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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2013
Stock Option Activity
Unvested stock option activity for non-employees:
 
 
 Number of
 Options
 
Weighted
 Average
Exercise
 Price
 
 Weighted
 Average
 Remaining
 Contracted
 Term
(Years)
 
 Aggregate
Intrinsic
Value
 
 
 
 
 
 
 
 
Outstanding January 1, 2011
102,084

 
$
2.63

 
3.54

 

Granted
200,000

 
0.21

 
10.00

 

Vested
(45,834
)
 
2.81

 
1.50

 

Forfeited

 

 

 

Outstanding December 31, 2011
256,250

 
$
0.71

 
8.50

 

Granted
300,000

 
0.29

 
9.50

 

Vested
(345,828
)
 
0.53

 
7.95

 

Forfeited

 

 

 

Outstanding December 31, 2012
210,422

 
$
0.40

 
9.68

 

Granted
470,833

 
0.25

 
9.61

 

Vested
(210,422
)
 
0.40

 

 

Forfeited

 

 

 

Outstanding December 31, 2013
470,833

 
$
0.25

 
9.61

 

Stock option activity for non-employees during the year:
 
 
 Number
of
 Options
 
Weighted
 Average
Exercise
 Price
 
 Weighted
 Average
 Remaining
 Contracted
 Term
(Years)
 
Aggregate
Intrinsic
Value
Outstanding January 1, 2011
2,848,432

 
$
2.03

 
5.80

 

Granted
280,000

 
0.27

 
9.88

 

Exercised

 

 

 

Forfeited

 

 

 

Outstanding December 31, 2011
3,128,432

 
$
1.87

 
5.25

 

Granted
300,000

 
0.29

 
9.50

 

Exercised

 

 

 

Forfeited

 

 

 

Outstanding December 31, 2012
3,428,432

 
$
1.73

 
4.71

 

Granted
850,000

 
0.56

 
9.53

 

Exercised

 

 

 

Forfeited
(150,000
)
 
2.00

 

 

Outstanding December 31, 2013
4,128,432

 
$
1.48

 
5.01

 

Vested and expected to vest at December 31, 2013
3,657,599

 
$
1.86

 
4.53

 

Exercisable at December 31, 2013
3,657,599

 
$
1.86

 
4.53

 

Unvested stock option activity for employees:
 
 
 Number of
 Options
 
Weighted
 Average
Exercise
 Price
 
Average
 Remaining
 Contracted
 Term
(Years)
 
 Aggregate
Intrinsic
 Value
Outstanding January 1, 2011
50,555

 
$
1.33

 
7.60
 

Granted
140,000

 
0.33

 
9.93
 

Vested
(42,222
)
 
0.95

 
7.38
 

Forfeited

 

 
0
 

Outstanding December 31, 2011
148,333

 
$
0.49

 
9.52
 

Granted
509,708

 
0.43

 
9.52
 

Vested
(131,668
)
 
0.36

 
9.04
 

Forfeited
(10,000
)
 
1.30

 
5.50
 

Outstanding December 31, 2012
516,373

 
$
0.45

 
9.43
 

Granted
595,000

 
0.24

 
9.20
 

Vested
(586,373
)
 
0.38

 
9.26
 

Forfeited

 

 
0
 

Outstanding December 31, 2013
525,000

 
$
0.29

 
8.38
 

Stock option activity during the years ended December 31, 2011, 2012 and 2013 is as follows:
 
Stock option activity for employees:
 
 
 Number of
 Options
 
Weighted
Average
Exercise
Price
 
 Weighted
Average
Remaining
Contracted
Term
(Years)
 
 Aggregate
Intrinsic
Value
Outstanding January 1, 2011
7,222,480

 
$
2.35

 
6.21
 

Granted
1,030,000

 
0.41

 
9.51
 

Forfeited

 

 
0
 

Outstanding December 31, 2011
8,252,480

 
$
2.11

 
5.75
 

Granted
1,199,000

 
0.45

 
9.51
 

Forfeited
(10,000
)
 
1.30

 
5.50
 

Outstanding December 31, 2012
9,441,480

 
$
1.90

 
5.35
 

Granted
1,170,000

 
0.36

 
9.49
 

Forfeited

 

 
0
 

Outstanding December 31, 2013
10,611,480

 
$
1.73

 
4.92
 

Vested and expected to vest at December 31, 2013
10,086,480

 
$
1.79

 
4.55
 

Exercisable at December 31, 2013
10,086,480

 
$
1.79

 
4.55
 

Fair Value, Weighted Average Assumptions
The fair values of the options and equity warrants granted, were estimated based on the following weighted average assumptions:
 
Year Ended December 31,
 
2013
 
2012
 
2011
Risk-free interest rate
0.14%-1.40%
 
0.61%- 0.86%
 
0.83%- 2.24%
Expected dividend yield
0
 
0
 
0
Expected life
1-5 years
 
5 years
 
5 years
Expected volatility
89.727%-118.22%
 
108.76%-112.35%
 
104.29%-105.91%
Weighted average grant date fair value for options and equity warrants issued
$0.14 per option/warrant for 4,120,000 options/equity warrants
 
$0.23 per option/warrant for 1,499,000 options/equity warrants
 
$0.26 per option/warrant for 1,310,000 options/equity warrants
Stock Option Plan - 1990
 
Stock Option Activity
Information regarding the options approved by the Board of Directors under the 1990 Stock Option Plan is summarized below:
 
 
2011
 
2012
 
2013
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
Outstanding, beginning of year
262,000

 
2.75-4.03

 
$
3.05

 
262,000

 
2.75-4.03

 
$
3.05

 
200,000

 
2.75

 
$
2.75

Granted

 

 

 

 

 

 

 

 

Forfeited

 

 

 
(62,000
)
 
4.03

 
4.03

 
(200,000
)
 
2.75

 
2.75

Exercised

 

 

 

 

 

 

 

 

Outstanding, end of year
262,000

 
2.75-4.03

 
$
3.05

 
200,000

 
$
2.75

 
$
2.75

 

 
$

 
$

Exercisable
262,000

 
2.75-4.03

 
$
3.05

 
200,000

 
$
2.75

 
$
2.75

 

 
$

 
$

Weighted average remaining contractual life (years)
2.86 years

 
 

 
 

 
0.83 years

 
 

 
 

 
0

 
 

 
 

Exercised in current and prior years
(27,215
)
 
 

 
 

 
(27,215
)
 
 

 
 

 
(27,215
)
 
 

 
 

Available for future grants

 
 

 
 

 

 
 

 
 

 

 
 

 
 

Equity Plan
 
Stock Option Activity
Information regarding the options approved by the Board of Directors under the Equity Plan is summarized below:
 
 
December 31, 2011
 
December 31, 2012
 
December 31, 2013
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
Outstanding beginning at year
6,640,934

 
1.30-6.00

 
2.66

 
6,640,934

 
1.30-6.00

 
2.66

 
6,630,934

 
1.30-6.00

 
2.66

Granted

 

 

 

 

 

 

 

 

Forfeited

 

 

 
(10,000
)
 
1.30

 
1.30

 
(150,000
)
 
2.00

 
2.00

Exercised

 

 

 

 

 

 

 

 

Outstanding end of year
6,640,934

 
1.30-6.00

 
2.66

 
6,630,934

 
1.30-6.00

 
2.66

 
6,480,934

 
1.30-6.00

 
2.68

Exercisable
6,625,934

 
1.30-6.00

 
2.66

 
6,630,934

 
1.30-6.00

 
2.66

 
6,480,934

 
1.30-6.00

 
2.68

Weighted average remaining contractual life (years)
4-5 years

 
 

 
 

 
3-4 years

 
 

 
 

 
2-3 years

 
 

 
 

Available for future grants
10,019

 
 

 
 

 
10,019

 
 

 
 

 
170,019

 
 

 
 

Equity Incentive Plan - 2007
 
Stock Option Activity
As of year-end, option awards under this plan were:
 
 
December 31, 2011
 
December 31, 2012
 
December 31, 2013
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
Outstanding beginning at year
1,550,000

 
0.72-3.05

 
2.17

 
1,550,000

 
0.72-3.05

 
2.17

 
1,550,000

 
0.72-3.05

 
2.17

Granted

 

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

Outstanding end of year
1,550,000

 
0.72-3.05

 
2.17

 
1,550,000

 
0.72-3.05

 
2.17

 
1,550,000

 
0.72-3.05

 
2.17

Exercisable
1,550,000

 
0.72-3.05

 
2.17

 
1,550,000

 
0.72-3.05

 
2.17

 
1,550,000

 
0.72-3.05

 
2.17

Remaining contractual life
6.81 years

 
 

 
 

 
5.81 years

 
 

 
 

 
4.81 years

 
 

 
 

Available for future grants
19,626

 
 

 
 

 
19,626

 
 

 
 

 
19,626

 
 

 
 

Equity Incentive Plan - 2009
 
Stock Option Activity
As of year-end, option awards under this plan were:
 
 
December 31, 2011
 
December 31, 2012
 
December 31, 2013
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
 
Shares
 
Option
Price
 
Weighted
Average
Exercise
Price
Outstanding beginning at year
1,879,978

 
0.52-2.81

 
0.92

 
3,189,978

 
0.21-2.81

 
0.70

 
4,688,978

 
0.21-4.03

 
0.61

Granted
1,310,000

 
0.21-0.55

 
0.38

 
1,499,000

 
0.29-4.03

 
0.42

 
2,020,000

 
0.22-2.00

 
0.40

Forfeited

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

Outstanding end of year
3,189,978

 
0.21-2.81

 
0.70

 
4,688,978

 
0.21-4.03

 
0.61

 
6,708,978

 
0.21-4.03

 
0.55

Exercisable at end of year
2,856,645

 
0.21-2.81

 
1.57

 
3,962,183

 
0.21-4.03

 
0.61

 
5,713,145

 
0.21-4.03

 
0.55

Remaining contractual life
6.81 years

 
 

 
 

 
7.67 years

 
 

 
 

 
8.21 years

 
 

 
 

Available for future grants
9,765,847

 
 

 
 

 
6,907,247

 
 

 
 

 
3,090,478

 
 

 
 

Warrant
 
Stock Option Activity
 
December 31, 2011
 
December 31, 2012
 
December 31, 2013
 
Shares
 
Warrant
Price
 
Weighted
Average
Exercise
Price
 
Shares
 
Warrant
Price
 
Weighted
Average
Exercise
Price
 
Shares
 
Warrant
Price
 
Weighted
Average
Exercise
Price
Outstanding beginning at year
10,983,246

 
0.51-3.60

 
$
1.61

 
10,978,246

 
0.51-1.65

 
$
1.55

 
11,128,246

 
0.51-2.00

 
$
1.44

Granted

 

 

 
150,000

 
0.89-2.00

 
$
1.30

 
2,100,000

 
0.25-0.50

 
$
0.33

Forfeited
(5,000
)
 
3.60

 
$
3.60

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

Outstanding end of year
10,978,246

 
0.51 –1.65

 
$
1.55

 
11,128,246

 
0.51 –2.00

 
$
1.44

 
13,228,246

 
0.25-2.00

 
$
1.26

Exercisable
10,978,246

 
0.51-1.65

 
$
1.55

 
11,128,246

 
0.51-2.00

 
$
1.44

 
11,328,246

 
0.50-2.00

 
$
1.42

Weighted average remaining contractual life
2.9 years

 
 

 
 

 
2.0 years

 
 

 
 

 
1.5 years

 
 

 
 

Years exercisable
2012-2019

 
 

 
 

 
2013-2022

 
 

 
 

 
2014-2023

 
 

 
 

Fair Value, Weighted Average Assumptions
The fair values of the warrants granted in 2013, were estimated based on the following weighted average assumptions:
 
 
December 31, 2013
Risk-free interest rate
0.14%-1.40%
Expected dividend yield
Expected life
2.5 years
Expected volatility
89.73%-118.22%
Weighted average grant date fair value of warrants issued
$0.11 for 2,100,000 warrants