Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.3.1.900
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of fair values of stock options granted, estimated using Black-Scholes option valuation model assumptions
The fair values of stock options granted for the years were estimated using the following assumptions:
 
Option Grants Awarded During the Year Ended December 31, 2014
 
Option Grants Awarded During the Year Ended December 31, 2015
Dividend Yield
0%
 
0%
Expected Volatility
56.6% - 82.2%
 
60.0%
Risk-free interest rate
1.52% - 2.56%
 
1.44% - 1.86%
Expected Term
4 to 7 years
 
7 years
Summary of stock option activity
The following is a summary of our 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
Outstanding, January 1, 2014

 
$

 
$

 

Granted
491,200

 
6.29

 
4.14

 
9.42

Exercised

 

 

 

Canceled/Forfeited

 

 

 

Outstanding, December 31, 2014
491,200

 
$
6.29

 
$
4.14

 
9.42

Exercisable, January 1, 2014

 
$

 
$

 

Vested
142,895

 
6.02

 
4.01

 
9.41

Exercised

 

 

 

Canceled/Forfeited

 

 

 

Exercisable, December 31, 2014
142,895

 
$
6.02

 
$
4.01

 
9.41

Schedule of information related to stock options outstanding and exercisable
The following table presents information related to stock options outstanding and exercisable at December 31, 2015:
Options Outstanding
 
Options Exercisable
Exercise
Price
 
Outstanding
Number of
Options
 
Weighted
Average
Remaining
Life In
Years
 
Exercisable
Number
of Options
$3.83 - $6.00
 
390,250

 
6.77
 
257,744

$6.49 – $6.97
 
47,500

 
8.70
 
14,693

$7.20 – $8.06
 
97,300

 
8.82
 
24,350

$11.44 - $12.98
 
30,000

 
9.15
 
5,628

 
 
565,050

 
7.07
 
302,415

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
A summary of restricted stock unit activity for the years ended December 31, 2014 is as follows:
 
Number of
Restricted Share
Units
 
Weighted-Average
Grant-Date Fair
Value
Outstanding at January 1, 2014

 
$

Granted
174,500

 
6.00

Vested
(43,233
)
 
6.00

Canceled

 

Outstanding at December 31, 2014
131,267

 
$
6.00

Schedule of stock-based compensation
Total equity-based compensation cost recorded in the consolidated statements of operations, which includes the value of stock options and restricted stock units issued to employees, directors and non-employees for services and excludes the performance bonus accrual and warrant consultant cost, is allocated as follows: 
 
Year Ended
December 31, 2014
Year Ended
December 31, 2015
Research and development
 

 

Employees
$
320,000

$
609,000

Non-employees
72,000

33,000

General and administrative
 

 
Employees and directors
414,000

664,000

Non-employees
224,000

54,000

 
$
1,030,000

$
1,360,000

Common Stock Issued to Non-Employees

In September 2015, we issued a total of 33,000 shares of our common stock to two consultants in exchange for business and corporate development services provided both in Asia and in the United States. We recorded $156,000 in stock compensation expense related to these stock issuances for the year ended December 31, 2015, which represents the fair value of the stock on the date of issuance. There were no similar items, or expense recorded, for the year ended December 31, 2014.