Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2013 |
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| Schedule of Share-Based Compensation Expense is Classified in Consolidated Statements of Comprehensive Loss |
Share-based compensation expense is classified in the consolidated
statements of comprehensive loss as follows:
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Year ended December 31,
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2013
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2012
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Research and development expenses
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$ |
60,980 |
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$ |
41,851 |
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Administrative expenses
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370,524 |
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297,929 |
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$ |
431,504 |
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$ |
339,780 |
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| Schedule of Stock Options Valuation Assumptions |
Key assumptions used in the Black-Scholes option pricing model on
the date of grant for options granted to employees are as
follows:
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December 31,
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2013 |
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2012 |
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Expected dividend yield (%)
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- |
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- |
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Expected volatility (%)
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73.39 |
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77.00 |
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Risk-free interest rate (%)
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0.92 |
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0.49 |
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Expected life of option (years)
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4.00 |
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3.25 |
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Weighted-average share price ($)
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0.29 |
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0.37 |
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Weighted-average exercise price ($)
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1.22 |
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0.91 |
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Model used
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Black-Scholes |
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Black-Scholes |
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| Joint Share Ownership Plan Awards [Member] |
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| Schedule of Stock Options Valuation Assumptions |
The Company used the following weighted-average assumptions for the
2012 JSOP awards:
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December 31, |
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2012 |
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Expected dividend yield (%)
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- |
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Expected volatility (%)
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76.00 |
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Risk-free interest rate (%)
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0.57 |
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Expected life of option (years)
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3.00 |
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Weighted-average share price ($)
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0.17 |
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Weighted-average exercise price ($)
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0.17 |
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Model used
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Monte Carlo |
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| Employee Stock Option [Member] |
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| Summary of Employee Stock Option Activity |
The following is a summary of employee stock option activity for
the years ended December 31, 2013 and 2012:
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| |
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Number
of shares |
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Weighted-
average
exercise
price
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Weighted-
average
remaining
life (years) |
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Aggregate
intrinsic
value
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Outstanding as of January 1, 2012
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4,068,024 |
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$ |
0.31 |
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Granted
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960,000 |
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0.91 |
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Exercised
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(19,535 |
) |
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0.04 |
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$ |
8,726 |
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Forfeited
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(23,009 |
) |
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2.04 |
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Outstanding as of December 31, 2012
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4,985,480 |
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0.42 |
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Exercisable as of December 31, 2012
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3,752,296 |
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0.29 |
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4.28 |
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$ |
423,487 |
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Outstanding as of January 1, 2013
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4,985,480 |
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0.42 |
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Granted
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2,304,000 |
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1.22 |
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Exercised
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(55,379 |
) |
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0.04 |
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$ |
10,663 |
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Forfeited
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(2,011,671 |
) |
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1.22 |
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Outstanding as of December 31, 2013
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5,222,430 |
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0.47 |
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4.68 |
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$ |
432,392 |
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Vested or expected to vest as of December 31, 2013
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5,222,430 |
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0.47 |
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4.68 |
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$ |
432,392 |
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Exercisable as of December 31, 2013
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4,063,646 |
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$ |
0.30 |
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3.72 |
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$ |
432,392 |
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| Summary of Status of Company's Non-Vested Employee Stock Option Shares |
A summary of the status of the Company’s non-vested employee
stock option shares as of December 31, 2013 and the changes
during the year ended December 31, 2013 is as follows:
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Number of shares
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Weighted-average
grant date fair
value |
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Balance as of January 1, 2013
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1,233,184 |
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$ |
0.11 |
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Granted
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2,304,000 |
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0.07 |
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Vested
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(454,400 |
) |
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0.14 |
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Forfeited
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(1,924,000 |
) |
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0.07 |
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Balance as of December 31, 2013
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1,158,784 |
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$ |
0.08 |
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| Non Employee Stock Options [Member] |
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| Summary of Key Assumptions Used in Black-Scholes Option Pricing Model on Date of Grant for Options Granted to Non-Employees |
Key assumptions used in the Black-Scholes option pricing model on
the date of grant for options granted to non-employees are as
follows:
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December 31,
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2013 |
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2012 |
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Expected dividend yield (%)
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- |
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- |
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Expected volatility (%)
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78.25 |
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73.79 |
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Risk-free interest rate (%)
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1.75 |
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1.09 |
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Expected life of option (years)
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5.90 |
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6.92 |
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Weighted-average share price ($)
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0.26 |
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0.23 |
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Weighted-average exercise price ($)
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0.52 |
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0.52 |
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Model used
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Black-Scholes |
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Black-Scholes |
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| Summary of Non-Employee Stock Option Activity |
The following is a summary of non-employee stock option activity
for the years ended December 31, 2013 and 2012:
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Number of
shares |
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Weighted-
average
exercise
price |
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Weighted-
average
remaining
life (years) |
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Aggregate
intrinsic
value |
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Outstanding as of January 1, 2012
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- |
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$ |
- |
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Granted
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416,000 |
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0.52 |
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Exercised
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- |
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- |
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Forfeited
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- |
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- |
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Outstanding as of December 31, 2012
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416,000 |
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0.52 |
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Exercisable as of December 31, 2012
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24,000 |
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0.31 |
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4.73 |
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$ |
0 |
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Outstanding as of January 1, 2013
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416,000 |
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0.52 |
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Granted
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- |
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- |
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Exercised
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- |
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- |
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Forfeited
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- |
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- |
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Outstanding as of December 31, 2013
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416,000 |
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0.52 |
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5.90 |
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$ |
49 |
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Vested or expected to vest as of December 31, 2013
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416,000 |
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0.52 |
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5.90 |
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$ |
49 |
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Exercisable as of December 31, 2013
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128,000 |
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$ |
0.48 |
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4.38 |
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$ |
49 |
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