• Filing Date: 2016-03-30
  • Form Type: 10-K
  • Description: Annual report
v3.3.1.900
STOCK AWARDS, WARRANTS AND OPTIONS (Tables)
12 Months Ended
Dec. 31, 2015
Schedule Of Warrant Activity
The following table summarizes all warrant activity for the years ended December 31, 2015 and 2014:
 
 
 
Warrants
 
Weighted Average 
Exercise Price
 
Outstanding at January 1, 2014
 
 
332,281
 
$
17.20
 
Expired
 
 
(28,400)
 
 
94.00
 
Outstanding at December 31, 2014
 
 
303,881
 
$
10.02
 
Exercised
 
 
(15,401)
 
 
2.27
 
Expired
 
 
(52,650)
 
 
47.00
 
Outstanding at December 31, 2015
 
 
235,830
 
$
2.27
 
Outstanding Warrants to Purchase Shares of the Company's Common Stock
The following table summarizes all outstanding warrants to purchase shares of the Company’s common stock as of December 31, 2015:
 
At December 31, 2015
 
Grant Date
 
Warrants
Outstanding
 
Weighted
Average
Exercise Price
 
Expiration
Date
 
4/4/2012
 
 
187
 
$
2.27
 
4/4/2017
 
11/20/2013
 
 
235,643
 
$
2.27
 
11/20/2018
 
 
 
 
235,830
 
 
 
 
 
 
Stock Options, Valuation Assumptions
The Company used the following assumptions to estimate the fair value of stock options issued in the years ended December 31, 2015 and 2014:
 
 
 
December 31, 2015
 
December 31, 2014
 
Expected volatility
 
 
76% - 82%
 
 
112% - 117%
 
Expected term
 
 
5-7 years
 
 
7 years
 
Dividend yield
 
 
0%
 
 
0%
 
Risk-free interest rates
 
 
0.3% - 2.1%
 
 
2.2%
 
Employee Stock-based Compensation Costs
Employee and non-employee stock-based compensation expense for the years ended December 31, 2015 and 2014 was as follows:
 
 
2015
 
2014
 
 
 
 
 
 
 
General and administrative
 
$
1,276,370
 
$
345,682
 
Research and development
 
 
288,265
 
 
134,555
 
Total
 
$
1,564,635
 
$
480,237
 
Schedule of Summarizing Stock Option Activity
The following table summarizes information about stock options outstanding and exercisable at December 31, 2015:
 
Shares Outstanding
 
 
 
 
 
Weighted Average
 
Weighted Average
 
Range of Ex. Prices
 
Shares Outstanding
 
Term (yrs.)
 
Exercise Price
 
$0.16 - $0.19
 
 
100,627
 
 
2.80
 
$
0.17
 
$0.30 - $0.37
 
 
4,360,116
 
 
6.36
 
 
0.36
 
$0.87
 
 
56,021
 
 
2.95
 
 
0.87
 
$3.58 - $5.78
 
 
1,443,948
 
 
9.25
 
 
5.15
 
$9.14 - $12.00
 
 
33,011
 
 
8.38
 
 
11.34
 
$18.50 - $28.50
 
 
3,600
 
 
0.28
 
 
28.08
 
 
 
 
5,997,323
 
 
6.97
 
$
1.59
 
 
Shares Exercisable
 
 
 
 
 
Weighted Average
 
Weighted Average
 
Range of Ex. Prices
 
Shares Exercisable
 
Term (yrs.)
 
Exercise Price
 
$0.16 - $0.19
 
 
100,627
 
 
2.80
 
$
0.17
 
$0.30 - $0.37
 
 
3,999,627
 
 
6.28
 
 
0.36
 
$0.87
 
 
56,021
 
 
2.95
 
 
0.87
 
$3.58 - $5.78
 
 
346,586
 
 
9.04
 
 
5.32
 
$9.14 - $12.00
 
 
6,341
 
 
8.12
 
 
12.00
 
$18.50 - $28.50
 
 
3,600
 
 
0.28
 
 
28.08
 
 
 
 
4,512,802
 
 
6.37
 
$
0.78
 
Information about Stock Options Outstanding and Exercisable
The following is a schedule summarizing employee and non-employee stock option activity for the years ended December 31, 2015 and 2014:
 
 
 
Number of 
Options
 
Weighted Average 
Exercise Price
 
Aggregate
Intrinsic Value
 
Outstanding at January 1, 2014
 
 
4,888,519
 
$
0.51
 
 
 
 
Granted
 
 
368,154
 
 
5.01
 
 
 
 
Exercised
 
 
(15,139)
 
 
0.32
 
 
 
 
Expired/Cancelled
 
 
(236,834)
 
 
2.39
 
 
 
 
Outstanding at December 31, 2014
 
 
5,004,700
 
$
0.75
 
$
15,014,100
 
Granted
 
 
1,311,137
 
 
5.31
 
 
 
 
Exercised
 
 
(33,000)
 
 
0.32
 
 
 
 
Expired/Cancelled
 
 
(285,514)
 
 
4.03
 
 
 
 
Outstanding at December 31, 2015
 
 
5,997,323
 
$
1.59
 
$
8,876,038
 
Exercisable at December 31, 2015
 
 
4,512,802
 
$
0.78
 
$
10,334,317