Quarterly report pursuant to Section 13 or 15(d)

Stock Options (Tables)

v2.4.0.8
Stock Options (Tables)
9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Assumptions Used Principally in Determining Fair Value of Options Granted

The assumptions used principally in determining the fair value of options granted were as follows:

 

     2014     2013  

Risk free interest rate

     1.97     1.19

Expected dividend yield

     0     0

Estimated term in years

     6.25        6.25   

Expected volatility

     91.51     91.95

Estimated forfeiture rate

     20.00     20.00
Summary of Option Activity

A summary of option activity for the nine months ended September 30, 2014 and changes for the nine months ended September 30, 2014 is presented below:

 

Options

   Shares      Weighted
Average
Exercise Price
     Weighted
Average
Remaining
Contractual
Term in
Years
     Average
Intrinsic
Value
 

Outstanding at December 31, 2013

     597,243       $ 0.13         

Granted

     1,702,139       $ 0.85         
  

 

 

    

 

 

    

 

 

    

 

 

 

Outstanding at September 30, 2014

     2,299,382       $ 0.66         8.73       $ 443,509   

Vested at September 30, 2014

     655,916       $ 0.19         6.85       $ 307,032