Stock Based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2015
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
The following is a summary of the Company’s stock option activity during the three months ended March 31, 2015:
| | | | | | | | | | | Weighted | | | | | | | | | | Weighted | | Weighted | | Average | | | | | | | | | | Average | | Average | | Remaining | | | | | | | Number of | | Exercise | | Grant Date | | Life In | | Intrinsic | | | | Options | | Price | | Fair Value | | Years | | Value | | Outstanding at January 1, 2015 | | | 1,607,075 | | $ | 4.41 | | $ | 2.47 | | | 9.0 | | $ | - | | Granted | | | - | | | - | | | - | | | - | | | - | | Exercised | | | - | | | - | | | - | | | - | | | | | Forfeited | | | - | | | - | | | - | | | - | | | - | | Outstanding at March 31, 2015 | | | 1,607,075 | | $ | 4.41 | | $ | 2.47 | | | 8.9 | | $ | 8,089,568 | | | | | | | | | | | | | | | | | | | Exercisable at January 1, 2015 | | | 550,298 | | $ | 4.33 | | $ | 2.41 | | | 9.1 | | $ | - | | Vested | | | 103,787 | | | 4.61 | | | - | | | - | | | - | | Exercised | | | - | | | - | | | - | | | - | | | - | | Forfeited | | | - | | | - | | | - | | | - | | | - | | Exercisable at March 31, 2015 | | | 654,085 | | $ | 4.37 | | $ | 2.44 | | | 8.9 | | $ | 3,314,780 | |
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Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] |
The following table presents information related to stock options outstanding and exercisable at March 31, 2015:
Options Outstanding | | Options Exercisable | | Exercise Price | | Outstanding Number of Options | | Weighted Average Remaining Life In Years | | Exercisable Number of Options | | | | | | | | | | | | | | $ | 1.68 | | | 275,689 | | | 8.7 | | | 103,383 | | | 2.49 | | | 326,754 | | | 8.8 | | | 129,777 | | | 3.63 | | | 51,958 | | | 8.9 | | | 51,958 | | | 4.99 | | | 99,214 | | | 9.0 | | | 39,063 | | | 6.00 | | | 853,460 | | | 9.0 | | | 329,904 | | | | | | 1,607,075 | | | 8.9 | | | 654,085 | |
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Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] |
At March 31, 2015, the unamortized value of the RSUs was $8,223,004. The unamortized amount will be expensed over a weighted average period of 3.44 years. A summary of the activity related to RSUs for the three months ended March 31, 2015 is presented below: | | Total | | Weighted Average Grant Date Fair Value | | Outstanding at January 1, 2015 | | 733,628 | | $ | 10.49 | | RSUs granted | | 330,173 | | $ | 9.89 | | RSUs forfeited | | (58,522) | | $ | 8.66 | | Shares of common stock issued in exchange for RSUs | | (42,470) | | $ | 12.08 | | Outstanding at March 31, 2015 | | 962,809 | | $ | 10.33 | | | | | | | | | Vested at January 1, 2015 | | 6,349 | | $ | 9.94 | | RSUs vested | | 130,772 | | $ | 11.15 | | RSUs forfeited | | - | | $ | - | | Shares of common stock issued in exchange for RSUs | | (42,470) | | $ | 12.08 | | Vested at March 31, 2015 | | 94,651 | | $ | 10.65 |
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Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] |
The following tables summarize total stock-based compensation costs recognized for the three months ended March 31, 2015 and 2014:
| | Three Months Ended March 31, | | | | 2015 | | 2014 | | Stock options | | $ | 259,515 | | $ | 431,095 | | RSUs | | | 1,333,875 | | | - | | IR warrants | | | 85,831 | | | 61,028 | | Total | | $ | 1,679,221 | | $ | 492,123 | |
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Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] |
The total amount of stock-based compensation was reflected within the statements of operations as:
| | Three Months Ended March 31, | | | | 2015 | | 2014 | | Research and development | | $ | 1,034,318 | | $ | 143,767 | | General and administrative | | | 443,647 | | | 337,382 | | Sales and marketing | | | 201,256 | | | 10,974 | | Total | | $ | 1,679,221 | | $ | 492,123 |
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