Quarterly report pursuant to Section 13 or 15(d)

5. STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Tables)

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5. STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2015
Stock Option Plan And Stock-based Compensation Tables  
Assumptions for fair value of stock options
   

 

 2015

   

 

 2014

 
Risk-free interest rate     1.3% - 1.9 %     0.5% - 2.3 %
Expected dividend yield     0 %     0 %
Volatility factor     79 – 91 %     86 – 98 %
Expected life of option   4.60 to 10 years     2.50 to 7 years  
Activity under Stock Plans
    Shares     Exercise Price per Share    

Weighted Average

Exercise Price per Share

 
Outstanding as of December 31, 2014     6,483,400     $ 0.10-1.85     $ 0.47  
      Granted     1,809,000       0.18-0.20       0.18  
      Exercised     -       -       -  
      Options forfeited/cancelled     (175,000 )     0.18-0.43       0.32  
Outstanding as of June 30, 2015     8,117,400     $ 0.10-1.85     $ 0.41  
Information about stock options vested or expected to vest
Vested or Expected to Vest     Exercisable Options  
            Weighted     Weighted                 Weighted     Weighted        
            Average     Average                 Average     Average        
            Exercise     Remaining     Aggregate     Number     Exercise     Remaining     Aggregate  
Exercise     Number of     Price Per     Contractual     Intrinsic     of     Price     Contractual     Intrinsic  
Price     Options     Share     Life (Years)     Value     Options     Per Share     Life (Years)     Value  
$ 0.10       1,795,000     $ 0.10       1.38     $ 89,750       1,795,000     $ 0.10       1.38     $ 89,750  
  0.18       1,484,000       0.18       8.63       -       1,100,000       0.18       8.24       -  
  0.20       250,000       0.20       9.76       -       250,000       0.20       9.76       -  
  0.37       58,000       0.37       7.18       -       48,000       0.37       7.37       -  
  0.42       63,000       0.42       5.51       -       63,000       0.42       5.51       -  
  0.50       3,710,000       0.50       3.50       -       3,443,333       0.50       3.08       -  
  0.69       100,000       0.69       8.71       -       100,000       0.69       8.71       -  
  1.21       579,000       1.21       8.57       -       560,250       1.21       8.57       -  
  1.85       78,400       1.85       0.25       -       78,400       1.85       0.25       -  
$ 0.10-1.85       8,117,400     $ 0.41       4.60     $ 89,750       7,437,983     $ 0.41       4.16     $ 89,750  
Schedule of non-vested stock options
   

Number of

Options

   

Weighted-Average

Grant-Date

Fair Value

 
Non-vested as of December 31, 2014     484,584     $ 0.39  
Granted     1,809,000       0.14  
Forfeited     (100,000 )     0.32  
Vested     (1,514,167 )     0.15  
Non-vested as of June 30, 2015     679,417     $ 0.25