Annual report pursuant to Section 13 and 15(d)

10. Share-Based Compensation (Tables)

v2.4.1.9
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