Stock Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| 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, 2015:
| | | | | | | Weighted | | | | | | | | | Weighted | | Average | | | | | | | | | Average | | Remaining | | | | | | | Number of | | Exercise | | Life In | | Intrinsic | | | | | Options | | Price | | Years | | Value | | | Outstanding at January 1, 2015 | | | 1,607,075 | | $ | 4.41 | | | 9.0 | | $ | 10,467,374 | | | Granted | | | - | | | - | | | - | | | - | | | Exercised | | | (21,786) | | | 3.01 | | | - | | | - | | | Forfeited | | | (97,504) | | | 5.72 | | | - | | | - | | | Outstanding at December 31, 2015 | | | 1,487,785 | | $ | 4.43 | | | 8.0 | | $ | 5,310,340 | | | | | | | | | | | | | | | | | | Exercisable at December 31, 2015 | | | 860,970 | | $ | 4.34 | | | 8.0 | | $ | 3,076,767 | |
|
| Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] |
A summary of the activity related to RSUs for the year ended December 31, 2015 is presented below:
| | | | | Weighted | | | | | | | Average Grant | | | | | Total | | Date Fair Value | | | Outstanding at January 1, 2014 | | | - | | $ | - | | | RSUs granted | | | 837,672 | | $ | 10.75 | | | RSUs forfeited | | | (104,044) | | $ | 12.57 | | | RSUs vested | | | (6,349) | | $ | 9.94 | | | Outstanding at December 31, 2014 | | | 727,279 | | $ | 10.49 | | | RSUs granted | | | 1,274,707 | | $ | 8.23 | | | RSUs forfeited | | | (135,199) | | $ | 9.73 | | | RSUs vested | | | (305,791) | | $ | 9.89 | | | Outstanding at December 31, 2015 | | | 1,560,996 | | $ | 8.83 | | | | | | | | | | | | Vested at January 1, 2014 | | | - | | | - | | | RSUs vested | | | 6,349 | | $ | 9.94 | | | Shares of common stock issued in exchange for RSUs | | | - | | $ | - | | | Vested at December 31, 2014 | | | 6,349 | | $ | 9.94 | | | RSUs vested | | | 305,791 | | $ | 9.89 | | | Shares of common stock issued in exchange for RSUs | | | (304,340) | | $ | | | | Vested at December 31, 2015 | | | 7,800 | | $ | 7.94 | |
|
| Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] |
The Company utilized a Monte Carlo simulation to determine the fair value of the market condition, as described below. Grantees of PSUs are required to be employed through December 31, 2018 in order to earn the entire award, if and when vested.
| | | Performance Share
Units (PSUs) Granted
During the Year Ended
December 31, 2015 | | | Market capitalization | | $ | 106,270,000 | | | Dividend yield | | | 0 | % | | Expected volatility | | | 60 | % | | Risk-free interest rate | | | 0.95 | % |
|
| Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] |
A summary of the activity related to PSUs for the year ended December 31, 2015 is presented below:
| | | | | Weighted | | | | | | | Average Grant | | | | | Total | | Date Fair Value | | | Outstanding at January 1, 2015 | | | - | | $ | - | | | PSUs granted | | | 1,278,153 | | $ | 2.62 | | | PSUs forfeited | | | (127,699) | | $ | 2.62 | | | PSUs vested | | | (14,840) | | $ | 2.62 | | | Outstanding at December 31, 2015 | | | 1,135,614 | | $ | 2.62 | | | | | | | | | | | | Vested at January 1, 2015 | | | - | | $ | - | | | PSUs vested | | | 14,840 | | $ | 2.62 | | | Shares of common stock issued in exchange for PSUs | | | (1,072) | | $ | 2.62 | | | Vested at December 31, 2015 | | | 13,768 | | $ | 2.62 | |
|
| Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] |
The Company estimated the fair value of the purchase options granted during the year ended December 31, 2015 using the Black-Scholes option pricing model. The fair values of the purchase options granted were estimated using the following assumptions:
| | | Purchase Options Granted | | | | | July 1, 2015 | | | Stock price | | $ | 7.41 | | | Dividend yield | | | 0 | % | | Expected volatility | | | 65 | % | | Risk-free interest rate | | | 0.13 | % | | Expected life | | | 6 months | |
|
| 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 years ended December 31, 2015, 2014 and 2013:
| | | For the Years Ended December 31, | | | | | 2015 | | 2014 | | 2013 | | | Stock options | | $ | 1,037,399 | | $ | 1,333,943 | | $ | 16,148 | | | RSUs | | | 4,225,728 | | | 900,063 | | | - | | | IR warrants | | | 85,831 | | | 263,972 | | | - | | | PSUs | | | 489,239 | | | - | | | - | | | ESPP | | | 113,217 | | | - | | | - | | | Shares issued to consultant for services rendered | | | - | | | 50,000 | | | - | | | Total | | $ | 5,951,414 | | $ | 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:
| | | For the Years Ended December 31, | | | | | 2015 | | 2014 | | 2013 | | | Research and development | | $ | 2,816,707 | | $ | 924,702 | | $ | - | | | Sales and marketing | | | 729,329 | | | 583,238 | | | - | | | General and administrative | | | 2,405,378 | | | 1,040,038 | | | 16,148 | | | Total | | $ | 5,951,414 | | $ | 2,547,978 | | $ | 16,148 | |
|