Annual report pursuant to Section 13 and 15(d)

12. Share-Based Compensation (Tables)

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12. Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Schedule of Share-Based Compensation Expense
    Year Ended December 31,  
    2015     2014  
Research and development expenses   $ 229,964     $ 952,829  
General and administrative expenses     2,364,149       560,409  
    $ 2,594,113     $ 1,513,238  
Non-Vested Non-Employee Stock Options [Member]  
Option activity

    Number of shares     Weighted-average grant date fair value  
Balance as of January 1, 2015     511,856     $ 0.21  
Granted     1,000,000     $ 0.40  
Vested     (589,262 )   $ 0.33  
Balance as of December 31, 2015     922,594     $ 0.36  

Common Stock Awards [Member]  
Option activity
    Number of shares  
Balance as of January 1, 2014     460,116  
Granted     3,432,190  
Issued     (3,244,784 )
Balance as of December 31, 2014     647,522  
Granted     1,135,280  
Issued     (1,027,535 )
Balance as of December 31, 2015     755,267  
Employee Stock Options [Member]  
Assumptions used
    Year Ended December 31,  
    2015     2014  
Weighted-average expected dividend yield (%)            
Weighted-average expected volatility (%)     124.17       103.36  
Weighted-average risk-free interest rate (%)     0.44       1.48  
Weighted-average expected life of option (years)     2.50       5.33  
Weighted-average exercise price ($)     0.42       0.31  
Model used     Black-Scholes       Black-Scholes  
Option activity
    Number of shares     Weighted-average exercise price     Weighted-average remaining life (years)    

Aggregate intrinsic value

 
Outstanding as of January 1, 2014     5,222,430       0.47                  
Granted     1,080,000       0.31                  
Exercised     (1,984,080 )     0.05             $ 509,622  
Expired     (132,422 )     0.93                  
Outstanding as of December 31, 2014     4,185,928       0.62       6.86     $ 80,338  
Granted     16,300,000       0.42                  
Expired     (51,072 )     0.47                  
Outstanding as of December 31, 2015     20,434,856       0.46       8.92     $ 1,915,942  
                                 
Vested or expected to vest as of December 31, 2015     20,434,856       0.46       8.92     $ 1,915,942  
                                 
Exercisable as of December 31, 2014     2,630,024     $ 0.60       5.48     $ 80,338  
Exercisable as of December 31, 2015     7,913,567     $ 0.52       7.78     $ 688,343  
Employee Stock Options [Member] | Non-Vested [Member]  
Option activity

    Number of shares     Weighted-average grant date fair value  
Balance as of January 1, 2015     1,555,904     $ 0.15  
Granted     16,300,000     $ 0.28  
Vested     (5,334,615 )   $ 0.26  
Balance as of December 31, 2015     12,521,289     $ 0.28  

Non Employee Stock Options [Member] | Non-Vested [Member]  
Assumptions used
    Year Ended December 31,  
    2015     2014  
Weighted-average expected dividend yield (%)            
Weighted-average expected volatility (%)     120.51       116.22  
Weighted-average risk-free interest rate (%)     1.54       1.62  
Weighted-average expected life of option (years)     10.00       7.60  
Weighted-average exercise price ($)     0.42       0.39  
Model used     Black-Scholes       Black-Scholes  
Option activity
    Number of shares     Weighted-average exercise price     Weighted-average remaining life (years)     Aggregate intrinsic value  
Outstanding as of January 1, 2014     415,520     $ 0.52       5.90     $ 49  
Granted     480,000       0.25                  
Outstanding as of December 31, 2014     895,520       0.39       7.60     $ 159  
Granted     1,000,000       0.42                  
Outstanding as of December 31, 2015     1,895,520       0.41       8.23     $ 220,764  
                                 
Vested or expected to vest as of December 31, 2015     1,895,520       0.41       8.23     $ 220,764  
                                 
Exercisable as of December 31, 2014     383,664     $ 0.42       6.40     $ 159  
Exercisable as of December 31, 2015     972,926     $ 0.41       7.37     $ 119,164