Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Available Outstanding Shares for Future Issuance

At December 31, 2014 the following shares were outstanding and available for future issuance under the option plan:


Plan	Shares Outstanding		Shares Available for Issuance
2005 Equity Incentive Plan		104,000		179,058

Summary of Stock Option Activity under Equity Incentive Plan and Warrants Issued Outside Plan

The following is a summary of stock option and warrant activity under the Company’s equity incentive plan and warrants issued outside of the plan to employees and consultants, during the years ended December 31, 2014 and 2013:


	Number of Options or Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Balance outstanding, January 1, 2013		177,750		$	33.40		2.8
Granted		—			0.80
Exercised
Cancelled (unvested)		(2,844	)		14.80		—
Expired (vested)		(30,906	)		41.70		—

Balance outstanding, December 31, 2013		144,000			31.74		2.1
Granted		1,812,906			0.80		9.1
Exercised
Cancelled (unvested)		(42,000	)		32.02		—
Expired (vested)		—			—		—

Balance outstanding, December 31, 2014		1,914,906		$	2.44		8.74

Balance exercisable, December 31, 2014		1,912,906		$	2.44		8.74

Schedule of Granted Stock Options and Warrants

The following table summarizes the stock options and warrants that the Company granted during the year ended December 31, 2014:


Grant Date	Quantity Issued		Expected Life (Years)		Strike Price		Volatility			Dividend Yield			Risk-Free Interest Rate			Grant Date Fair Value Per Option		Aggregate Fair Value
02/28/14		1,810,906		5.00	$	0.80		98	%		0	%		1.49	%	$	0.34	$	499,931
08/04/14		2,000		4.40	$	0.80		93	%		0	%		1.49	%	$	0.32	$	632

Summary of Warrant Activity

The following table summarizes warrant activity for the years ended December 31, 2014 and 2013:


	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Balance outstanding, January 1, 2013		1,369,321		$	19.00		2.1
Warrants issued		44,088			2.28
Warrants exercised		(137	)		5.60
Warrants expired		(434,579	)		15.72
Warrants cancelled

Balance outstanding, December 31, 2013		978,830			19.82		1.9
Warrants issued		—			—
Warrants exercised		—			—
Warrants expired		(105,494	)		32.68
Warrants cancelled

Balance outstanding, December 31, 2014		873,336		$	17.79		1.0

Warrants exercisable at December 31, 2014		873,336		$	17.79		1.0

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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