Annual report pursuant to Section 13 and 15(d)

Stock Compensation Plan (Tables)

v2.4.1.9
Stock Compensation Plan (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Assumptions Used to Estimate the Fair Value of Stock Options Granted

The following table summarizes the assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2014 and 2013:

 

     2014   2013

Expected dividend yield

   0%   0%

Weighted-average expected volatility

   150% - 155%   159% - 166%

Weighted-average risk-free interest rate

   2.26% - 2.77%   1.86% - 2.80%

Expected life of options

   10 years   10 years
Summary of Stock Option Activity

The following table represents stock option activity as of and for the two years ended December 31, 2014 and 2013, respectively:

 

     Number of
Options
    Option
Price Per
Share
     Weighted
Average
Exercise
Price
 

Outstanding at December 31, 2012

     660,423      $ 1.20 - 17.00       $ 4.70   

Forfeited

     (56,050     1.20 - 5.40         2.19   

Granted

     61,000        2.75 - 3.55         3.13   

Exercised

     (31,533     1.20 - 1.50         1.26   
  

 

 

      

Outstanding at December 31, 2013

     633,840      $ 1.20 - 17.00       $ 4.88   

Forfeited

     (70,475     1.50 - 4.00         2.93   

Granted

     257,500        0.86 - 2.84         1.65   
  

 

 

      

Outstanding at December 31, 2014

     820,865      $ 0.86 - 17.00       $ 4.03   
  

 

 

      

Exercisable at December 31, 2014

     583,882      $ 1.20 - 17.00       $ 5.02