Annual report pursuant to Section 13 and 15(d)

Stock Options (Tables)

v2.4.1.9
Stock Options (Tables)
12 Months Ended
Dec. 31, 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

     1.88     1.19

Expected dividend yield

     0     0

Expected term in years

     6.20        6.25   

Expected volatility

     89.75     91.95

Estimated forfeiture rate

     19.20     20.00
Summary of Option Activity

A summary of option activity for years ended December 31, 2014 and 2013 is presented below:

 

Options

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

Outstanding at December 31, 2012

     495,016       $ 0.12         

Granted

     105,622       $ 0.17         

Forfeited

     (3,395    $ 0.17         
  

 

 

    

 

 

       

Outstanding at December 31, 2013

  597,243    $ 0.13   

Granted

  3,047,139    $ 0.95   

Exercised

  (87,691 $ 0.11   
  

 

 

    

 

 

    

 

 

    

 

 

 

Outstanding at December 31, 2014

  3,556,691    $ 0.83      8.95      7,689,394   

Vested at December 31, 2014

  632,999    $ 0.25      6.87      1,732,071