XML 51 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.8

11. STOCK-BASED COMPENSATION | 9 Months Ended
--- | ---
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
11. STOCK-BASED COMPENSATION | Pursuant to the Company’s Amended and Restated 2007 Equity Incentive Plan, the total aggregate number of shares of the Company’s common stock reserved for issuance is 4,341,989 shares. As of September 30, 2014, the number of shares of the Company’s common stock available for issuance is 1,528,489. The fair value of each option award below is estimated on the date of grant using the Black-Scholes option-pricing model. The risk free rate is based on the yield-to-maturity in continuous compounding of the US Government Bonds with the time-to-maturity similar to the expected tenor of the option granted, volatility is based on the annualized historical stock price volatility of the Company, and the expected life is based on the estimated average of the life of options using the “simplified” method, as prescribed in FASB ASC 718, due to insufficient historical exercise activity during recent years as a basis from which to estimate future exercise patterns. In early March 2014, the Company granted to an independent director an option to purchase 12,500 shares of the Company’s common stock at an exercise price of $2.55 per share and the options vested immediately. The options were valued at $10,200 fair value, with assumed 67.14% volatility, a three-year expiration term with expected tenor of 1.49 years, a risk free rate of 0.21% and no dividend yield. For the three-month period ended March 31, 2014, $10,200 was recognized as general and administrative expenses. On May 7, 2014, the Company granted to an independent director an option to purchase 12,500 shares of the Company’s common stock at an exercise price of $1.83 per share and the options vested immediately. The options were valued at $7,900 fair value, with assumed 69.24% volatility, a three-year expiration term with expected tenor of 1.49 years, a risk free rate of 0.25% and no dividend yield. For the three-month period ended June 30, 2014, $7,900 was recognized as general and administrative expenses. On June 30, 2014, the Company granted to an independent director an option to purchase 12,500 shares of the Company’s common stock at an exercise price of $2.15 per share and the options vested immediately. The options were valued at $8,200 fair value, with assumed 64.48% volatility, a three-year expiration term with expected tenor of 1.50 years, a risk free rate of 0.27% and no dividend yield. For the three-month period ended June 30, 2014, $8,200 was recognized as general and administrative expenses. During the nine months ended September 30, 2014, 145,813 shares of common stock were issued upon cashless exercise of 223,000 options. The following table summarizes all Company stock option transactions between January 1, 2014 and September 30, 2014. The following table summarizes all Company stock option transactions between January 1, 2014 and September 30, 2014.
|  | Number of Option and Warrants Outstanding and exercisable |  | Weighted- Average Exercise price of Option and Warrants |  |  | Range of Exercise Price per Common Share |
Balance, January 1, 2014 |  |  | 2,470,971 |  |  | $3.36 |  |  |  | $0.95 - $12.60 |
Granted and vested during the period ended September 30, 2014 |  |  | 37,500 |  |  | $2.18 |  |  |  | $1.83-2.55 |
Exercised during the period ended September 30, 2014 |  |  | (223,000 | ) |  | $0.95 |  |  |  | $0.95 |
Expired during the period ended September 30, 2014 |  |  | (50,000 | ) |  | $9.10 |  |  |  | $3.22-12.00 |
Balance, September 30, 2014 |  |  | 2,235,471 |  |  | $3.44 |  |  |  | $0.95 - $12.60 |
|  | Stock and Warrants Options Exercisable and Outstanding
|  |  |  |  |  | Weighted Average |
|  |  |  |  |  | Remaining |
|  | Outstanding at September 30, 2014 |  | Range of Exercise Prices |  | Contractual Life (Years) |
Exercisable and outstanding |  | 2,235,471 |  | $0.95 - $12.60 |  | 1.44 |
The aggregate intrinsic value of options outstanding and exercisable as of September 30, 2014 was $1,615,362. The total intrinsic value of options exercised was $67,274 and $1,880 for the nine months ended September 30, 2014 and 2013. During the three-month period ended September 30, 2014, 3,330 shares of common stock were issued upon cashless exercise of 10,000 options. There were no options exercised in the three months ended September 30, 2014.

X
- Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: 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 2: 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 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration