Quarterly report pursuant to Section 13 or 15(d)

Stock options and warrants (Tables)

v3.3.0.814
Stock options and warrants (Tables)
9 Months Ended
Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of the Income Statement Allocation of Stock-based Compensation
    Three Months Ended     Nine Months Ended
     2015      2014       2015       2014
                     

Selling, general and administrative expenses

$ 214,848     $ 201,543     $  910,854     $  889,888

Research and development expenses

  23,236       12,531       108,213       53,598
     
                     

    Total stock-based compensation

  $ 238,084     $ 214,074     $  1,019,067     $  943,486
Schedule of Fair Value Assumptions Used to Estimate Stock-based Compensation

2015

 


 

2014 



         

Dividend yield

  0 %     0 %

Expected price volatility

  93 %     96-126 %

Risk free interest rate

    1.39 %     1.52-1.74 %

Expected term

    5 years     5 years   
Summary of Stock Incentive Plan Activity

Shares
Underlying
Options

   

Weighted

Average

Exercise

Price

   

Weighted

Average

Remaining

Contractual

Term (Years)

   

Aggregate

Intrinsic

Value

                   

Outstanding at January 1, 2015

1,854,258     $ 5.79              

Granted

1,094,500       1.89              

Exercised

                       

Forfeited

    (217,427 )     3.64              
                             

Outstanding at September 30, 2015

    2,731,331     $ 4.40       8.1     $  
                                 

Exercisable at September 30, 2015

    1,793,897     $ 5.67       7.5     $

Schedule of Nonvested Share Activity

Nonvested Shares

Nonvested
Shares
Underlying
Options

   

Weighted

Average

Exercise

Price

   

Weighted

Average

Grant Date

Fair Value

           

Nonvested at January 1, 2015

319,652     $ 2.28     $ 1.85

Granted

1,094,500       1.89       1.34

Vested

    (296,445 )     2.03       1.56

Forfeited

    (180,273 )     2.05       1.48
                       

Nonvested at September 30, 2015

    937,434     $ 1.95     $ 1.42
Schedule of Nonqualified Award Activity

Shares
Underlying
Options / 
Warrants

   

Weighted

Average

Exercise

Price

 

Weighted
Average
Remaining
Contractual
Term (Years)

   

Aggregate

Intrinsic

Value

                   

Outstanding at January 1, 2015

3,455,935     $ 1.93          

Granted

               

Exercised

                   

Forfeited

                   
                         

Outstanding and exercisable at September 30, 2015

    3,455,935     $ 1.93   2.5   $