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 |
|
|