Stock Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 | | $ | 2.46 | | | 9.0 | | $ | - | | | Granted | | | - | | | - | | | - | | | - | | | - | | | Exercised | | | (10,392) | | | 2.49 | | | 1.42 | | | - | | | - | | | Forfeited | | | (7,832) | | | 2.49 | | | 1.42 | | | - | | | - | | | Outstanding at September 30, 2015 | | | 1,588,851 | | $ | 4.43 | | $ | 2.48 | | | 8.4 | | $ | 3,924,000 | | | | | | | | | | | | | | | | | | | | | Exercisable at January 1, 2015 | | | 550,298 | | $ | 4.33 | | $ | 2.41 | | | 9.1 | | $ | - | | | Vested | | | 290,056 | | | 4.42 | | | - | | | - | | | - | | | Exercised | | | (10,392) | | | 2.49 | | | - | | | - | | | - | | | Forfeited | | | - | | | - | | | - | | | - | | | - | | | Exercisable at September 30, 2015 | | | 829,962 | | $ | 4.38 | | $ | 2.46 | | | 8.4 | | $ | 2,064,000 | |
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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 September 30, 2015:
| Options Outstanding | | Options Exercisable | | | | | | | | | Weighted Average | | | | | | | | | Outstanding | | Remaining Life In | | Exercisable Number of | | | Exercise Price | | Number of Options | | Years | | Options | | | $ | 1.68 | | | 275,689 | | | 8.2 | | | 137,845 | | | | 2.49 | | | 308,530 | | | 8.3 | | | 156,457 | | | | 3.63 | | | 51,958 | | | 8.4 | | | 51,958 | | | | 4.99 | | | 99,214 | | | 8.5 | | | 49,088 | | | | 6.00 | | | 853,460 | | | 8.5 | | | 434,614 | | | | | | | 1,588,851 | | | 8.4 | | | 829,962 | |
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| Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] |
At September 30, 2015, the unamortized value of the RSUs was $9,431,246. The unamortized amount will be expensed over a weighted average period of 3.1 years. A summary of the activity related to RSUs for the nine months ended September 30, 2015 is presented below:
| | | | | | Weighted | | | | | | | | Average Grant | | | | | Total | | Date Fair Value | | | Outstanding at January 1, 2015 | | | 733,628 | | $ | 10.49 | | | RSUs granted | | | 784,003 | | $ | 8.62 | | | RSUs forfeited | | | (106,344) | | $ | 9.74 | | | Shares of common stock issued in exchange for RSUs | | | (236,297) | | $ | 10.57 | | | Outstanding at September 30, 2015 | | | 1,174,990 | | $ | 9.30 | | | | | | | | | | | | Vested at January 1, 2015 | | | 6,349 | | $ | 9.94 | | | RSUs vested | | | 231,448 | | $ | 10.57 | | | RSUs forfeited | | | - | | $ | - | | | Shares of common stock issued in exchange for RSUs | | | (236,297) | | $ | 10.57 | | | Vested at September 30, 2015 | | | 1,500 | | $ | 7.94 | |
At September 30, 2015, the unamortized value of the PSUs was approximately $2,863,375. The unamortized amount will be expensed over a weighted average period of 3.30 years. A summary of the activity related to PSUs for the nine months ended September 30, 2015 is presented below:
| | | | | | Weighted | | | | | | | | Average Grant | | | | | Total | | Date Fair Value | | | Outstanding at January 1, 2015 | | | - | | $ | - | | | PSUs granted | | | 1,214,245 | | $ | 2.62 | | | PSUs forfeited | | | - | | $ | - | | | Shares of common stock issued in exchange for PSUs | | | (1,072) | | $ | 2.62 | | | Outstanding at September 30, 2015 | | | 1,213,173 | | $ | 2.62 | | | | | | | | | | | | Vested at January 1, 2015 | | | - | | $ | - | | | PSUs vested | | | 1,072 | | $ | 2.62 | | | PSUs forfeited | | | - | | $ | - | | | Shares of common stock issued in exchange for PSUs | | | (1,072) | | $ | 2.62 | | | Vested at September 30, 2015 | | | - | | $ | - | |
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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 and nine months ended September 30, 2015 and 2014:
| | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | | 2015 | | 2014 | | 2015 | | 2014 | | | Stock options | | $ | 232,286 | | $ | 325,634 | | $ | 724,708 | | $ | 1,070,939 | | | RSUs | | | 968,385 | | | 381,856 | | | 3,145,520 | | | 389,482 | | | IR warrants | | | - | | | 39,410 | | | 85,831 | | | 198,983 | | | PSUs | | | 277,031 | | | - | | | 320,409 | | | - | | | ESPP | | | 29,967 | | | - | | | 29,967 | | | - | | | Total | | $ | 1,507,669 | | $ | 746,900 | | $ | 4,306,435 | | $ | 1,659,404 | |
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
The Company estimated the fair value of options granted during the nine months ended September 30, 2015 using the Black-Scholes option pricing model. The fair values of stock options granted were estimated using the following assumptions:
| | | Options Granted | | | | | During the Nine | | | | | Months Ended | | | | | September 30, 2015 | | | Stock price | | $ | 7.41 | | | Dividend yield | | | 0 | % | | Expected volatility | | | 65 | % | | Risk-free interest rate | | | 0.13 | % | | Expected life | | | 6 months | |
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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 September 30, | | Nine Months Ended September 30, | | | | | 2015 | | 2014 | | 2015 | | 2014 | | | Research and development | | $ | 582,320 | | $ | 329,138 | | $ | 2,116,631 | | $ | 568,390 | | | General and administrative | | | 739,842 | | | 165,228 | | | 1,673,427 | | | 657,738 | | | Sales and marketing | | | 185,507 | | | 252,534 | | | 516,377 | | | 433,276 | | | Total | | $ | 1,507,669 | | $ | 746,900 | | $ | 4,306,435 | | $ | 1,659,404 | |
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