Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plans (Tables)

v2.4.1.9
Equity Incentive Plans (Tables)
3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Employee and Nonemployee Stock Option Activity
A summary of employee and non-employee stock option activity for the three months ended March 31, 2015 is as follows:
 
Options Outstanding
 
Weighted-
Average
Remaining
Contractual
Term (in years)
 
Aggregate
Intrinsic
Value
 
Number of
Shares
 
Weighted-
Average
Exercise
Price
 
Outstanding January 1, 2015
1,839,458

 
$
10.58

 
8.49
 
$
618,250

Granted
97,000

 
9.18

 
 
 
 
Canceled or expired
(48,083
)
 
10.74

 
 
 
 
Outstanding March 31, 2015
1,888,375

 
$
10.50

 
8.30
 
$
1,325,605

Exercisable March 31, 2015
739,928

 
$
9.57

 
6.79
 
$
806,090

Weighted-Average Assumptions Used to Estimate Fair Value of Options Granted
The following table presents the weighted-average assumptions used to estimate the fair value of options reaching their measurement date for non-employees during the periods presented:

 
Three Months Ended March 31,
 
2015
 
2014
Volatility
70.50
%
 
72.66
%
Risk free interest rate
1.88
%
 
2.73
%
Dividend yield
0.00
%
 
0.00
%
Term (years)
9.09

 
9.53

The following table presents the weighted-average assumptions used to estimate the fair value of options granted to employees during the periods presented:

 
Three Months Ended March 31,
 
2015
Volatility
68.98%
Risk free interest rate
1.70%
Dividend yield
0.00%
Term (years)
6.31
Weighted-average fair value of options granted during the period
5.83
Nonvested Restricted Stock Shares Activity
The following table summarizes the activities for our non-vested restricted stock awards for the three months ended March 31, 2015:

 
Non-vested Restricted Stock Awards
 
Number of
Shares
 
Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2015
132,500

 
$
8.14

Granted
10,000

 
8.42

Vested
(20,833
)
 
10.40

Non-vested at March 31, 2015
121,667

 
$
7.80

Effects of Stock-Based Compensation Related to Stock Option Awards
The following table presents the effects of stock-based compensation related to stock option and restricted stock awards to employees and non-employees on our Statement of Operations during the periods presented:

 
Three Months Ended March 31,
 
2015
 
2014
Cost of revenues
$
49,186

 
$
20,412

Research and development
95,073

 
14,102

General and administrative
520,737

 
468,855

Sales and marketing
31,357

 
26,753

Total stock-based compensation
$
696,353

 
$
530,122