Quarterly report pursuant to Section 13 or 15(d)

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

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4. STOCK OPTION PLAN AND STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2014
Stock Option Plan And Stock-Based Compensation Tables  
Assumptions for fair value of stock options

The fair value of stock options granted or revalued for the three and six months ended June 30, 2014 and 2013 was calculated with the following assumptions:

 

 

2014

   

 

2013

 
Risk-free interest rate 0.55% - 2.29 %   0.49% - 1.55 %
Expected dividend yield 0 %   0 %
Volatility factor 85.6 – 98.4 %   85 %
Expected life of option 2.50 to 7 years   4.50 to 6 years    

 

Activity under Stock Plans

The following table summarizes the Company’s stock option activity during the six months ended June 30, 2014:

 

    Shares     Exercise Price per Share     Weighted Average Exercise Price per Share  
Outstanding as of December 31, 2013     5,741,400     $ 0.10-1.85     $ 0.40  
      Granted     1,219,000       0.69-1.21       1.15  
      Exercised     (84,016 )     0.10-0.57       0.54  
      Options forfeited/cancelled     (121,764 )     0.57-1.00       0.81  
Outstanding as of June 30, 2014     6,754,620     $ 0.10-1.85     $ 0.53  

Information about stock options vested or expected to vest

The following table summarizes information about stock options that are vested or expected to vest at June 30, 2014: 

 

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       2.38     $ 825,700       1,795,000     $ 0.10       2.38     $ 825,700  
  0.42       63,000       0.42       6.51       8,820       63,000       0.42       6.51       8,820  
  0.50       3,310,000       0.50       3.84       198,600       3,310,000       0.50       3.84       198,600  
  0.57       266,720       0.57       4.12       -       100,000       0.57       4.12       -  
  0.69       100,000       0.69       9.71       -       100,000       0.69       9.71       -  
  1.00       112,500       1.00       0.38       -       112,500       1.00       0.38       -  
  1.21       1,029,000       1.21       9.60       -       312,500       1.21       9.63       -  
  1.85       78,400       1.85       1.25       -       78,400       1.85       1.25       -  
$ 0.10-1.85       6,754,620     $ 0.53       4.36     $ 1,033,120       5,871,400     $ 0.45       3.73     $ 1,033,120  

 

Schedule of non-vested stock options

The following table sets forth the status of the Company’s non-vested stock options as of June 30, 2014:

 

   

Number of

Options

   

Weighted-Average

Grant-Date

Fair Value

 
Non-vested as of December 31, 2013     862,135     $ 0.25  
Granted     1,219,000       0.83  
Forfeited     (67,500 )     0.46  
Vested     (1,205,415 )     0.52  
Non-vested as of June 30, 2014     808,220     $ 0.74