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Stock Options and Warrants (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Significant Ranges of Outstanding Stock Options and Warrants |
The following table summarizes significant ranges of outstanding stock options under the two plans at December 31, 2014: Range of Exercise Prices | | | Number of Options | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Number of Options Exercisable | | | Weighted Average Contractual Life | | | Weighted Average Exercise Price | | | $ | 1.83 — 2.50 | | | | 7,932,558 | | | | 8.99 | | | $ | 2.19 | | | | 3,801,902 | | | | 8.99 | | | $ | 2.17 | | | $ | 2.51 — 3.50 | | | | 774,482 | | | | 8.89 | | | | 2.78 | | | | 691,387 | | | | 8.89 | | | | 2.75 | | | $ | 3.51 — 8.00 | | | | 989,201 | | | | 6.04 | | | | 6.27 | | | | 755,871 | | | | 6.04 | | | | 6.57 | | | $ | 8.01 — 32.55 | | | | 344,494 | | | | 2.38 | | | | 8.93 | | | | 344,494 | | | | 2.38 | | | | 8.93 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,040,735 | | | | 8.46 | | | $ | 2.87 | | | | 5,593,654 | | | | 8.46 | | | $ | 3.25 | |
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| Stock Options [Member] | Employees [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Fair Value Assumptions of Stock Options |
The fair value of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model, based on the following assumptions: | | | 2014 | | | 2013 | | | 2012 | | Risk-free interest rate | | | 1.74% - 2.12 | % | | | 0.91% - 2.79 | % | | | 0.83% - 1.78 | % | Expected volatility | | | 82% - 90 | % | | | 85% - 89 | % | | | 0% - 82 | % | Expected lives (years) | | | 6 - 10 | | | | 6 - 10 | | | | 6 - 10 | | Expected dividend yield | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
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| Stock Options [Member] | Non-employees [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Fair Value Assumptions of Stock Options |
The fair value of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model, based on the following assumptions: | | | 2014 | | | 2013 | | | 2012 | | Risk-free interest rate | | | 2.23 | % | | | 2.05 | % | | | — | | Expected volatility | | | 85.0 | % | | | 84.8 | % | | | — | | Expected lives (years) | | | 10 | | | | 10 | | | | — | | Expected dividend yield | | | 0 | % | | | 0 | % | | | — | |
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| Stock Options and Warrants Activity |
Presented below is the Company’s non-employee stock option activity: | | Stock Options | | | Weighted Average Exercise Price | | | | 2014 | | | 2013 | | | 2012 | | | 2014 | | | 2013 | | | 2012 | | Outstanding — beginning of year | | | 167,143 | | | | 142,143 | | | | 143,572 | | | $ | 5.69 | | | $ | 6.20 | | | $ | 6.17 | | Granted | | | 550,000 | | | | 25,000 | | | | — | | | | 2.76 | | | | 2.79 | | | | — | | Exercised | | | — | | | | — | | | | (1,429 | ) | | | — | | | | — | | | | 2.94 | | Forfeited | | | (25,000 | ) | | | — | | | | — | | | | 2.79 | | | | — | | | | — | | Outstanding — end of year | | | 692,143 | | | | 167,143 | | | | 142,143 | | | | 3.47 | | | | 5.69 | | | | 6.20 | | Exercisable at end of year | | | 692,143 | | | | 167,143 | | | | 133,215 | | | $ | 3.47 | | | $ | 5.69 | | | $ | 6.10 | | Weighted average fair value of stock options granted during the year: | | $ | 2.32 | | | $ | 1.98 | | | $ | — | | | | | | | | | | | | | |
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| Stock Options [Member] | Employees and Directors [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Stock Options and Warrants Activity |
Presented below is the Company’s stock option activity for employees and directors: | | | Stock Options | | | Weighted Average Exercise Price | | | | | 2014 | | | 2013 | | | 2012 | | | 2014 | | | 2013 | | | 2012 | | Outstanding — beginning of year | | | 6,228,593 | | | | 3,240,850 | | | | 1,763,923 | | | $ | 3.11 | | | $ | 4.08 | | | $ | 6.01 | | Granted | | | 3,180,000 | | | | 3,323,176 | | | | 1,541,002 | | | | 2.47 | | | | 2.43 | | | | 1.86 | | Exercised | | | (1,667 | ) | | | (476 | ) | | | (1,071 | ) | | | 1.83 | | | | 1.93 | | | | 2.80 | | Forfeited | | | (24,333 | ) | | | (127,812 | ) | | | (63,004 | ) | | | 2.81 | | | | 3.09 | | | | 3.89 | | Expired | | | (34,001 | ) | | | (207,145 | ) | | | — | | | | 8.18 | | | | 9.59 | | | | — | | Outstanding — end of year | | | 9,348,592 | | | | 6,228,593 | | | | 3,240,850 | | | | 2.83 | | | | 3.11 | | | | 4.08 | | Exercisable at end of year | | | 4,901,511 | | | | 3,125,720 | | | | 1,918,461 | | | $ | 3.22 | | | $ | 3.86 | | | $ | 3.69 | | Weighted average fair value of stock options granted during the year: | | $ | 1.80 | | | $ | 1.82 | | | $ | 1.44 | | | | | | | | | | | | | |
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| Warrants [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Stock Options and Warrants Activity |
A summary of the Company’s warrant activity and related information for the years ended December 31 are shown below. | | | Warrants | | | Weighted Average Exercise Price | | | | | 2014 | | | 2013 | | | 2012 | | | 2014 | | | 2013 | | | 2012 | | Outstanding — beginning of year | | | 8,324,609 | | | | 7,518,113 | | | | 7,397,415 | | | $ | 4.86 | | | $ | 5.09 | | | $ | 5.32 | | Granted | | | 25,000 | | | | 816,667 | | | | 285,716 | | | | 5.60 | | | | 2.80 | | | | 2.06 | | Exercised | | | (340,527 | ) | | | (8,572 | ) | | | (5,714 | ) | | | 2.56 | | | | 4.48 | | | | 1.89 | | Forfeited | | | — | | | | — | | | | (28,571 | ) | | | — | | | | — | | | | 1.89 | | Expired | | | (659,322 | ) | | | (1,599 | ) | | | (130,733 | ) | | | 12.66 | | | | 14.99 | | | | 11.90 | | Outstanding — end of year | | | 7,349,760 | | | | 8,324,609 | | | | 7,518,113 | | | | 4.27 | | | | 4.86 | | | | 5.09 | | Exercisable at end of year | | | 7,149,760 | | | | 7,924,609 | | | | 7,452,396 | | | $ | 4.32 | | | $ | 4.98 | | | $ | 5.11 | | Weighted average fair value of warrants granted during the year | | $ | 3.46 | | | $ | 1.31 | | | $ | 1.22 | | | | | | | | | | | | | |
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| Significant Ranges of Outstanding Stock Options and Warrants |
The following table summarizes additional information concerning warrants outstanding and exercisable at December 31, 2014: | | | Warrants Outstanding | | | | | | | | Range of Exercise Prices | | | Number of Shares | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Warrants Number of Shares Exercisable | | | Exercisable Weighted Average Exercise Price | | | $ | 2.10 — 2.60 | | | | 645,716 | | | | 3.05 | | | $ | 2.42 | | | | 445,716 | | | $ | 2.38 | | | $ | 2.61 — 3.60 | | | | 125,000 | | | | 0.86 | | | | 3.00 | | | | 125,000 | | | | 3.00 | | | $ | 3.61 — 4.60 | | | | 6,496,899 | | | | 1.57 | | | | 4.47 | | | | 6,496,899 | | | | 4.47 | | | $ | 4.61 — 5.60 | | | | 82,145 | | | | 3.20 | | | | 5.41 | | | | 82,145 | | | | 5.41 | | | | | | | | 7,349,760 | | | | 1.71 | | | $ | 4.27 | | | | 7,149,760 | | | $ | 4.32 | |
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