Quarterly report pursuant to sections 13 or 15(d)

Stock Based Compensation (Tables)

v2.4.0.8
Stock Based Compensation (Tables)
3 Months Ended
Mar. 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 three months ended March 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
Three Months
Ended March 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 three months ended March 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
 
 
(80,201)
 
 
2.49
 
 
1.42
 
 
-
 
 
-
 
Outstanding March 31, 2014
 
 
1,737,965
 
$
4.26
 
$
2.24
 
 
9.8
 
$
18,227,847
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable, January 1, 2014
 
 
17,231
 
$
1.68
 
$
-
 
 
-
 
$
-
 
Vested
 
 
139,623
 
 
5.03
 
 
-
 
 
-
 
 
-
 
Exercised
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Forfeited
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
Exercisable, March 31, 2014
 
 
156,854
 
$
4.66
 
$
3.00
 
 
9.8
 
$
1,582,224
 
Schedule of Share Based Compensation Stock Options Outstanding And Exercisable [Table Text Block]
The following table presents information related to stock options outstanding and exercisable at March 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
 
 
9.7
 
 
34,461
 
 
2.49
 
 
457,644
 
 
9.8
 
 
7,206
 
 
3.63
 
 
51,958
 
 
9.9
 
 
12,990
 
 
4.99
 
 
99,214
 
 
10.0
 
 
4,753
 
 
6.00
 
 
853,460
 
 
9.9
 
 
97,444
 
 
 
 
 
1,737,965
 
 
9.8
 
 
156,854
 
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]
Stock-based compensation consists of the following:
 
 
 
For the Three
Months Ended
March 31, 2014
 
For the Three
Months Ended
March 31, 2013
 
For the Period
October 30, 2012
(inception) through
March 31, 2014
 
Stock options
 
$
431,095
 
$
-
 
$
447,243
 
Warrants
 
 
61,028
 
 
-
 
 
61,028
 
Total
 
$
492,193
 
$
-
 
$
508,271