Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.3.1.900
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Schedule of Warrants Outstanding [Table Text Block]
    December 31,  
    2015     2014  
Issued to Investors on July 28, 2010, entitling the holders to purchase 1,034,996 common shares in the Company at an exercise price of $9.00 per common share up to and including July 27, 2017   1,034,996     1,034,996  
             
Issued to Investors on October 25, 2013, entitling the holders to purchase 1,250,000 common shares in the Company at an exercise price of $2.30 per common share up to and including April 24, 2021   1,117,178     1,117,178  
             
Issued to Investors on November 17, 2014, entitling the holders to purchase 2,734,590 common shares in the Company at an exercise price of $2.31 per common share up to and including May 16, 2022   2,734,590     2,734,590  
             
Total   4,886,764     4,886,764  
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
          Weighted     Weighted  
          Average     Average  
    Options     Exercise     Grant Date Fair  
    Outstanding     Price     Value  
Beginning of the period   2,026,564   $ 9.19   $ 10.61  
Granted   3,491,419   $ 1.08   $ 0.74  
Exercised   -   $   -   $   -  
Forfeited   (114,407 ) $ 6.63   $ 6.06  
Expired   (166,667 ) $ 13.50   $ 12.84  
End of the period   5,236,909   $ 3.70   $ 4.06  
                   
Options exercisable   3,442,023   $ 4.95   $ 1.68  
          Weighted     Weighted  
          Average     Average  
    Options     Exercise     Grant Date Fair  
    Outstanding     Price     Value  
                   
Beginning of the year   1,564,257   $ 11.16   $ 10.61  
Granted   579,429   $ 2.55   $ 1.79  
Exercised   -     -     -  
Forfeited   (117,122 ) $ 2.55   $ 1.79  
Expired   -   $   -   $   -  
End of the year   2,026,564   $ 9.19   $ 10.61  
                   
Options exercisable   1,564,257   $ 11.16   $ 10.61  
Schedule of Non-Vested Shares, Activity [Table Text Block]
          Weighted-        
          Average Fair     Weighted  
          Value     Average  
    Shares     Grant Date     Exercise Price  
Non-vested Shares                  
Non-vested at January 1, 2015   462,307   $ 1.71   $ 2.55  
Granted   3,491,419   $ 0.74   $ 1.08  
Vested   (2,158,840 ) $ 0.80   $ 1.18  
Forfeited   -     -     -  
                   
Non-vested - December 31, 2015   1,794,886   $ 0.91   $ 1.34  
 
Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
    Stock Options Outstanding     Stock Options Vested  
    Weighted                 Weighted              
    Average                 Average              
    Remaining           Weighted     Remaining           Weighted  
    Contractual     Number     Average     Contractual     Number     Average  
    Life     of     Exercise     Life     of     Exercise  
    -Years     Awards     Price     -Years     Awards     Price  
Exercise Prices                                    
                                     
$0.83 - $1.26   9.6     3,491,419   $ 1.08     9.6     1,965,629   $ 1.06  
$2.55 - $5.00   3.3     645,644   $ 3.10     3.2     376,548   $ 3.50  
$5.01 - $12.90   3.04     668,177   $ 7.59     3.04     668,177   $ 7.59  
$13.50 -$18.90   0.63     191,669   $ 14.75     0.63     191,669   $ 14.75  
$19.20 -$23.85   0.12     240,000   $ 23.85     0.12     240,000   $ 23.85  
Total   7.21     5,236,909   $ 3.70     6.46     3,442,023   $ 4.95  
    Stock Options Outstanding     Stock Options Vested  
    Weighted                 Weighted              
    Average                 Average              
    Remaining           Weighted     Remaining           Weighted  
    Contractual     Number     Average     Contractual     Number     Average  
    Life     of     Exercise     Life     of     Exercise  
    -Years     Awards     Price     -Years     Awards     Price  
Exercise Prices                                    
$2.55 - $5.00   4.26     645,644   $ 3.10     4.06     183,337   $ 4.50  
$5.01 - $12.90   4.11     782,584   $ 7.45     4.11     782,584   $ 7.45  
$13.50 -$18.90   1.30     358,336   $ 14.17     1.30     358,336   $ 14.17  
$19.20 -$23.85   1.12     240,000   $ 23.85     1.12     240,000   $ 23.85  
Total   3.31     2,026,564   $ 9.19     3.00     1,564,257   $ 11.16  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
  Year ended   Year ended
  December 31,   December 31,
  2015   2014
       
Average risk-free interest rate 1.64%   1.68%
Average expected life- years 5.38   5.0
Expected volatility 86.66%   90.44%
Expected dividends $0.0   $0.00