Annual report pursuant to section 13 and 15(d)

Stock Option Plan (Tables)

v2.4.0.8
Stock Option Plan (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The assumptions used in the Black-Scholes model are as follows:
 
 
For the year ended December 31,
 
 
 
2013
 
2012
 
Risk-free interest rate
 
1.46 to 1.86%
 
1.41%
 
Expected dividend yield
 
0%
 
0%
 
Expected lives
 
5.58 to 6.25 years
 
5.25 years
 
Expected volatility
 
90%
 
90%
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the Company’s stock option activity and related information is as follows:
 
 
2013
 
2012
 
 
 
Stock
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Life
(in years)
 
Stock
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Life
(in years)
 
Outstanding at January 1
 
158,108
 
$
2.716
 
7.8
 
155,420
 
$
2.654
 
8.9
 
Granted
 
457,172
 
$
4.769
 
 
 
18,965
 
$
6.328
 
 
 
Exercised
 
 
 
 
 
 
 
 
 
 
 
Forfeited/Expired/Exchanged
 
(129,707)
 
$
4.249
 
 
 
(16,277)
 
$
6.328
 
 
 
Outstanding at December 31
 
485,573
 
$
4.240
 
8.2
 
158,108
 
$
2.716
 
7.8
 
Exercisable at December 31
 
202,718
 
$
3.699
 
8.0
 
137,157
 
$
2.281
 
8.0
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
The following table sets forth additional information about stock options outstanding at December 31, 2013:
 
 
 
 
Weighted Average
 
 
 
 
 
 
Range of Exercise
 
Options
 
Remaining
 
Weighted Average
 
Options
 
Prices
 
Outstanding
 
Life(in years)
 
Exercise Price
 
Exercisable
 
$0.09 – $1.99
 
39,753
 
7.7
 
$
0.3562
 
13,010
 
$2.00 – $4.99
 
99,390
 
6.6
 
$
2.9715
 
99,390
 
$5.00 – $7.00
 
346,430
 
8.7
 
$
5.0494
 
90,318
 
 
 
485,573
 
 
 
 
 
 
202,718