Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

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Stock-based Compensation
9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based 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
September 30, 2014
     Three Months Ended
September 30, 2013
     Nine Months Ended
September 30, 2014
     Nine Months Ended
September 30, 2013
 

Research and development

   $ 18,217       $ 183,168       $ 155,984       $ 158,575   

Selling, general and administrative

     15,892         1,355,175         134,846         1,465,590   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Stock based compensation

   $ 34,109       $ 1,538,343       $ 290,830       $ 1,624,165   
  

 

 

    

 

 

    

 

 

    

 

 

 

The Company granted -0- and 100,000 stock options, with a weighted-average grant date fair value of -0- and $2.81 per share, during the three and nine months ended September 30, 2014, respectively. The Company granted -0- and 35,000 stock options, with a weighted-average grant date fair value of $0.00 and $3.41 per share, during the three and nine months ended September 30, 2013, respectively.

During the nine months ended September 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.