v2.4.0.6
Equity (Tables)
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12 Months Ended |
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Equity [Abstract] |
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Stock options activity |
Activity with respect to the stock options is summarized as follows:
| | Number of Shares | | | Weighted- Average Exercise Price | | | Weighted- Average Remaining Contractual Term (in years) | | | Aggregate Intrinsic Value | | | | | 8,257,650 | | | $ | 1.20 | | | | | | | | Granted | | | 3,918,500 | | | $ | 1.17 | | | | | | | | Exercised | | | (490,000 | ) | | $ | 0.60 | | | | | | | | Unvested options forfeited | | | (217,252 | ) | | $ | 1.10 | | | | | | | | Vested options expired | | | (1,135,315 | ) | | $ | 1.70 | | | | | | | | | | | 10,333,583 | | | $ | 1.17 | | | | 7.1 | | | $ | 1,457,218 | | | | | 10,283,583 | | | $ | 1.17 | | | | 5.7 | | | $ | 1,395,223 | | | | | | | | | | | | | | | | | | | | | | 10,333,583 | | | $ | 1.17 | | | | | | | | | | Granted | | | 5,307,500 | | | $ | 1.90 | | | | | | | | | | Exercised | | | (843,862 | ) | | $ | 1.25 | | | | | | | | | | Unvested options forfeited | | | (387,171 | ) | | $ | 1.17 | | | | | | | | | | Vested options expired | | | (795,915 | ) | | $ | 1.55 | | | | | | | | | | | | | 13,614,135 | | | $ | 1.42 | | | | 8.0 | | | $ | 32,924,881 | | | | | 13,367,278 | | | $ | 1.41 | | | | 7.9 | | | $ | 32,490,930 | |
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Summary of stock options outstanding and exercisable |
The following is a summary of stock options outstanding for years ended December 31, 2012 and 2011, respectively:
| | | 2012 | | | | | | | | | | | Options Outstanding | | | Options Exercisable | | Range of Exercise Prices | | Number outstanding | | Weighted- Average Remaining Contractual Term (in years) | | Weighted- Average Exercise Price | | Number Exercisable | | Weighted- Average Exercise Price | | $0.50 - $0.76 | | | | 2,372,500 | | | | 5.3 | | | $ | 0.66 | | | | 2,372,500 | | | $ | 0.66 | | $0.87 - $1.35 | | | | 7,048,668 | | | | 8.6 | | | $ | 1.15 | | | | 1,674,638 | | | $ | 1.15 | | $1.40 - $2.18 | | | | 1,958,467 | | | | 6.8 | | | $ | 1.68 | | | | 1,189,459 | | | $ | 1.68 | | $2.29 - $3.47 | | | | 2,177,000 | | | | 9.7 | | | $ | - | | | | - | | | $ | - | | $3.49 - $3.85 | | | | 57,500 | | | | 10.0 | | | $ | - | | | | - | | | $ | - | | | | | | 13,614,135 | | | | 8.0 | | | $ | 1.42 | | | | 5,236,597 | | | $ | 1.05 | |
| | | | | | | | 2011 | | | | | | | | | Options Outstanding | | | Options Exercisable | | Range of Exercise Prices | | Number outstanding | | Weighted- Average Remaining Contractual Term (in years) | | Weighted- Average Exercise Price | | Number Exercisable | | Weighted- Average Exercise Price | | $0.50 | | | | 587,250 | | | | 2.9 | | | $ | 0.50 | | | | 513,268 | | | $ | 0.50 | | $0.65 - $1.00 | | | | 2,967,500 | | | | 5.7 | | | $ | 0.79 | | | | 2,730,224 | | | $ | 0.79 | | $1.04 - $1.80 | | | | 6,228,833 | | | | 8.8 | | | $ | 1.30 | | | | 2,207,005 | | | $ | 1.45 | | $2.40 | | | | 550,000 | | | | 0.7 | | | $ | 2.40 | | | | 550,000 | | | $ | 2.40 | | | | | | 10,333,583 | | | | 7.1 | | | $ | 1.17 | | | | 6,000,497 | | | $ | 1.16 | |
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Unvested Stock Options Roll Forward |
| | | | | | | Unvested Stock Options | | Number of Shares | | | Weighted- Average Grant Date Fair Value | | | | | 4,333,086 | | | $ | 0.72 | | Granted | | | 5,307,500 | | | $ | 1.90 | | Cancelled/expired | | | (387,171 | ) | | $ | 1.17 | | Vested | | | (875,877 | ) | | $ | 1.05 | | | | | 8,377,538 | | | $ | 0.96 | |
Unvested Stock Options | | Number of Shares | | | Weighted- Average Grant Date Fair Value | | | | | 2,679,787 | | | $ | 0.87 | | Granted | | | 3,918,500 | | | $ | 0.63 | | Cancelled/expired | | | (1,352,567 | ) | | $ | 0.59 | | Vested | | | (912,634 | ) | | $ | 0.81 | | | | | 4,333,086 | | | $ | 0.72 | |
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Fair value of options valuation assumptions |
The assumptions used in calculating the fair value of options using the Black-Scholes-Merton option-pricing model are set forth in the following table:
| | | | | | 2012 | | | 2011 | | Expected volatility | | | 45.7-64.3 | % | | | 57.3-58.1 | % | Expected life (in years) | | | 6 | | | | 6 | | Expected dividend yield | | | — | | | | — | | Risk-free interest rate | | | .62%-1.77 | % | | | 0.86% - 2.24 | % |
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Summary of warrants outstanding |
Common Stock warrants activity and resulting balances for the years ended December 31, 2012 and 2011, are as follows:
| | Number of Warrants | | | Weighted- Average Exercise Price per Warrant | | | Number of Contingent Warrants | | | Weighted- Average Exercise Price per Contingent Warrant | | | | | 6,003,924 | | | $ | 1.21 | | | | 1,252,990 | | | $ | 0.01 | | Issued in connection with private placement of common stock | | | 1,889,161 | | | | 1.50 | | | | 1,889,162 | | | | 0.01 | | Issued in connection with convertible promissory notes | | | 203,332 | | | | 1.50 | | | | 203,332 | | | | 0.01 | | Issued in connection with line of credit with related party | | | — | | | | — | | | | 650,000 | | | | 0.01 | | Issued in connection with Senior Secured Promissory Notes | | | 1,250,000 | | | | 0.01 | | | | 1,250,000 | | | | 0.01 | | Placement agent | | | 42,400 | | | | 1.09 | | | | — | | | | — | | | | | 9,388,817 | | | $ | 1.00 | | | | 5,245,484 | | | $ | 0.01 | | Warrants issued: | | | | | | | | | | | | | | | | | Vested contingent warrants related to private placement of common stock | | | 1,672,743 | | | $ | 0.01 | | | | (1,672,743 | ) | | $ | 0.01 | | Vested contingent warrants related to line of credit with related party | | | 325,000 | | | | 0.01 | | | | (325,000 | ) | | | 0.01 | | Contingent warrants voided | | | — | | | | — | | | | (3,247,741 | ) | | | 0.01 | | Warrants exercised: | | | | | | | | | | | | | | | | | Contingent warrants related to convertible note | | | (1,249,750 | ) | | | 0.01 | | | | — | | | | — | | Contingent warrants related to private placement of common stock | | | (1,608,802 | ) | | | 0.01 | | | | — | | | | — | | Contingent warrants related to line of credit with related party | | | (325,000 | ) | | | 0.01 | | | | — | | | | — | | Callable warrants | | | (3,288,733 | ) | | | 1.50 | | | | — | | | | — | | Other | | | (1,703,568 | ) | | | 0.63 | | | | — | | | | — | | Warrants expired | | | (10,000 | ) | | | 1.00 | | | | — | | | | — | | Warrants redeemed for cashless exercises | | | (14,789 | ) | | | 0.53 | | | | — | | | | — | | Repurchased callable warrants (a) | | | (56,750 | ) | | | 1.50 | | | | — | | | | — | | | | | 3,129,168 | | | $ | 1.04 | | | | — | | | $ | — | |
| (a) | The Company repurchased the callable warrants at $0.01 per share. |
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- Definition
Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.
+ References
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
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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.
+ References
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Tabular disclosure of the change in stock options.
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