Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v2.4.0.8
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2014
Stock Options [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Award Activity
The following table summarizes the Company's stock option activity for the nine months ended September 30, 2014:
 
 
   
Number of
Options
   
Weighted
Average Exercise
Price
   
Weighted
Average
Remaining
Contractual Life
(in Years)
   
Aggregate
Intrinsic Value
 
Outstanding - December 31, 2013
    -     $ -       -     $ -  
Granted in compensatory arrangements
    187,000       3.45                  
       Issued as Merger consideration     183,000       3.45                  
Exercised
    -       -                  
Forfeited or Canceled
    (4,000 )     (3.45 )                
Outstanding – September 30, 2014
    366,000     $ 3.45       9.6     $ 585,600  
                                 
Exercisable – September 30, 2014
    183,000       3.45       9.8     $ 292,800  
Schedule of Unvested Award activity
A summary of the changes in the Company's unvested stock options is as follows:

   
Number of
Options
   
Weighted
Average Grant
Date Fair Value
 
Unvested - December 31, 2013
    -     $ -  
Granted in compensatory arrangements
    187,000       1.65  
       Issued as Merger consideration     183,000       3.04        
Vested
    (183,000 )     (3.04 )
Forfeited or Canceled
    (4,000 )     1.65  
Unvested – September 30, 2014
    183,000     $ 1.65  
Stock Options [Member] | Certain directors, senior management and employees [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Award Fair Value Assumptions
Risk-free interest rate
   
2.02
%
Expected dividend yield
   
0.00
%
Expected volatility
   
48.14
%
Expected term
 
6 years
Stock Options [Member] | Mr. Proman [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Award Fair Value Assumptions
Risk-free interest rate
   
1.82
%
Expected dividend yield
   
0.00
%
Expected volatility
   
41.5
%
Expected term
 
5 years
Warrants [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Award Activity
A summary of warrant activity for the nine months ended September 30, 2014 is as follows:

   
Number of
Warrants
   
Weighted
Average Exercise
Price
   
Weighted
Average
Remaining
Contractual Life
(in Years)
   
Aggregate
Intrinsic Value
 
Outstanding - December 31, 2013
    131,250     $ 10.00       5.2     $ -  
Granted
    231,250       7.41                  
Exercised
    -       -                  
Forfeited or Canceled
    -       -                  
Outstanding – September 30, 2014
    362,500     $ 8.34       4.8     $ 105,000  
                                 
Exercisable – September 30, 2014
    131,250       10.00       4.4     $ -  
Schedule of Unvested Award activity
A summary of the changes in the Company's unvested warrants is as follows:

   
Number of
Warrants
   
Weighted
Average Grant
Date Fair Value
 
Unvested - December 31, 2013
    -     $ -  
Granted
    231,250       7.41  
Vested
    (231,250 )     (1.87 )
Forfeited or Canceled
    -       -  
Unvested – September 30, 2014
    -     $ -  
Schedule of Award Fair Value Assumptions
The fair value of the warrants was determined using the Black-Scholes option-pricing model with the following assumptions:

Risk-free interest rate
   
1.82
%
Expected dividend yield
   
0.00
%
Expected volatility
   
41.5
%
Expected term
 
5 years