Annual report pursuant to section 13 and 15(d)

SHARE BASED COMPENSATION (Tables)

v2.4.0.8
SHARE BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2013
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The assumptions used in the valuation of stock options granted during the years ended December 31 , 2013 and 2012 were as follows:
 
 
 
2012
 
 
2013
 
Risk-free interest rate
 
 
1.87
%
 
 
2.02
%
Expected term of option
 
 
6.5 years
 
 
 
6.0 years
 
Expected stock price volatility
 
 
95.89
%
 
 
99.96
%
Expected dividend yield
 
$
0.0
 
 
$
0.0
 
 
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the stock option activity and related information for the 2012 Plan for the years ended December 31, 2013 and 2012 is as follows:
 
 
Shares
 
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining
Contractual Term
 
Aggregate Intrinsic
Value
 
Outstanding at January 1, 2012
 
 
-
 
 
 
 
 
 
 
 
 
 
Grants
 
 
175,000
 
$
30.00
 
 
10.00
 
$
-
 
Exercised
 
 
-
 
 
 
 
 
 
 
 
 
 
Forfeitures or expirations
 
 
(25,000)
 
$
30.00
 
 
 
 
 
 
 
Outstanding at January 1, 2013
 
 
150,000
 
$
30.00
 
 
9.35
 
$
-
 
Grants
 
 
226,500
 
$
10.20
 
 
10.00
 
$
-
 
Exercised
 
 
-
 
 
 
 
 
 
 
 
 
 
Forfeitures or expirations
 
 
-
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31,
2013
 
 
376,500
 
$
18.09
 
 
8.81
 
$
24,915
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and expected to vest at
December 31, 2013
 
 
376,500
 
$
18.09
 
 
8.81
 
$
24,915
 
Exercisable at December 31,
2013
 
 
79,167
 
$
30.00
 
 
8.36
 
$
-