Annual report pursuant to Section 13 and 15(d)

SHARE BASED COMPENSATION (Tables)

v2.4.1.9
SHARE BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2014
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, 2014 and 2013 were as follows:
 
 
 
2014
 
 
2013
 
Risk-free interest rate
 
 
2.03% to 2.52
%
 
 
2.02
%
Expected term of option
 
 
6.0 to 9.72 years
 
 
 
6.0 years
 
Expected stock price volatility
 
 
92.87% to 100.73
%
 
 
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 Plans for the years ended December 31, 2014 and 2013 is as follows:
 
 
 
Shares
 
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining
Contractual Term
 
Aggregate Intrinsic
Value
 
Outstanding at January 1, 2013
 
 
150,000
 
$
30.00
 
 
9.35
 
 
 
 
Grants
 
 
226,500
 
$
10.20
 
 
10.00
 
$
-
 
Exercised
 
 
-
 
 
 
 
 
 
 
 
 
 
Forfeitures or expirations
 
 
-
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2014
 
 
376,500
 
$
18.09
 
 
8.81
 
$
24,915
 
Grants
 
 
850,300
 
$
9.53
 
 
10.00
 
$
-
 
Exercised
 
 
-
 
 
 
 
 
 
 
 
 
 
Forfeitures or expirations
 
 
-
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
 
1,226,800
 
$
12.40
 
 
9.00
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and expected to vest at December 31, 2014
 
 
1,226,800
 
$
12.40
 
 
9.00
 
$
-
 
Exercisable at December 31, 2014
 
 
267,583
 
$
19.76
 
 
7.75
 
$
-