 
 
Purchase
 
Average
 
Contractual
 
 
 
Common
 
Exercise
 
Life
 
Common
 
Exercise
 
Life
 
 
 
Stock
 
Price
 
(in years)
 
Stock
 
Price
 
(in years)
 
Outstanding at January 1
 
 
565,765
 
$
3.19
 
 
8.21
 
 
359,375
 
$
2.20
 
 
8.75
 
Granted
 
 
141,880
 
$
9.68
 
 
7.70
 
 
206,390
 
$
4.91
 
 
9.01
 
Exercised
 
 
(39,140)
 
$
3.11
 
 
-
 
 
-
 
 
-
 
 
-
 
Forfeited/Expired/Exchanged
 
 
(24,688)
 
$
7.36
 
 
-
 
 
-
 
 
-
 
 
-
 
Outstanding at December 31
 
 
643,817
 
$
4.46
 
 
5.67
 
 
565,765
 
$
3.19
 
 
8.21
 
Exercisable at December 31
 
 
441,958
 
$
3.50
 
 
4.47
 
 
317,354
 
$
2.44
 
 
7.87
 
Schedule Of Employee Service Share Based Compensation Unrecognized Period Costs [Table Text Block]
At December 31, 2014, there was $601,000 of total unrecognized compensation cost related to non-vested stock option-based compensation arrangements granted under the Plan. That cost is expected to be recognized in future years as follows:
 
2015
 
$
229,000
 
2016
 
 
209,000
 
2017
 
 
153,000
 
2018
 
 
10,000
 
 
 
$
601,000