|
Stock options and warrants (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Stock options and warrants [Abstract] |
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| Schedule of Recognized Stock-based Compensation |
| |
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
| |
|
2014
|
|
|
2013
|
|
|
2014
|
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2013
|
|
| |
|
|
|
|
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|
|
|
|
|
|
|
|
Stock options to employees and directors
|
|
$ |
213,988 |
|
|
$ |
332,150 |
|
|
$ |
943,061 |
|
|
$ |
1,226,304 |
|
|
Stock options to consultants for APPY1 activities
|
|
|
86 |
|
|
|
100 |
|
|
|
425 |
|
|
|
1,293 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total stock-based compensation
|
|
$ |
214,074 |
|
|
$ |
332,250 |
|
|
$ |
943,486 |
|
|
$ |
1,227,597 |
|
|
| Schedule of the Income Statement Allocation of Stock-based Compensation |
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|
Three Months Ended
|
|
|
Nine Months Ended
|
|
| |
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Selling, general and administrative expenses
|
|
$ |
201,543 |
|
|
$ |
301,888 |
|
|
$ |
889,888 |
|
|
$ |
1,111,623 |
|
|
Research and development expenses
|
|
|
12,531 |
|
|
|
30,362 |
|
|
|
53,598 |
|
|
|
115,974 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total stock-based compensation
|
|
$ |
214,074 |
|
|
$ |
332,250 |
|
|
$ |
943,486 |
|
|
$ |
1,227,597 |
|
|
| Schedule of Fair Value Assumptions Used to Estimate Stock-based Compensation |
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|
2014
|
|
2013
|
|
| |
|
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|
|
|
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Dividend yield
|
|
|
0 |
% |
|
|
0 |
% |
|
Expected price volatility
|
|
|
96-126
|
% |
|
|
127-128
|
% |
|
Risk free interest rate
|
|
|
1.52-1.74
|
% |
|
|
0.65-0.76
|
% |
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Expected term
|
|
|
5 years
|
|
|
5 years
|
|
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| Summary of Stock Incentive Plan Activity |
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|
Shares
Underlying
Options
|
|
|
Weighted Average Exercise Price
|
|
|
Weighted Average Remaining Contractual Term (Years)
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Aggregate Intrinsic Value
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|
| |
|
|
|
|
|
|
|
|
|
|
|
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Outstanding at January 1, 2014
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|
|
1,218,265 |
|
|
$ |
8.70 |
|
|
|
|
|
|
|
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Granted
|
|
|
727,100 |
|
|
|
2.29 |
|
|
|
|
|
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Exercised
|
|
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(39,079 |
) |
|
|
2.09 |
|
|
|
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|
|
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Forfeited
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|
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(41,561 |
) |
|
|
30.01 |
|
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|
|
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|
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| |
|
|
|
|
|
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Outstanding at September 30, 2014
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|
|
1,864,725 |
|
|
$ |
5.87 |
|
|
|
8.4 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Exercisable at September 30, 2014
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|
|
1,428,956 |
|
|
$ |
6.96 |
|
|
|
8.1 |
|
|
$ |
- |
|
|
| Schedule of Nonvested Share Activity |
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Nonvested Shares
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|
Nonvested
Shares
Underlying
Options
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|
Weighted Average Exercise Price
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|
Weighted Average Grant Date Fair Value
|
|
| |
|
|
|
|
|
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|
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Nonvested at January 1, 2014
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|
|
200,446 |
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$ |
2.95 |
|
|
$ |
2.48 |
|
|
Granted
|
|
|
727,100 |
|
|
|
2.29 |
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|
|
1.89 |
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Vested
|
|
|
(486,727
|
) |
|
|
2.57 |
|
|
|
2.15 |
|
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Forfeited
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|
|
(5,050 |
) |
|
|
2.15 |
|
|
|
1.77 |
|
| |
|
|
|
|
|
|
|
|
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Nonvested at September 30, 2014
|
|
|
435,769 |
|
|
$ |
2.27 |
|
|
$ |
1.86 |
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| Schedule of Nonqualified Award Activity |
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|
Shares
Underlying
Options / Warrants
|
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term (Years)
|
|
|
Aggregate Intrinsic Value
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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Outstanding at January 1, 2014
|
|
|
4,622,505 |
|
|
$ |
1.82 |
|
|
|
|
|
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Granted
|
|
|
— |
|
|
|
— |
|
|
|
|
|
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Exercised
|
|
|
(1,161,570 |
) |
|
|
1.36 |
|
|
|
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Forfeited
|
|
|
(5,000 |
) |
|
|
30.00 |
|
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Outstanding and exercisable at September 30, 2014
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|
|
3,455,935 |
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|
$ |
1.93 |
|
3.5 |
|
$ |
859,029 |
|
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