|
10. Share-Based Compensation (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Schedule of Share-Based Compensation Expense |
| |
|
|
|
|
|
|
| |
|
Years
Ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Research and development expenses |
|
$ |
141,633 |
|
|
$ |
60,980 |
|
| General and administrative expenses |
|
|
560,409 |
|
|
|
370,524 |
|
| |
|
$ |
702,042 |
|
|
$ |
431,504 |
|
|
| Non-Vested Employee Stock Options [Member] |
|
| Option activity |
| |
|
Number
of shares |
|
|
Weighted-average
grant date fair value |
|
| Balance as of January 1, 2014 |
|
|
1,158,784 |
|
|
$ |
0.08 |
|
| Granted |
|
|
1,080,000 |
|
|
|
0.23 |
|
| Vested |
|
|
(682,880 |
) |
|
|
0.17 |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
| Balance as of December 31, 2014 |
|
|
1,555,904 |
|
|
$ |
0.15 |
|
|
| Non-Vested Non-Employee Stock Options [Member] |
|
| Option activity |
| |
|
Number
of
shares
|
|
|
Weighted-average
grant date fair value |
|
| Balance as of January 1, 2014 |
|
|
287,784 |
|
|
$ |
0.13 |
|
| Granted |
|
|
480,000 |
|
|
|
0.23 |
|
| Vested |
|
|
(255,928 |
) |
|
|
0.24 |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
| Balance as of December 31, 2014 |
|
|
511,856 |
|
|
$ |
0.21 |
|
|
| Employee Stock Option [Member] |
|
| Assumptions used |
| |
|
Years
Ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Weighted-average expected dividend yield (%) |
|
|
– |
|
|
|
– |
|
| Weighted-average expected volatility (%) |
|
|
103.36 |
|
|
|
73.39 |
|
| Weighted-average risk-free interest rate (%) |
|
|
1.48 |
|
|
|
0.92 |
|
| Weighted-average expected life of option (years) |
|
|
5.33 |
|
|
|
4.00 |
|
| Weighted-average exercise price ($) |
|
|
0.31 |
|
|
|
1.22 |
|
| 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, 2013 |
|
|
4,985,480 |
|
|
|
0.42 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
2,304,000 |
|
|
|
1.22 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(55,379 |
) |
|
|
0.04 |
|
|
|
|
|
|
$ |
10,663 |
|
| Forfeited/Expired |
|
|
(2,011,671 |
) |
|
|
1.22 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2013 |
|
|
5,222,430 |
|
|
|
0.47 |
|
|
|
4.68 |
|
|
$ |
432,392 |
|
| Granted |
|
|
1,080,000 |
|
|
|
0.31 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(1,984,080 |
) |
|
|
0.05 |
|
|
|
|
|
|
$ |
509,622 |
|
| Forfeited/Expired |
|
|
(132,422 |
) |
|
|
0.93 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2014 |
|
|
4,185,928 |
|
|
|
0.62 |
|
|
|
6.86 |
|
|
$ |
80,338 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested or expected to vest as of December 31, 2014 |
|
|
4,185,928 |
|
|
|
0.62 |
|
|
|
6.86 |
|
|
$ |
80,338 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable as of December 31, 2013 |
|
|
4,063,646 |
|
|
$ |
0.30 |
|
|
|
3.72 |
|
|
$ |
432,392 |
|
| Exercisable as of December 31, 2014 |
|
|
2,630,024 |
|
|
$ |
0.60 |
|
|
|
5.48 |
|
|
$ |
80,338 |
|
|
| Non Employee Stock Options [Member] |
|
| Assumptions used |
| |
|
Years
Ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Weighted-average expected dividend yield (%) |
|
|
– |
|
|
|
– |
|
| Weighted-average expected volatility (%) |
|
|
116.22 |
|
|
|
78.25 |
|
| Weighted-average risk-free interest rate (%) |
|
|
1.62 |
|
|
|
1.75 |
|
| Weighted-average expected life of option (years) |
|
|
7.60 |
|
|
|
5.90 |
|
| Weighted-average exercise price ($) |
|
|
0.39 |
|
|
|
0.52 |
|
| 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, 2013 |
|
|
415,520 |
|
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2013 |
|
|
415,520 |
|
|
|
0.52 |
|
|
|
5.90 |
|
|
$ |
49 |
|
| Granted |
|
|
480,000 |
|
|
|
0.25 |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2014 |
|
|
895,520 |
|
|
|
0.39 |
|
|
|
7.60 |
|
|
$ |
159 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vested or expected to vest as of December 31, 2014 |
|
|
895,520 |
|
|
|
0.39 |
|
|
|
7.60 |
|
|
$ |
159 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable as of December 31, 2013 |
|
|
127,736 |
|
|
$ |
0.48 |
|
|
|
4.38 |
|
|
$ |
49 |
|
| Exercisable as of December 31, 2014 |
|
|
383,664 |
|
|
$ |
0.42 |
|
|
|
6.40 |
|
|
$ |
159 |
|
|