Stockholders' Equity and Redeemable Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Preferred Stock

The Company had designated separate series of its capital stock as of September 30, 2015 and December 31, 2014 as summarized below:

	Number of Shares Issued
	and Outstanding as of
	September 30, 2015		December 31,  2014		Par Value		Conversion Ratio
Series "A"		-		-	$	0.0001	N/A
Series "C"		1		1		0.0001	1:1
Series “D"		4,725		4,725		0.0001	10:1
Series “D-1"		834		834		0.0001	10:1
Series “F-1"		-		-		0.0001	1:1
Series “H"		439,043		439,043		0.0001	10:1
Series “I”		29,940		35,541		0.0001	20:1
Series “J”		-		-		0.0001	1:1

Summary of warrant activity

A summary of warrant activity for the nine months ended September 30, 2015 is presented below:

	Warrants		Weighted Average  Exercise Price		Total Intrinsic Value		Weighted Average  Remaining  Contractual Life  (in years)
Outstanding as of December 31, 2014		769,803	$	13.70	$	-		4.03
Issued		7,035,024		0.43		-		5.31
Outstanding as of September 30, 2015		7,804,827	$	1.74	$	-		5.11
Exercisable as of September 30, 2015		769,803	$	13.70	$	-		3.28

Fair value of options granted

The fair value of options granted in 2015 and 2014 was estimated using the following assumptions:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2015	2014	2015	2014
Exercise price	$0.22 - $1.73	$1.34 - $1.79	$0.22 - $1.73	$1.34 - $5.83
Expected stock price volatility	117.2% - 130.4%	77.7% - 79.0%	117.2% - 130.4%	77.7% - 90.6%
Risk-free rate of interest	0.74% - 1.08%	0.95% - 1.76%	0.74% - 1.08%	0.76% - 1.76%
Term (years)	1.9 - 3.0	2.5 - 5.3	1.9 - 3.0	2.5 - 5.5

Summary of option activity

A summary of option activity under the Company’s employee stock option plan for the nine months ended September 30, 2015 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, 2014		5,243,877		$	4.97	$	-		6.0
Employee options granted		450,000			0.50		-		4.7
Employee options forfeited		(250,000	)		-		-		-
Employee options expired		(176	)		-		-		-
Outstanding as of September 30, 2015		5,443,701			4.69	$	34,500		5.3
Options vested and expected to vest		5,443,701			4.69		-		5.3
Options vested and exercisable		5,406,076		$	4.72	$	-		5.3

A summary of option activity under the Company’s non-employee stock option plan for the nine months ended September 30, 2015 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, 2014		55,000	$	5.16	$	-		6.4
Non-employee options granted		-		-		-		-
Outstanding as of September 30, 2015		55,000		5.16		-		5.7
Options vested and expected to vest		55,000		5.16		-		5.7
Options vested and exercisable		55,000	$	5.16	$	-		5.7

Summary of the restricted stock award activity

A summary of the restricted stock award activity for the nine months ended September 30, 2015 is as follows:

	Number of Units			Weighted  Average Grant  Day Fair Value
Nonvested at December 31, 2014		7,500		$	2.63
Granted		127,933			0.45
Vested		(135,433	)		0.56
Nonvested at September 30, 2015		-		$	-

Stock-based compensation expense

Stock-based compensation for the three months and nine months ended September 30, 2015 and 2014 was comprised of the following (in thousands):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2015		2014		2015		2014
Employee restricted stock awards	$	-	$	19	$	11	$	33
Employee stock option awards		64		1,547		154		11,698
Non-employee restricted stock awards		25		15		58		175
Non-employee option awards		-		-		-		48
Total compensation expense	$	89	$	1,581	$	223	$	11,954