Stock Plans, Share-Based Payments and Warrants (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Summary of Option Activity |
The
following table summarizes the option activity for the years ended December 31, 2015 and 2014:
| |
|
Shares |
|
|
Weighted
Average Exercise
Price |
|
| Outstanding
at December 31, 2013 |
|
$ |
2,410,134 |
|
|
$ |
1.28 |
|
| Options granted |
|
|
352,519 |
|
|
|
0.50 |
|
| Options forfeited
or expired |
|
|
(290,419 |
) |
|
|
2.45 |
|
| Outstanding at December
31, 2014 |
|
|
2,472,234 |
|
|
|
0.96 |
|
| Options granted |
|
|
2,911,829 |
|
|
|
0.56 |
|
| Options forfeited
or expired |
|
|
(1,080,425 |
) |
|
|
1.28 |
|
| Outstanding at December
31, 2015 |
|
$ |
4,303,638 |
|
|
$ |
0.65 |
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable |
The
following table summarizes the options exercisable and vested and expected to vest as of December 31, 2015 and 2014:
| |
|
Shares |
|
|
Weighted
Average Exercise
Price |
|
| Exercisable
at December 31, 2014 |
|
|
1,679,392 |
|
|
$ |
1.11 |
|
| Vested and expected
to vest at December 31, 2014 |
|
|
2,426,249 |
|
|
$ |
1.04 |
|
| Exercisable at December
31, 2015 |
|
|
1,377,665 |
|
|
$ |
0.84 |
|
| Vested and expected
to vest at December 31, 2015 |
|
|
4,133,932 |
|
|
$ |
0.66 |
|
|
| Schedule of Fair Value Assumptions |
The fair value of each option grant
is estimated on the date of grant using the Black-Scholes option pricing model with the below assumptions for the risk-free interest
rates, expected dividend yield, expected lives and expected stock price volatility.
| |
|
Option Pricing Assumptions |
|
| Grant Year |
|
2015 |
|
|
2014 |
|
| Stock Price Volatility |
|
|
121.9 |
% |
|
|
129.8 |
% |
| Risk-Free Interest Rates |
|
|
1.60 |
% |
|
|
1.86 |
% |
| Expected Life (in years) |
|
|
6.15 |
|
|
|
5.84 |
|
| Expected Dividend Yield |
|
|
0 |
% |
|
|
0 |
% |
|
| Summary of Restricted Stock Activity |
The following table summarizes restricted stock activity
for the year end December 31, 2015 and 2014:
| |
|
Shares |
|
|
Weighted
Average
Grant Date
Fair Value |
|
| Nonvested at December 31, 2013 |
|
|
75,450 |
|
|
$ |
0.66 |
|
| Granted |
|
|
132,077 |
|
|
|
0.86 |
|
| Vested |
|
|
(75,450 |
) |
|
|
0.66 |
|
| Nonvested at December 31, 2014 |
|
|
132,077 |
|
|
|
0.86 |
|
| Granted |
|
|
617,795 |
|
|
|
0.48 |
|
| Vested |
|
|
(248,690 |
) |
|
|
0.73 |
|
| Nonvested at December 31, 2015 |
|
|
501,182 |
|
|
$ |
0.46 |
|
|
| Summary of Terms of Outstanding Warrants |
The following table summarizes certain
terms of all of the Company’s outstanding warrants at December 31, 2015 and 2014:
Total Outstanding Warrants
| Title of Warrant |
|
Date Issued |
|
Expiry Date |
|
Exercise Price |
|
|
Total Common
Shares Issuable as December 31, |
|
| |
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
| Liability-classified warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2007 Warrants - Lambda |
|
11/14/2007 |
|
3/21/2019 |
|
$ |
0.30 |
|
|
|
- |
|
|
|
11,742,100 |
|
| |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
11,742,100 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity-classified warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholder Rights Offering Warrants |
|
3/10/2011 |
|
3/10/2016 |
|
$ |
0.40 |
|
|
|
1,565,414 |
|
|
|
2,228,238 |
|
| March 2011 Lambda Warrants |
|
3/10/2011 |
|
3/21/2019 |
|
$ |
0.40 |
|
|
|
- |
|
|
|
2,782,577 |
|
| May 2015 – private placement warrants |
|
3/18/2015 |
|
3/18/2020 |
|
$ |
0.85 |
|
|
|
917,149 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
2,482,563 |
|
|
|
5,010,815 |
|
| Total |
|
|
|
|
|
|
|
|
|
|
2,482,563 |
|
|
|
16,752,915 |
|
|