Equity Incentive Plan |
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Jun. 30, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
Note 10 — Equity Incentive Plan
On May 17, 2013, the Company adopted the 2013 Equity Incentive Plan (the “Plan”) and reserved shares of common stock for issuance under the Plan, including stock options, stock awards and stock bonuses, not to exceed a maximum of 839,983 shares. 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 May 26, 2015, the shareholders approved an amendment to the Plan which increased shares available for issuance under the Plan by 1,250,000 shares. At June 30, 2015, there were 1,061,665 shares of common stock available for issuance under the Plan.
During the six months ended June 30, 2015, the Company granted 38,502 stock options to Board members and 48,200 stock options to employees. The estimated fair value of stock options granted under the Plan in the six months ended June 30, 2015, calculated using the Black-Scholes option valuation model, was $392,097, of which $88,956 was recognized during the six months ended June 30, 2015.
During the six months ended June 30, 2015, 58,203 options to purchase shares of the Company’s common stock were exercised. The Company issued 49,536 shares of common stock and 8,667 options were cancelled to satisfy the exercise price of options exercised on a cashless basis. Net proceeds received from option exercises were $148,892 during the six months ended June 30, 2015.
A summary of the Company’s stock option activity and related information is as follows:
At June 30, 2015, there was $3,223,451 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 2.9 years.
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