XML 27 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock-Based compensation (Tables)
 6 Months Ended
Jun. 30, 2016
Schedule Assumptions Used in Black-Scholes Option-pricing Method

The material factors incorporated in the Black-Scholes model in estimating the fair value of the options granted for the periods presented were as follows:

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2016     2015     2016     2015  
Expected dividend yield     0.00 %     0.00 %     0.00 %     0.00 %
Expected stock price volatility     54.75% - 56.33 %     65.06% - 67.08 %     54.75% - 59.03 %     51.45% - 67.08 %
Risk-free interest rate     1.29% - 1.66 %     1.79% - 2.07 %     1.29% - 1.78 %     0.77% - 2.07 %
Term of options     10       10       10       10  
Stock price     $1.53 - $1.65       $5.86       $1.13 - $1.65       $5.86  
Schedule of Stock Options Grants to the Company's Employees and Non-Employees

Grant Date   Number of Common
Shares Underlying
Options Granted		     Exercise Price per
Common Share		     Estimated Fair
Value per Share of
Common Stock		     Intrinsic Value Per
Option		  
2005     58,321     $ 0.07     $ 1.79     $ 1.72  
2009     60,559     $ 0.72 - $0.79     $ 4.43     $ 3.71 - $3.64  
2011     33,846     $ 1.03     $ 1.00     $ 0.00  
2012     60,019     $ 1.14     $ 1.14     $ 0.00  
2013     100,000     $ 1.14 - $1.30     $ 1.14     $ 0.00  
2014     1,626,740     $ 5.86 - $13.23     $ 5.86     $ 0.00  
2015     34,000     $ 2.25     $ 2.25     $ 0.00  
2016     27,000     $ 1.39     $ 1.39     $ 1.13 - $1.53  
Summary of the Options Granted to Employees and Non-employees

The following represents a summary of the options granted to employees and non-employees that are outstanding at June 30, 2016 and changes during the period then ended:

 

    Options     Weighted Average
Exercise Price		  
Outstanding at December 31, 2015     1,938,534     $ 7.081  
Granted     27,000       1.390  
Exercised/Expired/Forfeited     (17,657 )     (1.390 )
Outstanding at June 30, 2016     1,947,877     $ 7.054  
Exercisable at June 30, 2016     877,428     $ 5.413  
Expected to be vested     1,070,449     $ 8.400  
Option Pricing Method [Member]  
Schedule Assumptions Used in Black-Scholes Option-pricing Method

The following inputs were applied in the Black-Scholes calculations of the OPM:

 

    Valuation Dates  
    November 7, 2013     July 31, 2012     December 31, 2010  
Risk-free rate     0.55 %     0.57 %     2.01 %
Maturity (years)     3.00       4.00       5.00  
Volatility     58.00 %     61.00 %     61.00 %