Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

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Stock-based Compensation
 6 Months Ended
Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-based Compensation
4. Stock-based Compensation

The Company recognized stock-based compensation on all employee and non-employee awards as follows:

 

     Three Months Ended
June 30, 2014		      Three Months Ended
June 30, 2013		      Six Months Ended
June 30, 2014		      Six Months Ended
June 30, 2013		  

Research and development

    $ 127,730       $ 2,504       $ 137,767       $ (24,593 ) 

Selling, general and administrative

      123,446         75,703         118,954         110,415   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Stock based compensation

    $ 251,176       $ 78,207       $ 256,721       $ 85,822   
  

 

 

     

 

 

     

 

 

     

 

 

  

The Company granted 100,000 stock options, with a weighted-average grant date fair value of $2.81 per share, during the three and six months ended June 30, 2014, respectively. The Company granted 25,000 and 35,000 stock options, with a weighted-average grant date fair value of $3.32 and $3.41 per share, during the three and six months ended June 30, 2013, respectively.

During the six months ended June 30, 2014, 67,391 stock options previously granted have vested and 37,142 stock options were forfeited.

As part of the Company’s non-employee Director compensation program and in connection with the Company’s annual meeting, on May 30, 2014 each continuing non-employee Director Frederick Telling, Charles Pope, Alan Dunton, Christine Koski and Robert Koski was granted an award of 10,000 fully vested shares of the Company’s common stock under the Company’s 2012 Equity Incentive Plan. The grant date fair value of the 50,000 shares issued under the non-employee Director compensation program was determined to be $102,500.