Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.3.0.814
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Schedule of Warrants Outstanding [Table Text Block]
    December 31,  
    2014     2013  
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     1,250,000  
             
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     -  
             
Total   4,886,764     2,284,996  
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
          Weighted     Weighted  
    Options     Average     Average  
                Grant Date  
    Outstanding     Exercise     Fair  
          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 year   2,026,564   $ 9.19   $ 10.61  
                   
                   
Options exercisable   1,564,257   $ 11.16   $ 10.61  
          Weighted     Weighted  
    Options     Average     Average  
                Grant Date  
    Outstanding     Exercise     Fair  
          Price     Value  
                   
Beginning of the year   1,639,842   $ 11.46   $ 10.85  
Granted   -     -     -  
Exercised   -     -     -  
Forfeited   (7,250 ) $ 6.04   $ 5.51  
Expired   (68,335 ) $ 18.94   $ 16.90  
End of year   1,564,257   $ 11.16   $ 10.61  
                   
                   
Options exercisable   1,530,200   $ 11.28   $ 10.73  
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                                    
$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  
    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   5.06     183,337   $ 4.50     5.06     183,337   $ 4.50  
$5.01 - $12.90   5.11     782,584   $ 7.45     5.03     748,527   $ 7.53  
$13.50 - 18.90   2.30     358,336   $ 14.17     2.30     358,336   $ 14.17  
$19.20 - 23.85   2.12     240,000   $ 23.85     2.12     240,000   $ 23.85  
Total   4.00     1,564,257   $ 11.16     3.94     1,530,200   $ 11.28  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
  Year ended Year ended
  12/31/2014 12/31/2011
     
     
Average risk-free interest rate 1.68% 3.35%
Average expected life- years 5 10
Expected volatility 90.44% 94.32%
Expected dividends 0 0
 
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]
Restricted Stock Award Activity         Weighted  
          Average  
          Grant  
    Number of     Date Fair  
    Units     Value  
Total awards outstanding at December 31, 2012   43,032   $ 6.49  
Units granted   -   $   -  
Units Exercised/Released   (28,739 ) $ 6.99  
Units Cancelled/Forfeited   -   $   -  
Total awards outstanding at December 31, 2013   14,293   $ 5.47  
Units granted   -   $   -  
Units Exercised/Released   (14,293 ) $ 5.47  
Units Cancelled/Forfeited   -   $   -  
Total awards outstanding at December 31, 2014   -   $   -