|
Equity Incentive Plan
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2015
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
Note 9 — Equity Incentive Plan
On May 17, 2013, the Company adopted the 2013 Equity Incentive Plan (the “Plan”) and reserved 487,932 shares of common stock for issuance under the Plan, including stock options, stock awards and stock bonuses. The maximum number of shares that may be granted under the Plan will be increased effective the first day of each of the Company’s fiscal quarters provided that the number of shares that may be granted under the Plan does not exceed 839,983 shares. At March 31, 2015, 135,677 shares of common stock were available for issuance under the Plan. The Plan is administered by the Compensation Committee of the Company’s Board of Directors. The persons eligible to participate in the Plan are employees (including officers), members of the Board of Directors, consultants and other independent advisors and contractors who provide services to the Company. Options issued under the Plan may have a term of up to ten years and may have variable vesting. The typical vesting schedule for stock options awarded under the Plan is a four year annual vesting schedule for employees and a one year quarterly vesting schedule for Board members. On March 26, 2015, the Compensation Committee of the Company’s Board of Directors approved an amendment to the Plan, subject to stockholder approval at the Company’s 2015 annual meeting, which increases the shares available for issuance under the Plan by 1,250,000 shares. During the three months ended March 31, 2015, the Company granted 38,502 stock options to Board members and 24,100 stock options to employees. The estimated fair value of stock options granted under the Plan in the three months ended March 31, 2015, calculated using the Black-Scholes option valuation model, was $260,725, of which $39,779 was recognized during the three months ended March 31, 2015. During the three months ended March 31, 2015, 18,464 options to purchase shares of the Company’s common stock were exercised. The Company issued 17,902 shares of common stock and 562 options were cancelled to satisfy the exercise price of options exercised on a cashless basis. Net proceeds received from option exercises were $84,813 during the three months ended March 31, 2015. A summary of the Company’s stock option activity and related information is as follows:
At March 31, 2015, there was $3,493,360 of unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted average period of 3.1 years. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||