Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders Equity Tables

Preferred Stock

The Company had designated separate series of its capital stock as of December 31, 2014 and December 31, 2013 as summarized below:

	Number of Shares Issued
	and Outstanding as of
	December 31, 2014		December 31, 2013		Par Value		Conversion Ratio
Series "A"		-		-	$	0.0001		N/A
Series "B"		-		1		0.0001	1:1
Series "C"		1		1		0.0001	1:1
Series “D"		4,725		1,227,582		0.0001	10:1
Series “D-1"		834		59,265		0.0001	10:1
Series “E"		-		-		0.0001	1:1
Series “F"		-		-		0.0001	1:1
Series “F-1"		-		156,250		0.0001	1:1
Series “H"		439,043		459,043		0.0001	10:1
Series “I”		35,541		119,760		0.0001	20:1
Series “J”		-		-		0.0001	1:1

Summary of warrant activity

A summary of warrant activity for year ended December 31, 2014 and 2013 is presented below:

	Warrants			Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2012		550,664		$	24.14	$	145		4.67
Issued		-			-
Converted		(474,266	)		6.53
Exercised		(9,391	)		6.53
Cancelled		(1,744	)		105.10
Outstanding as of December 31, 2013		65,263		$	5.83	$	-		2.44
Issued		711,355			5.90
Cancelled		(6,815	)		503.95
Outstanding as of December 31, 2014		769,803		$	13.70	$	-		4.03

Fair value of stock-based compensation

The fair value of options granted in 2014 was estimated using the following assumptions:

	For the Years Ended December 31,
	2014			2013
Exercise price	$	1.34 - $5.83		$	7.08 - $8.24
Expected stock price volatility		77.7% - 90.6	%		78.9% - 86.4	%
Risk-free rate of interest		0.76% - 1.80	%		0.36% - 2.84	%
Term (years)		2.5 - 5.5			1.0 - 10.0

Summary of option activity

A summary of option activity under the Company’s employee stock option plan for year ended December 31, 2014 is presented below:

	Number of Shares		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2012		7,163	$	22.35	$	-		4.4
Employee options granted		1,976,714		7.08		-		9.3
Outstanding as of December 31, 2013		1,983,877		7.14		-		-
Employee options granted		3,260,000		3.65				9.2
Outstanding as of December 31, 2014		5,243,877		4.97	$	-		6.0
Options vested and expected to vest		5,243,877		4.97		-		6.0
Options vested and exercisable		4,776,252	$	5.10	$	-		6.1

A summary of options that the Company granted to non-employees for the year ended December 31, 2014 is presented below:

	Number of Shares		Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2012		-	$	-	$	-		-
Non-employee options granted		30,000		7.08		-		-
Outstanding as of December 31, 2013		30,000		7.08		29,400		9.3
Non-employee options granted		25,000		2.86				4.3
Outstanding as of December 31, 2014		55,000		5.16		-		6.4
Options vested and expected to vest		55,000		5.16		-		6.4
Options vested and exercisable		55,000	$	5.16	$	-		6.4

Summary of the restricted stock award activity

A summary of the restricted stock award activity for the year ended December 31, 2014, 2014 is as follows:

	Number of Units			Weighted Average Grant Day Fair Value
Nonvested at December 31, 2012		122,500		$	6.83
Vested		(120,250	)		(6.80	)
Forfeited		(2,000	)		(6.83	)
Nonvested at December 31, 2013		250		$	6.83
Granted		119,285			1.78
Vested		(112,035	)		1.74
Nonvested at December 31, 2014		7,500		$	2.63

Stock-based compensation expense

Stock-based compensation expense for the year ended December 31, 2014 and 2013 was comprised of the following (in thousands):

	For the Years Ended December 31,
	2014		2013
Employee restricted stock awards	$	49	$	6
Employee stock option awards		12,403		8,696
Non-employee restricted stock awards		176		937
Non-employee option awards		48		332
Total compensation expense	$	12,676	$	9,971