Annual report pursuant to Section 13 and 15(d)

Stock Option Plan (Tables)

v2.4.1.9
Stock Option Plan (Tables)
 12 Months Ended
Dec. 31, 2014
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,
2014
2013
Risk-free interest rate
1.78 to 2.19%
1.46 to 1.86%
Expected dividend yield
0%
0%
Expected lives
5.31 to 6.25 years
5.58 to 6.25 years
Expected volatility
60%
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:
 
 
2014
2013
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
485,573
$
4.240
8.2
158,108
$
2.716
7.8
Granted
899,526
$
7.491
457,172
$
4.769
Exercised
(10,500
)
$
0.095
—
—
Forfeited/Expired/Exchanged
(6,552
)
$
4.532
(129,707
)
$
4.249
Outstanding at December 31
1,368,047
$
6.408
8.7
485,573
$
4.240
8.2
Exercisable at December 31
467,204
$
4.654
7.3
202,718
$
3.699
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, 2014:
 
 
Range of Exercise Prices
Options
Outstanding
Weighted
Average
Remaining
Life
(in years)
Weighted
Average
Exercise
Price
Options
Exercisable
$0.41 – $4.99
127,131
6.0
$
2.391
127,131
$5.00 – $6.99
388,516
7.8
$
5.087
276,573
$7.00 – $11.00
852,400
9.5
$
7.609
63,500
1,368,047
467,204