Annual report pursuant to Section 13 and 15(d)

Stock Based Compensation (Tables)

v2.4.1.9
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The Company estimated the fair value of stock options awarded during the year ended December 31, 2014 using the Black-Scholes option pricing model. The fair values of stock options granted were estimated using the following assumptions:
 
 
 
Option Grants
Awarded During the
Year Ended
December 31, 2014
Stock price
 
 
$2.49 to $6.00
Dividend yield
 
 
0%
Expected volatility
 
 
60%
Risk-free interest rate
 
 
1.30% to 2.03%
Expected life
 
 
3.75 to 6.25 years
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 year ended December 31, 2014:
 
 
 
Number of
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Grant Date
Fair Value
 
Weighted
Average
Remaining
Life In
Years
 
Intrinsic
Value
 
Outstanding, January 1, 2014
 
 
275,689
 
$
1.68
 
$
-
 
 
-
 
$
-
 
Granted
 
 
1,542,477
 
 
4.63
 
 
2.60
 
 
-
 
 
-
 
Exercised
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Forfeited
 
 
(211,091)
 
 
2.49
 
 
1.57
 
 
-
 
 
-
 
Outstanding December 31, 2014
 
 
1,607,075
 
$
4.41
 
$
2.46
 
 
9.0
 
$
10,532,322
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable, January 1, 2014
 
 
17,231
 
$
1.68
 
$
-
 
 
-
 
$
-
 
Vested
 
 
533,067
 
 
4.41
 
 
-
 
 
-
 
 
-
 
Exercised
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Forfeited
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Exercisable, December 31, 2014
 
 
550,298
 
$
4.33
 
$
2.41
 
 
9.1
 
$
3,649,854
 
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 December 31, 2014:
 
Options Outstanding
 
Options Exercisable
 
Exercise Price
 
Outstanding
Number of
Options
 
Weighted Average
Remaining Life In
Years
 
Exercisable Number of
Options
 
$
1.68
 
 
275,689
 
 
8.9
 
 
86,153
 
 
2.49
 
 
326,754
 
 
9.0
 
 
115,627
 
 
3.63
 
 
51,958
 
 
9.2
 
 
51,958
 
 
4.99
 
 
99,214
 
 
9.2
 
 
19,013
 
 
6.00
 
 
853,460
 
 
9.2
 
 
277,547
 
 
 
 
 
1,607,075
 
 
9.1
 
 
550,298
 
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
A summary of the activity related to RSUs for the year ended December 31, 2014 is presented below:
 
 
 
Total
 
Weighted
Average Grant
Date Fair
Value
 
Total Grant
Date Fair Value
 
Nonvested at January 1, 2014
 
 
-
 
$
-
 
$
-
 
RSU Granted
 
 
837,672
 
 
10.75
 
 
9,006,874
 
RSUs vested
 
 
(6,349)
 
 
9.94
 
 
(63,116)
 
RSUs forfeited
 
 
(104,044)
 
 
12.57
 
 
(1,308,067)
 
Nonvested at December 31, 2014
 
 
727,279
 
 
10.50
 
$
7,635,691
 
Vested at December 31, 2014
 
 
6,349
 
$
9.94
 
$
63,116
 
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 year ended December 31, 2014 and 2013.
 
 
 
Year Ended December 31,
 
 
 
2014
 
2013
 
Stock options
 
$
1,333,943
 
$
16,148
 
RSUs
 
 
900,063
 
 
-
 
IR warrant
 
 
263,972
 
 
-
 
Shares issued to consultant for services rendered
 
 
50,000
 
 
-
 
Total
 
$
2,547,978
 
$
16,148
 
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:
 
 
 
Year Ended December 31,
 
 
 
2014
 
2013
 
Research and development
 
$
924,702
 
$
-
 
General and administrative
 
 
1,040,038
 
 
16,148
 
Sales and marketing
 
 
583,238
 
 
-
 
Total
 
$
2,547,978
 
$
16,148