v2.4.0.8
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Equity (Tables)
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12 Months Ended |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| 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 | | 13,614,135 |
| | $ | 1.42 |
| | | | | Granted | 4,021,000 |
| | $ | 5.31 |
| | | | | Exercised | (1,958,674 | ) | | $ | 1.01 |
| | | | | Unvested options forfeited | (265,002 | ) | | $ | 3.47 |
| | | | | Vested options expired | (35,499 | ) | | $ | 1.11 |
| | | | | | 15,375,960 |
| | $ | 2.46 |
| | 7.7 | | $ | 96,614,260 |
| | 6,807,732 |
| | $ | 1.33 |
| | 6.5 | | $ | 50,441,475 |
| | | | | | | | | | 15,081,653 |
| | $ | 2.42 |
| | 7.7 | | $ | 95,324,825 |
|
| | (a) | Includes forfeiture adjusted unvested shares. |
|
| Summary of stock options outstanding and exercisable |
Following is a summary of stock options outstanding and exercisable at December 31, | | | | | | | | | | | | | | | | | | | | 2013 | | | | | | | | 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 | 1,225,935 |
| | 4.0 | | $ | 0.65 |
| | 1,225,935 |
| | $ | 0.65 |
| $0.87 - $1.35 | 6,570,341 |
| | 7.6 | | 1.20 |
| | 3,604,469 |
| | 1.18 |
| $1.40 - $2.29 | 1,571,700 |
| | 6.1 | | 1.66 |
| | 1,321,698 |
| | 1.66 |
| $2.33 - $3.75 | 2,091,984 |
| | 8.7 | | 2.77 |
| | 655,630 |
| | 2.77 |
| $3.95 - $6.02 | 3,435,500 |
| | 9.3 | | 5.13 |
| | — |
| | — |
| $6.04 - $7.93 | 480,500 |
| | 8.9 | | 6.61 |
| | — |
| | — |
| | 15,375,960 |
| | 7.7 | | $ | 2.46 |
| | 6,807,732 |
| | $ | 1.33 |
|
|
| Unvested Stock Options Roll Forward |
A summary of the status of the Company’s unvested stock options as of December 31 is presented below: | | | | | | | | | 2013 | | | Unvested Stock Options | Number of
Shares | | Weighted-
Average
Grant Date Fair Value | | 8,377,538 |
| | $ | 0.96 |
| Granted | 4,021,000 |
| | $ | 3.08 |
| Cancelled/expired | (265,002 | ) | | $ | 2.14 |
| Vested | (3,565,308 | ) | | $ | 0.94 |
| | 8,568,228 |
| | $ | 1.94 |
|
|
| 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: | | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Expected volatility | 61.41 - 64.77% |
| | 45.7 - 64.3% |
| | 57.3-58.1% |
| Expected life (in years) | 6 |
| | 6 |
| | 6 |
| Expected dividend yield | — |
| | — |
| | — |
| Risk-free interest rate | 0.85 - 1.88% |
| | 0.62 - 1.77% |
| | 0.86 - 2.24% |
|
|
| Restricted Stock Awards Roll Forward |
Following is summary information for restricted stock awards for the years ended 2013 and 2012. There were no restricted stock awards in 2011 and prior years. Shares vest over a one to three year period. As of December 31, 2013, there was approximately $2,471,000 of total unrecognized stock-based compensation related to time-based, nonvested restricted stock. That expense is expected to be recognized on a straight-line basis over a weighted-average period of 2.5 years. | | | | | | | | | | Number of
Shares | | Weighted-Average Grant Date
Fair Value | | | — |
| | — |
| Granted | | 7,500 |
| | $3.49 | Vested | | — |
| | — |
| | | 7,500 |
| | $3.49 | Granted | | 576,550 |
| | $5.55 | Vested | | (2,500 | ) | | $3.49 | Forfeited | | (5,000 | ) | | $6.60 | | | 576,550 |
| | $5.53 |
|
| Allocation of Share-based Compensation |
For the years ended December 31, 2013, 2012, and 2011 the Company recognized stock-based compensation as follows: | | | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Cost of sales | $ | 279,215 |
| | $ | 97,970 |
| | $ | 98,366 |
| Research and development | 417,436 |
| | 289,341 |
| | 254,997 |
| Selling, general and administrative | 5,312,525 |
| | 2,151,410 |
| | 1,305,720 |
| | $ | 6,009,176 |
| | $ | 2,538,721 |
| | $ | 1,659,083 |
|
|
| Summary of warrants outstanding |
Common Stock warrants activity and resulting balances for the years ended December 31, 2013, 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 |
| | | | | | | | | | 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 | (56,750 | ) | | 1.50 |
| | — |
| | — |
| | 3,129,168 |
| | $ | 1.04 |
| | — |
| | $ | — |
| | | | | | | | | | 3,129,168 |
| | 1.04 |
| | — |
| | — |
| Warrants exercised: | | | | | | | | Other | (1,844,352 | ) | | 1.14 |
| | — |
| | — |
| | 1,284,816 |
| | $ | 0.90 |
| | — |
| | $ | — |
|
|
| X |
- Definition
Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.
+ References
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-Paragraph 64
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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-Number Topic 14
-Section F
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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.
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| X |
- 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
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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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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- Definition
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.
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