Stockholders Equity Note Disclosure [Text Block] | 9. Stockholders’ Equity Common Stock Issuances On May 4, 2015, the Company closed an underwritten public offering of 7,582,418 4.55 32,196,540 2011 Plan The Company maintains the 2011 Long-Term Incentive Plan (the “2011 Plan”) that provides for the granting of stock options, RSUs, restricted stock and other awards to employees, directors and others. A total of 1,828,571 117,336 2014 Plan On April 10, 2014 and September 5, 2014, the Company’s Board of Directors and the Company’s shareholders approved the 2014 Long-Term Incentive Plan (the “2014 Plan”), respectively. The 2014 Plan provides for the granting of stock options, RSUs, restricted stock and other awards to employees, directors and others. On February 26, 2015 and May 6, 2015, the Company’s Board of Directors and the Company’s shareholders approved an amendment to the 2014 Plan to increase the total number of shares of common stock authorized for issuance under the 2014 Plan by an additional 3,500,000 5,500,000 2,931,488 Stock-Based Compensation Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Options $ 1,564,191 $ 1,450,527 $ 4,543,275 $ 6,361,366 Warrants - 13,496 - 208,530 Restricted stock units - - - 180,715 Restricted stock 693,176 378,442 2,037,104 2,267,653 Total stock-based compensation $ 2,257,367 $ 1,842,465 $ 6,580,379 $ 9,018,264 For the three and nine months ended September 30, 2015, $ 91,259 273,127 2,166,108 6,307,252 63,331 143,184 1,779,134 8,875,080 Restricted Stock Issuance Grantee Shares Vesting Grant Date Date Type Issued Term Value 02/06/15 Officers 600,000 [1] $ 3,738,000 06/15/15 Officer 120,000 [2] 630,000 2015 - Restricted Stock - Total 720,000 $ 4,368,000 [1] Vests in three equal annual installments, with one-third vesting on each of February 6, 2016, February 6, 2017 and February 6, 2018. [2] Vests in four equal installments, with one-fourth vesting on the date of grant and one-fourth vesting on each of June 15, 2016, June 15, 2017 and June 15, 2018. As of September 30, 2015, there was $ 2,654,114 1.6 Number of Weighted Total Grant Non-vested, December 31, 2014 188,149 $ 7.03 $ 1,322,096 Granted 720,000 6.07 4,368,000 Vested (170,247) 6.70 (1,141,294) Forfeited - - - Non-vested, September 30, 2015 737,902 $ 6.16 $ 4,548,802 Warrants There were no compensatory warrants issued during the nine months ended September 30, 2015. During the nine months ended September 30, 2015, the Company issued an aggregate of 8,970 15,999 2.19 44,906 As of September 30, 2015, there was no unrecognized stock-based compensation expense related to compensatory warrants. Number of Weighted Weighted Intrinsic Value Outstanding, December 31, 2014 2,675,121 $ 5.76 Issued 750,000 5.51 Exercised (15,999) 2.19 Cancelled (36,572) 7.88 Outstanding, September 30, 2015 3,372,550 $ 5.70 3.3 $ 101,864 Exercisable, September 30, 2015 3,372,550 $ 5.70 3.3 $ 101,864 The following table presents information related to warrants at September 30, 2015: Warrants Outstanding Warrants Exercisable Exercise Price Outstanding Weighted Exercisable $ 2.19 92,573 2.0 92,573 3.02 74,286 1.4 74,286 3.50 2,286 1.6 2,286 4.24 780,191 2.7 780,191 4.38 188,444 3.1 188,444 4.81 8,889 3.1 8,889 5.51 750,000 4.7 750,000 5.69 1,040,880 3.1 1,040,880 8.75 7,143 0.4 7,143 10.50 427,858 3.5 427,858 3,372,550 3.3 3,372,550 As of September 30, 2015, warrants to purchase an aggregate of 816,287 5.24 Stock Options Options 2015 Grants During the nine months ended September 30, 2015, ten-year options to purchase an aggregate of 1,806,000 4.06 6.23 7,711,629 1,719,000 87,000 4,500 90,000 1,711,500 Options Summary Data Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Risk free interest rate 1.78 % 1.96 % 1.72 % 1.92 % Expected term (years) 6.00 5.98 5.96 5.94 Expected volatility 93.70 % 100.56 % 97.37 % 102.36 % Expected dividends 0.00 % 0.00 % 0.00 % 0.00 % The risk-free interest rate is based on rates of treasury securities with the same expected term as the options. The Company uses the "simplified method" to calculate the expected term of employee and director stock-based options. The expected term used for consultants is the contractual life. The Company is utilizing an expected volatility figure based on a review of the Company’s historical volatility, over a period of time, equivalent to the expected life of the instrument being valued. The expected dividend yield is based upon the fact that the Company has not historically paid dividends, and does not expect to pay dividends in the near future. Option forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate will be adjusted periodically based on the extent to which actual option forfeitures differ, or are expected to differ, from the previous estimate, when it is material. The Company estimated forfeitures related to options at annual rates ranging from 0 5 The weighted average estimated fair value per share of the options granted during the three and nine months ended September 30, 2015 was $ 3.78 4.27 The weighted average estimated fair value per share of the options granted during the three and nine months ended September 30, 2014 was $ 4.29 6.21 During the nine months ended September 30, 2015, the Company issued an aggregate of 75,919 75,919 332,271 4.38 85,798 As of September 30, 2015, there was $ 7,202,954 1.6 5,132 Number of Weighted Weighted Intrinsic Value Outstanding, December 31, 2014 4,817,660 $ 6.56 Granted 1,806,000 5.50 Exercised (75,919) 4.38 Forfeited (247,382) 6.27 Outstanding, September 30, 2015 6,300,359 $ 6.29 7.6 $ - Exerciseable, September 30, 2015 3,077,608 $ 6.06 6.4 $ - Options Outstanding Options Exercisable Range of Weighted Outstanding Weighted Average Weighted Exercisable $3.28-$3.99 $ 3.37 413,971 $ 3.36 7.6 403,971 $4.00-$4.99 4.58 1,553,982 4.39 3.7 833,342 $5.00-$5.99 5.26 723,427 5.45 6.1 220,523 $6.00-$6.99 6.59 2,258,629 6.77 7.8 958,137 $7.00-$7.99 7.75 31,000 7.75 8.6 10,333 $8.00-$8.99 8.74 790,898 8.74 6.9 481,245 $9.00-$9.99 9.00 264,833 9.00 7.1 113,828 $10.00-$26.69 10.96 263,619 11.01 7.5 56,229 6,300,359 6.4 3,077,608 |