65 / 111
64
The following table summarizes information about stock options outstanding and exercisable at December
31, 2015:
Outstanding Stock Options
Exercisable Stock Options
Range of Exercise
Prices
Number
Outstanding
Weighted-
Average
Remaining
Contractual
Life (in years)
Weighted-
Average
Exercise Price
Number
Exercisable
Weighted-
Average
Remaining
Contractual
Life (in
years)
Weighted-
Average
Exercise
Price
$0.32 – $2.00
1,608,700
3.81
$ 0.78
926,500
3.41
$ 1.01
$2.01 – $4.00
737,000
1.90
3.30
737,000
1.90
3.30
$4.01 – $6.00
943,000
1.05
4.91
943,000
1.05
4.91
$6.01 – $8.00
1,175,000
0.27
7.41
1,175,000
0.27
7.41
$8.01 +
115,000
0.03
10.91
115,000
0.03
10.91
4,578,700
1.93
$ 3.99
3,896,500
1.51
$ 4.61
A summary of stock option activity as of December 31, 2015 and changes during the year then ended are
presented below.
Non-vested Stock Options
Number Outstanding
Weighted Average
Grant Date Fair Value
Non-vested at December 31, 2014
395,000
$ 0.71
Granted
999,000
0.24
Vested
(709,100)
0.49
Cancelled/forfeited
(2,700)
0.44
Non-vested at December 31, 2015
682,200
0.25
The stock-based compensation cost recognized in our consolidated statements of operations and
comprehensive loss for the years ended December 31, 2015 and 2014 was $254 and $517, respectively. As of
December 31, 2015, there was $71 of unrecognized compensation cost related to 682,200 unvested stock options.
This cost is expected to be recognized over a weighted-average remaining period of approximately 0.65 years. The
total intrinsic value of options exercised in each of the periods ended December 31, 2015 and 2014 was $2 and
$167, respectively. At December 31, 2015, there was no aggregate intrinsic value of outstanding and exercisable
stock options.
Options and Warrants
The Company issued warrants, each exercisable for one of the Company’s common shares, to investors in
connection with registered direct offerings of the Company that closed on September 27, 2013 and April 29, 2015.
In addition, the Company issued warrants to a placement agent in connection with each offering, under the same
terms as those issued to investors. The exercise price and exercise period are outlined below:
Financing
Investor
Warrants
Placement
Agent
Warrants
Total
Warrants
Exercise
Price
Expiration
Date
September 27, 2013 offering
1,338,688
133,869
1,472,557
$4.15
9/27/16
April 29, 2015 offering
2,615,385
261,539
2,876,924
$0.85
4/29/18
Total Warrants Outstanding as of
December 31, 2015
4,349,481
The value of the warrants issued to the placement agent (non-employee) for its services in connection with
the April 29, 2015 offering was offset against the proceeds of the financing. The Company used a Black-Scholes
model with inputs including a market price of the Company’s common shares of $0.72, an exercise price of $0.85, a
three-year term, volatility of 81.0%, a risk-free rate of 0.91% and no assumed dividends. The value of the warrants
issued to the placement agent for its services in connection with the April 29, 2015 offering was estimated at $91.