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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2015
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 11. Stock-Based Compensation Equity Incentive Plans – The Company adopted the 2013 Equity Compensation Plan under which the Company reserved 500,000 shares of common stock for the purpose of providing equity incentives to employees, officers, directors and consultants including options, restricted stock, restricted stock units, stock appreciation rights, other equity awards, annual incentive awards and dividend equivalents. The plan provides for a maximum of 500,000 shares that could be acquired upon the exercise of stock options or the vesting of restricted stock. On June 3, 2015, the Company amended the plan to increase the number of authorized shares of common stock under the plan to 1,800,000 shares. Stock Options The following table summarizes the Company's stock option activity for the six months ended June 30, 2015:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in Years) |  |  | Aggregate Intrinsic Value |
Outstanding - December 31, 2014 |  |  | 346,000 |  |  | $ | 3.45 |  |  |  | 9.4 |  |  | $ | 491,320 |
Granted |  |  | 32,857 |  |  |  | 4.90 |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited or Canceled |  |  | (38,000 | ) |  |  | (3.45 | ) |  |  |  |  |  |  |  |
Outstanding – June 30, 2015 |  |  | 340,857 |  |  | $ | 3.59 |  |  |  | 8.8 |  |  | $ | - |
Exercisable – June 30, 2015 |  |  | 230,668 |  |  |  | 3.45 |  |  |  | 8.6 |  |  | $ | - |
A summary of the changes in the Company's unvested stock options is as follows:
|  | Number of Options |  |  | Weighted Average Grant Date Fair Value |  |
Unvested - December 31, 2014 |  |  | 163,000 |  |  | $ | 1.65 |
Granted |  |  | 32,857 |  |  |  | 1.87 |
Vested |  |  | (47,668 | ) |  |  | (1.65 | )
Forfeited or Canceled |  |  | (38,000 | ) |  |  | (1.65 | )
Unvested – June 30, 2015 |  |  | 110,189 |  |  | $ | 1.71 |
On March 23, 2015, the Company granted 32,857 stock options to certain directors for future services. These options had a fair value of $61,443 using the Black-Sholes option-pricing model with the following assumptions:
Risk-free interest rate |  |  | 1.41% |
Expected dividend yield |  |  | 0.00% |
Expected volatility |  |  | 39.47% |
Expected term |  |  | 5.5 years |
The options are exercisable at an exercise price of $4.90 per share over a ten-year term and vest over one year. Compensation expense was $15,360 for the three and six months ended June 30, 2015 pertaining to this grant. The Company recorded non-cash compensation expense of $31,299 and $25,696 for the three months ended June 30, 2015 and 2014, respectively, and $42,701 and $25,696 for the six months ended June 30, 2015 and 2014,respectively, pertaining to stock options. Total unrecognized compensation expense related to unvested stock options at June 30, 2015 amounts to $157,664 and is expected to be recognized over a remaining weighted average period of 1.45 years. Warrants A summary of warrant activity for the six months ended June 30, 2015 is as follows:
|  | Number of Warrants |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (in Years) |  |  | Aggregate Intrinsic Value |
Outstanding - December 31, 2014 |  |  | 362,500 |  |  | $ | 8.34 |  |  |  | 4.5 |  |  | $ | 85,000 |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited or Canceled |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Outstanding – June 30, 2015 |  |  | 362,500 |  |  | $ | 8.34 |  |  |  | 4.0 |  |  | $ | - |
Exercisable – June 30, 2015 |  |  | 131,250 |  |  |  | 10.00 |  |  |  | 3.7 |  |  | $ | - |
All warrants outstanding were fully vested as of June 30, 2015 and December 31, 2014. No compensation cost was recognized during the three and six months ended June 30, 2015 and 2014 pertaining to warrants. Restricted Stock A summary of restricted stock activity for the six months ended June 30, 2015 is as follows:
|  | Number of Shares |
Unvested - December 31, 2014 |  |  | 200,001 |
Granted |  |  | - |
Vested |  |  | - |
Forfeited or Canceled |  |  | - |
Unvested – June 30, 2015 |  |  | 200,001 |
The Company recorded non-cash compensation expense of $83,000 and $0 for the three months ended June 30, 2015 and 2014, respectively, and $193,668 and $0 for the six months ended June 30, 2015 and 2014, respectively, pertaining to restricted stock. Total unrecognized compensation expense related to unvested restricted stock at June 30, 2015 amounts to $802,338 and is expected to be recognized over a weighted average period of 2.4 years.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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