XML 55 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

Stock-based compensation cost that has been expensed in the statements of operations amounted to $979,000 and $127,000 for the years ended December 31, 2013 and 2012, allocated as follows:

		Years ended December 31,
		2013			2012
Research and development		$	303,177		$	40,414
General and administrative			675,974			87,074
		$	979,151		$	127,488

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

No stock options were granted in 2012. For options granted in 2013, the Company calculated the fair value of each option grant on the respective dates of grant using the following weighted average assumptions:

		2013
Expected term		5.88 years
Risk-free interest rate		1.38	%
Expected dividend yield		—
Expected volatility		68.27	%

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and 2012:

					Fair value measurements at reporting date using
			December 31,
		2013			Level 1 inputs			Level 2 inputs			Level 3 inputs
Assets:
Cash equivalents-money market funds		$	1,933,480		$	1,933,480		$	-		$	-
		$	1,933,480		$	1,933,480		$	-		$	-

					Fair value measurements at reporting date using
		December 31,
		2012			Level 1 inputs			Level 2 inputs			Level 3 inputs
Assets:
Cash equivalents-money market funds		$	2,686,727		$	2,686,727		$	-		$	-
		$	2,686,727		$	2,686,727		$	-		$	-

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The allocation of undistributed earnings (losses) to common stock in the table below excludes zero for the year ended December 31, 2013 and $85,209 of net income allocated to the participating securities for the year ended December 31, 2012.

		Years ended December 31,
		2013			2012
Basic earnings (loss) per share attributable to common stock:
Numerator
Net income (loss)		$	(10,590,106)		$	3,801,696
Denominator
Weighted avg. common shares outstanding			7,363,076			4,455,790
Basic earnings (loss) per share attributable to common stock		$	(1.44)		$	0.85
Diluted earnings (loss) per share attributable to common stock:
Numerator
Net income (loss)		$	(10,590,106)		$	3,801,696
Denominator
Weighted avg. common shares outstanding			7,363,076			4,455,790
Diluted earnings (loss) per share attributable to common stock		$	(1.44)		$	0.85

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The computation of diluted earnings per share for the years ended December 31, 2013 and 2012 does not include the following unvested restricted stock awards, restricted stock units, stock options and warrants to purchase shares in the computation of diluted earnings per share because these instruments were antidilutive:

		December 31,
		2013			2012
Stock options			1,264,345			946,281
Unvested resticted stock			103,784			99,869
Unvested resticted stock units			15,000			-
Warrants			20,467			20,467

X

- Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name:	us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name:	us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 14.F)

-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

-Section F



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(1)

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

+ Details

Name:	us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (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

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration